I was in an accident last April that totalled both mine and the other party's car. After being hauled away in the ambulance, I provided proof of insurance to the cops that turned out to have expired due to me missing a payment.

The other driver's insurance co says I'm at fault, and knows that my policy lapsed since they were also my agency. Neither I nor the other party was issued a ticket at the scene of the accident. So, just about a week ago the company mailed me estimates for 16k worth of damages to the other driver's car.

Now, I am learning to live with the fact that I could have to shell out 16k (could have been much worse; luckily no injuries), but my question is this:

Is there any chance that the insurance company will lose the ability to come after me in court after a certain amount of time passes? This isn't small claims and I don't know what the statute is, or if insurance companies and private lawyers follow different statutes.

If I do agree to settle the claim and start paying, I would also be very amenable to knocking a bit off that 16k (however possible). Do I have rights to argue the estimates provided?

Thanks so much,