What is the approx. amount owed that insurance companies forgive when coverage doesn't meet the total?
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What is the approx. amount owed that insurance companies forgive when coverage doesn't meet the total?
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I was in an accident where four other cars were involved. With that, my policy only covers a total of $10k to any and all other vehicles and the actual damage will be around $16-18k. The $10k will be pro-rated to the other 4 vehicles per their damage with a condition that my ins. co. and I are released of any further liability.
My question is, at what limit do insurance companies typically forgive the difference between damage fixed and payment offered by the other company? Basically what I'm asking is, when is it too expensive for them to fight for the total bill and they take what is offered by my company and sign the release of further liability?
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entidtil
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No one here can tell you. I'm not sure anyone will "forgive" anything. Only the insurance companies would know |
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David W
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The insurance company can release the other companies from further liability, but that won't get you off the hook for the difference; the other drivers can come after you for the balance of their damages.
Just more proof that state minimum limits are NOT enough coverage. |
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