If I get a settlement for the max of the policy, will I have to return any money after the fact if I get my bills reduced?
Free Insurance Quote Comparison
Secured with SHA-256 Encryption
UPDATED: Jan 23, 2012
It’s all about you. We want to help you make the right legal decisions.
We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.
Insurance Question from Anaheim, CA
Asked on 01/23/2012
If I get a settlement for the max of the policy, will I have to return any money after the fact if I get my bills reduced? I was offered a $30,000 settlement which is the policy max. It was an uninsured motorist claim. It doesn't cover all my damages but since its the max,i can't get any more money. Is it against the settlement to try and mitigate my damages after receiving the check? And if I do get my bills reduced and have money left over, do I have to return any money to the insurance company?
Answer given on January 24, 2012
If you were offered a full and final settlement, you will not have to give money back if your medical bills end up being less. That is your money. Likewise, if the medical bills end up being more, you could not go back and get more money from the insurance company (if it were not the policy limits). You state you were made an offer in this uninsured motorist claim. There are times where other monies can be derived from your policy as well as assets from the liable uninsured party. Make sure that you feel comfortable and understand the settlement fully. Consider having an attorney review your claim. Most consultations are free and having an expert tell you that the settlement is fair, would give you peace of mind. If you would like to have your claim reviewed by an attorney in your area, click here.
IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.