The title of this post poses an interesting question. What if the person whom hurt you, due to their negligence, doesn’t have personal assets to pay for your pain and suffering? Will you ever get paid? Will you cause another’s financial ruin?
Some people are hesitant to even pursue a lawsuit if they fear that bringing a lawsuit might cause the negligent person financial strife. While these concerns are legitimate, they maybe unnecessary. In many cases, the person carries insurance, which protects him or her financially in these situations.
Auto Accidents: You probably know that New York State is a no-fault auto insurance state. That means that most drivers have car insurance, which provides at least a minimum amount of coverage for to pay for the pain and suffering of another caused by the insured driver’s negligence. If the driver is uninsured or leaves the scene of the accident, New York State my also provide relief through the Motor Vehicle Accident Indemnification Corporation (MVAIC). Additionally, your own automobile insurance policy might have additional supplemental under-insured motorist coverage (SUM) or an uninsured motorist (UM) coverage, which would provide more coverage for you in the event of an automobile accident caused by another’s negligence.
Other Negligence: People’s homeowners and renters insurance policies also provide coverage for personal injury caused by a person. In most cases, the coverage these policies provide is limited to those accidents which occur in the person’s home or apartment. Some people also have policies called “umbrella coverage”, which provides additional coverage beyond an individual homeowners or renters policy and his or her auto policy.
Finally, if the situation warrants, a it may be necessary to go after an individual’s personal assets. Only by bringing a lawsuit can you find out what an individual’s assets really are.
Regardless, your worries about whether the person who injured you can pay for your damages, are not those you have to face alone. Call the personal injury lawyers at Manyard OConner. Let us evaluate your case, for free. We will handle the hard work and explore what sources are available to compensate you for your injuries. Call 800-721-3553 to schedule a free consultation.
Additional Reading:
Beyond No-Fault | MVAIC: Uninsured & Injured in an Auto Accident
