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  1. #1
    Join Date
    Feb 2016
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    Default What Happens if You Owe Damages Over Your Insurance Policy Limits After an Accident

    My question involves an injury that occurred in the state of: NJ/PA- crossing bridge so unsure which.
    I was involved in a car accident and rear ended someone. My insurance limit is 100,000 and they are suing for more. What can they take from me? My home? invesments? savings? I am so stressed that we will lose everything we have worked so hard to have. Obviously we will find a lawyer, but what will the process be.

  2. #2
    Join Date
    Nov 2013
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    6,161

    Default Re: What Can They Take from Me

    Your insurance Co. will defend you (you don't need an attorney just yet) and payout the limits of your policy if you loose. For the balance of the judgment (if there is one), they will go after whatever assets you have.

    A $100K policy is small by today's standards. Do you have any umbrella policy that could cover it?

    And now you know why, even though insurance can be expensive, people insure for higher limits and pay for umbrella policies that can cover you for $1, 2, 3 million.

    The plaintiff can ask for the moon but that doesn't mean they can convince a court that they are entitled to it. How badly was the person or persons injured?

  3. #3
    Join Date
    Mar 2013
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    Default Re: What Can They Take from Me

    Quote Quoting s0122s
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    My insurance limit is 100,000 and they are suing for more.
    Let's start by clarifying a few things.

    What was the date of the accident?

    Have you been served with a summons and complaint? In other words, did somebody come to your door and hand you court papers?

    If yes, you must have turned the lawsuit over to your insurance company and had some discussions with your insurance company representative. Explain those discussions.

    If no, then you aren't being sued for anything yet and your insurance company representative is handling any discussions with the claimant and should be keeping you advised of the progress. Explain any of that.

    Both NJ and PA may have some no-fault issues to address but we can discuss that later.

    As for where the accident occurred on the bridge, your insurance company representative should know that by now, unless the accident happened last night. Call him up and ask him and get a copy of the police report.

    Please answer the questions above.

    You've given way too little information for any kind of meaningful discussion.

    Quote Quoting budwad
    View Post

    A $100K policy is small by today's standards. Do you have any umbrella policy that could cover it?
    Unlikely, as umbrella policies require higher limits on the underlying policies. Often $500K, sometimes $300K.

  4. #4
    Join Date
    Feb 2016
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    6

    Default Re: What Happens if You Owe Damages Over Your Insurance Policy Limits After an Accide

    The accident happened in 2014, yes, I received papers and already went to arbitration. I was assigned an attorney through my insurance. I received a letter from my insurance requesting information if I have an umbrella policy, which i dont. They are suing for over my policy amount. Not a lot of damage to his car and very little on mine, I didn't even get it repaired. He is stating back injuries, loss of wages,pain and suffering etc..

  5. #5
    Join Date
    Sep 2013
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    312

    Default Re: What Happens if You Owe Damages Over Your Insurance Policy Limits After an Accide

    Quote Quoting s0122s
    View Post
    The accident happened in 2014, yes, I received papers and already went to arbitration. I was assigned an attorney through my insurance. I received a letter from my insurance requesting information if I have an umbrella policy, which i dont. They are suing for over my policy amount. Not a lot of damage to his car and very little on mine, I didn't even get it repaired. He is stating back injuries, loss of wages,pain and suffering etc..
    Then he would have to prove he did incure those damages. For a simple fender bender (which is what this sounds like), I highly doubt he'll be able to do this without some serious evidence.

  6. #6
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    Nov 2013
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    Default Re: What Happens if You Owe Damages Over Your Insurance Policy Limits After an Accide

    What state was the guy you hit insured in?

  7. #7
    Join Date
    Feb 2016
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    6

    Default Re: What Happens if You Owe Damages Over Your Insurance Policy Limits After an Accide

    He has medical bills and surgeries done to his back. I'll have to check the paperwork. His law practice is in phila but he lives in nj.

  8. #8
    Join Date
    Nov 2013
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    6,161

    Default Re: What Happens if You Owe Damages Over Your Insurance Policy Limits After an Accide

    Then his car insurance is from NJ unless it is registered to his business in Philadelphia . You hit a lawyer?

    How hard did you hit this guy that he has back injuries that needed surgery? You say the cars were not damaged that badly.

    Starting to sound like a snow job.

  9. #9
    Join Date
    Feb 2016
    Posts
    6

    Default Re: What Happens if You Owe Damages Over Your Insurance Policy Limits After an Accide

    No, sorry he isn't a lawyer. He chose a lawyer in phila. Like I said, I was going maybe 10mph, he's claiming back injury required surgery and a lot of bogus stuff, pain and suffering, loss of pleasures of life, etc..I've heard I'm better off just settling. Can they go after all our assets?home? Savings? Retirement?

  10. #10
    Join Date
    Mar 2013
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    16,755

    Default Re: What Happens if You Owe Damages Over Your Insurance Policy Limits After an Accide

    Quote Quoting s0122s
    View Post
    Can they go after all our assets?home? Savings? Retirement?
    Assets - Yes, those that are not exempt.

    Home - Yes, any equity that is not exempt.

    Savings - Yes.

    Retirement - Probably no as IRA's and 401(k) plans and pensions are exempt, as is Social Security.

    Now, a few more questions:

    1 - What state did the accident occur in? The answer is important. Somebody should have figured that out a long time ago.

    2 - When was the lawsuit filed (date)? How much are you being sued for? Was there a dollar amount stated in the lawsuit?

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