Home » Las Vegas Personal Injury » Weighing the Value of Your Injury Claim Against Available Insurance

After a personal injury, there are a multitude of different things that you will want to consider when it comes to your recovery. Mainly, you might wonder if you should file a case in court to recover your damages. When making your decision, it is important to weigh the chances of success in your case.

However, one thing that you should also keep in mind and you may not know if you will be able to collect the judgment if you win. That is, before you make the final decision to proceed with your case, you must ensure that the person or entity against whom you want to file your claim is collectible. It is crucial to understand the details of the collection before deciding whether it will be worth the time and resources to present a case. Here’s what you need to know about weighing the value of a Las Vegas personal injury case against the insurance available.

What does it mean to be collectible?

When a person is collectible, it means that you will be able to collect what you earn. Through whatever means, they have the resources for you to obtain what was awarded to you from the judgment. For example, consider you earn $ 100,000 in your case, if the person filing the lawsuit can pay you $ 100,000, it is considered that it can be collected in full.

It’s more than just winning

Winning a judgment against a person does not necessarily mean that the person has the assets to pay. Nevada allows you to garnish assets, but Nevada won’t put someone in jail for nonpayment if they honestly can’t pay.

When someone does not have the assets to pay a judgment, it is considered to be proof of judgment. The saying goes that you can’t squeeze blood from a turnip. That means that if a person does not have the assets to pay you, they are not going to get what they deserve, no matter how much they deserve it.

How can I tell if someone is collectible?

To determine if someone is collectible, you will have to determine what type of assets they have. You may want to start by looking at public information, along with your real estate. Information about their employment, the vehicles or boats they own, and even photos from social media can also offer clues to a person’s assets.

All but the smallest businesses usually have generous insurance policies. It’s still a good idea to analyze your assets, but most companies usually have enough insurance and assets to make a claim against them.

What are deep pockets?

When a person or business can pay a substantial claim, they are said to have deep pockets. When that is the case, you must aggressively pursue a claim for all that you may deserve. In the case of deep pockets, it is likely to accumulate soon after your trial. Even if they refuse at the thought of paying, you can likely apply for garnishment to collect your winnings without much difficulty.

How do I collect?

Collecting a judgment from the other side begins by looking at your insurance. If your case involves a car accident , they should have insurance to cover at least some of the damages. After that, many companies and individuals carry what are called hedge insurance policies.

These insurance policies step in and pay a judgment when the person has no other insurance to cover it. Once you’ve exhausted your insurance policies, look for assets. If a person has real estate or bank accounts, he can pursue them to satisfy his judgment. However, there are some limitations on the amount of personal property you can take.

How Nevada Insurance Law Can Work For You

Nevada law requires all motorists to maintain insurance covering their liability for bodily injury or death of up to $ 15,000. This is a mandatory requirement, and most drivers follow it. Even though $ 15,000 goes quickly when you have a bodily injury, it’s still a start.

Related: understanding the difference between personal injury and bodily injury

Many drivers choose to have much more than the minimum requirements. If they are at fault, your insurance must pay up to your policy limits. For example, if you have $ 200,000 in damages and they have insurance that covers $ 100,000, the insurance company should pay $ 100,000. In that case, you would have to search the person’s assets to recover the remaining $ 100,000. The insurance company is only responsible for the amount of the policy.

Uninsured motorist coverage

Another place to look for coverage is uninsured motorist policies. This is the coverage you purchase for the possibility of having an accident with an uninsured driver.

In that case, you can recover from your own insurance policy up to your policy limit. This insurance coverage is not mandatory in Nevada, but if you do, it is a great way to recoup your losses if the person at fault in your case is uninsured and has few assets.

Safe and bad faith

One more thing to keep in mind when you are weighing your options is the insurance company’s duty to act in good faith . The insurance system only works when insurers actually pay when they are obligated to pay. When insurance companies fail to pay without good reason to question the legitimacy of the claim, it is called acting in bad faith.

If the jury agrees with you that the insurance company denied your claim in bad faith, the insurance company may owe you penalties in addition to the amount they should have paid you. Nevada Revised Statute 686A.310 says you can recover fines. Nevada courts also affirm their support for sanctions against insurance companies’ bad faith in the United States Fidelity & Guar Co. v. Peterson, 91 Nev. 617, 540 P.2d 1070 (1975).

Worth it?

Ultimately, a case is worth it if there is a reasonable chance that you will get back a significant portion of what you deserve. An experienced injury attorney can help you evaluate the parties involved to determine if you are likely to get a judgment in your case.

How you proceed depends on what you can recover, the extent of your damages, the strength of your case, and your personal preferences. Gathering all the information available to you is essential to help you get a better idea of ​​how to proceed after injury. An experienced Las Vegas personal injury attorney can help you determine the information you need to be confident in your decision to present a case.