California Car Accident Exceed Policy Limits

[thewatcher101]

I hit a car with liability - for Bodily 100,000/300,000
and property $5000

(during the insurance policy which was filled out online I misread the policy and thought group A was for the accident itself and property damage associated with hitting other things)

This being my first accident with another car.

So I am fine for bodily since it was a 25mph crash. But property damage will easily exceed that amount of $5000.

Is there anything I can do to either protect myself.

I know that the other insurance AAA (party I hit) has something called uninsured motorist that will cover up to 3500. Could that money be used to make up for my limit.

If it exceeds my limits and I am unable to pay that amount what remedies do I have and are there any other policies that might protect me.

Thank

[jk]

If it exceeds my limits and I am unable to pay that amount what remedies do I have and are there any other policies that might protect me.

Thank

what remedies do you have? None.

If the damage exceeds your policy limits, your insurance company will defend you against a claim or pay, whichever they choose. As to anything above your policy limits; you would be liable for out of your pocket. You are not legally liable until you accept liability or a court adjudicates it as such.

the other drivers UIM coverage will pay them but their insurance company can come after you for whatever they payout to their client.

but before you get too freaked, you might want to recheck your policy. California requires at least $15k personal injury liability per person and $30k personal injury liability for more than one person.

I cannot see an insurance company selling you a policy that does not meet the minimum requirements of California.

[thewatcher101]

I am not worried about bodly limits - it is property damage. I will exceed property damage since it is only 5K. I have the highest body damage coverage.

If I am unable to pay the amount of damages - what can I do?

Lets I will be required to pay an additinal $5000 dollars. If I am unable to pay and do not have any assets or money in my bank. Does the insurance company have a term to seek damages in a later time - like within 3 years.

If they do seek for damages through court and is awarded - Will I be able to declare bankruptcy?

Reason I am asking is because I am still in school and I do not know if I would be able to take a large hit like that.

[jk]

I guess it's time to call it a night since I obviously muffed it on the answer.

and yes, $5k is the minimum for property damage liability.

basically just change the answers over to the PD numbers.

If I am unable to pay the amount of damages - what can I do?

whatever it takes to get the money (more hours worked, another job, etc.)

Lets I will be required to pay an additinal $5000 dollars. If I am unable to pay and do not have any assets or money in my bank. Does the insurance company have a term to seek damages in a later time - like within 3 years.

they have whatever the statutes of limitations allow which does appear to be 3 years as you have stated. They, or their client can initiate a law suit anytime up to the expiration of the SoL.

If they do seek for damages through court and is awarded - Will I be able to declare bankruptcy?

it may be possible. BK will not generally release debts from criminal activity but an accident would not fall under such a restriction.



Honestly, unless the PD is a huge amount, filing BK for such a small sum is not a grand idea. Filing BK could actually have some negatives if you have any school debts as well but I would simply not worry too much until faced with that problem.

[thewatcher101]

thanks for all the straight and simple answers - guess i will need to start borrowing money from relatives for this

[thewatcher101]

Update the guy got an attorney for their injuries which I should not be too concern over since my coverage is 100,000/300,000. I wonder if any of this process will increase or trasfer to property damages?

[jk]

I don't see how it could.


Now, this isn't meant to scare you or even hint that your case will ever go to such an extreme but;

I have seen an accident that took place at such a low speed the speedo would not have even registered any speed that resulted in well over $100k in medical damages to the injured, not at fault party.

It also took a couple years for the entire medical situation to play out as well. In

Hopefully your insurance will be more than enough but do not be surprised to see that it doesn't. Strange things can happen.

[thewatcher101]

I was told that personal injury lawyers aka ambulance chasers - are of course the worse kinds and along with a greedy party will try to maximize their payout by doing these prolong "ghost" injuries. Of course the lawyer took up most of the "profits."

If it doesn't play out and does go over - I wouldn't care I have no money in my bank account and no assests for them to cease. I am still in school and will be there for the next two years.

I am just impatient now and hope they sign a release asap - so this can be over, but i doubt a greedy lawyer will allow them to sign a release with out a nice bargin out of it.

Why are some people such dbags?

[funlol]

recheck your policy and consult with an attorney. good luck

[thewatcher101]

Does anyone know when the other party attorney check your assets - I know it is anytime - but do they do it at the point they are hired or at the point when they see the limits of your coverage?