How do I handle the debt still owed after my ins. co. has paid it's part.?
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How do I handle the debt still owed after my ins. co. has paid it's part.?
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I was in an accident that resulted in me rear-ending someone and they rear-ended someone else and so forth, totaling 4 cars damaged besides my own. The insurance policy only covers $10k in damage to the other vehicles but the damage will likely total b/t $15-17k. This means I will owe the other drivers the difference ($5-7k).
I haven't been in a situation like this and do not know how this situation will go after my insurance company pays their part and washes their hands of the situation. Will I be sued automatically? Do I have to call each person's insurance co.? Do I simply talk to the drivers? Basically, what will happen or what do I need to do to resolve this if I have the money to cover the damages?
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♥*♥I love my little munchkin♥*♥
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If you didn't have enough insurance to cover all the damages, then it comes out of your pocket. If you don't pay, they can sue you. |
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Scott H
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Once your liability limits are exceeded, the other parties' insurance companies should kick in and pay the rest. That's who will most likely sue you. I think they will notify you and ask for voluntary payment before that happens.
I hope you have learned from this and have increased your liability limits to more than the state minimum. |
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David W
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Hindsight is always 20-20. For maybe $25 a term, you could have had $25 to $50K of property damage. Other askers with mimimum limits, take note! |
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Nate W
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The other driver's (or their insurance company) will notify you that you owe them a certain amount. If you refuse to pay in a timely manner, they will sue you for the asking amount, plus court and lawyer fees (if applicable in your state). If you are unable to pay after the judge's ruling, they will go after your savings and investments, your home and can even garnish your wages until the debt is paid. In most states, filing for bankruptcy doesn't remove the debt either.
Having good liability limits is very very important, but most people have no idea how it works so they get the state minimum to save money. I'm sorry this happened to you. |
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