I need some help.
Thread Starter
Race Director
Joined: Aug 2001
Posts: 18,236
Likes: 36
From: Haymarket VA
St. Jude Donor '05-'06-'07-'08-'09-'10
I need some help.
got a call from my insurance company today and they said I should be prepared for the worst. Here is what happened...
On my insurance I have a 25k property coverage. The car I hit was at best a early 90's pickup so it cant be worth that much. But he was going to work(construction) and had tools in the back including a large air compressor. So he is saying that he lost tools and broke the air compressor and now it is over the 25k mark that my insurance covers. Well my insurance is going to help me with this, but she said I will almost defintly get sued at this point by the other insurance company to cover what ever they pay in underinsured motorist.
I personally am in debt by a good bit of money and the 16k I am getting for my car. About 14-14.5k will go towards my car and the rest towards bills. So when they sue me, what will happen? Can they take my car? That is the only thing of value that I have so I am kinda worried at this point that I am going to lose everything I have.
On my insurance I have a 25k property coverage. The car I hit was at best a early 90's pickup so it cant be worth that much. But he was going to work(construction) and had tools in the back including a large air compressor. So he is saying that he lost tools and broke the air compressor and now it is over the 25k mark that my insurance covers. Well my insurance is going to help me with this, but she said I will almost defintly get sued at this point by the other insurance company to cover what ever they pay in underinsured motorist.
I personally am in debt by a good bit of money and the 16k I am getting for my car. About 14-14.5k will go towards my car and the rest towards bills. So when they sue me, what will happen? Can they take my car? That is the only thing of value that I have so I am kinda worried at this point that I am going to lose everything I have.
Le Mans Master
Joined: Mar 2001
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From: Life is just one big track event. Everything before and after is prep and warm-up and cool-down laps
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St. Jude Donor '12
Re: I need some help. (MBVette)
My wife works as an adjuster for an insurance company. I'm taking your question home and see what she says.
Le Mans Master
Joined: Mar 2001
Posts: 7,999
Likes: 14
From: Life is just one big track event. Everything before and after is prep and warm-up and cool-down laps
Cruise-In III Veteran
Cruise-In IV Veteran
St. Jude Donor '12
Re: I need some help. (MBVette)
OK here you go:
The other insurance company will present you with a bill representing the amount you owe. They will ask you for payment arrangements and will work with you to fit an installment plan to fit your budget.
Things to remember now and in the future is that if you have an accident you are financially responsible for all dmamges. If you don't carry enough insurance to cover these responsibilities you will be financially responsible. As soon as you can update your liability limits to the maximum you can afford.
Remember insurance is a bet. Your current limits bet that any expenses related to an accident will not exceed $25000. Any expenses over that are your responsibility. Lots of people think that no matter what the insurance company will take care of it. They won't, they will pay up to the limits of the policy period.
A long time ago when I was not as well off as I am now, and living in a state where the minimum limits were about what you have I asked myself "What would happen if I was at fault in an accident with a BMW or Mercedes?". I bought the highest limits I could afford after that. Now a good mid-size car is over $20,000 and a well optioned mid-size gets close to $30000 its real easy to see that with $25000 limits you are exposing yourself to lots of risk.
Just my $0.02 less taxes
[Modified by jaa1988, 8:24 PM 9/10/2001]
The other insurance company will present you with a bill representing the amount you owe. They will ask you for payment arrangements and will work with you to fit an installment plan to fit your budget.
Things to remember now and in the future is that if you have an accident you are financially responsible for all dmamges. If you don't carry enough insurance to cover these responsibilities you will be financially responsible. As soon as you can update your liability limits to the maximum you can afford.
Remember insurance is a bet. Your current limits bet that any expenses related to an accident will not exceed $25000. Any expenses over that are your responsibility. Lots of people think that no matter what the insurance company will take care of it. They won't, they will pay up to the limits of the policy period.
A long time ago when I was not as well off as I am now, and living in a state where the minimum limits were about what you have I asked myself "What would happen if I was at fault in an accident with a BMW or Mercedes?". I bought the highest limits I could afford after that. Now a good mid-size car is over $20,000 and a well optioned mid-size gets close to $30000 its real easy to see that with $25000 limits you are exposing yourself to lots of risk.
Just my $0.02 less taxes
[Modified by jaa1988, 8:24 PM 9/10/2001]
Drifting
Joined: Jul 1999
Posts: 1,966
Likes: 0
From: Baton Rouge LA
Re: I need some help. (jaa1988)
jaa1988 is giving good advise. But i would see to it that if I paid for the compressor, I got it. Your company should salvage it, and it may be worth a reduced amount to the owner, reducing or erasing your part of the costs. This is a pretty standard arrangement... he doesn't get the money and keep the compressor.
Best of luck.
Best of luck.
