Legal expenses insurance is something that can help you fund your personal injury claim. There are two main types of legal expenses insurance: before the event insurance and after the event insurance.
Before the event insurance
As the name suggests, before the event legal expenses insurance is something that you take out to cover you in the event of something happening to you that means you need legal support. For instance, you can often get BTE insurance when you take out a home insurance or car insurance policy. You can also purchase it separately from a range of financial institutions.
This type of policy usually runs for 12 months so if you have it, you will need to remember to renew it every year. In the event of you needing to use your BTE insurance for a personal injury claim, you will need to inform your insurance company of the incident within 6 months – and preferably much sooner. There are also sometimes certain stipulations attached to BTE insurance; you can speak to your personal injury solicitor if you are concerned or would like clarification.
After the event insurance
This is the other main type of legal expenses insurance, which you take out after your personal injury in the event of making a claim. This is often taken out in conjunction with a no win no fee arrangement, to cover your costs in case you lose your claim.
The cost of your ATE insurance will depend on certain factors, such as the likelihood of you winning your case, whether you’re paying for the insurance up front or are waiting until after the result and how much compensation you’re claiming.
If you win your personal injury claim, you may well be able to claim back the cost of your ATE insurance from the losing party’s insurers. If you lose the case then you won’t be able to claim back the cost, but the ATE insurance should cover you for any costs associated with the case (such as obtaining medical reports and other evidence).
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