If you have been involved in an accident with an uninsured motorist and the accident was deemed to be their fault, you may think that you are out of luck. In all actuality, you have two options at your disposal. You can civilly sue the driver who hit you, or you can file a claim against your uninsured auto insurance. There are pros and cons to both. Understanding these may make your decision a little easier.
Sue The Other Driver
If you choose to file a suit against the other driver, you will first want to make sure that they have some type of assets that you may be able to get some type of settlement out of. These assets may not just be cash, but may be in the form of liquid and non-liquid assets.
Liquid assets are anything that can be easily sold or converted to cash. These may include:
- Collectibles and similar items
Non-liquid assets are those things that have value, but are much harder to convert to cash. Examples of these may include:
- Real estate
- Business equipment
- Business equity and more
Unfortunately, with many uninsured drivers having assets is usually not the case. If you choose to pursue a case against a person who has no assets, although it may result in a judgment against the person you have no way to collect.
Even if the person has non-liquid assets, you may still be able to collect what is owed to you. While you may not be able to immediately collect your money, the court may be willing to put a judgment against their assets that would allow you to collect what is owed to you when and if those assets are ever sold.
File Against Your Insurance
Most people choose to file a claim with their own insurance company, provided they have uninsured motor coverage, because this method is typically the fastest. In addition to this, you may also be able to file a claim for the following:
- Medical bills
- Lost wages
- Pain and suffering
- Damage to personal items in your vehicle and more
Unfortunately, the amount that you will be able to collect will be limited by the amount of coverage that you have in place. This means that if you do not have an adequate amount of coverage in place, you may still have bills that do not get paid. Contact a car accident attorney for more information.