i was testing the limits of my 350z which i bought last month and crashed into a parked car, i hit the brakes and hit him at 25mph and our cars wasn't totalled
im only covered for 10,000 property damage but i made $15,000 damage to him.
what will i do now?
please no stupid replies. thanks
2006-08-17 19:14:24 · 10 answers · asked by SCIKOTIC TC 2 in Cars & Transportation ➔ Insurance & Registration
i dont think i made that much damage.. he just wants money from me... my friend said 95% he would be covered for underinsured policy.
2006-08-17 19:22:49 · update #1
im in california
2006-08-17 19:45:59 · update #2
You are reponsible for the amount which is not covered by insurance.
2006-08-17 19:20:32 · answer #1 · answered by Anonymous · 0⤊ 0⤋
This is just basic, but the adjuster will determine the value of the vehicle. If the damages exceed your limit, the adjuster will attempt to settle the claim and get a release signed by the other person for your limit. If he has that much in damage, he probably has collision coverage on his vehicle, which means he should use his own insurance to be made whole, and then they can go to your company and ask for their $. They will probably take the 10k and be done with it. Sometimes other carriers and other people say no and want their pound of flesh from you. If that's possible, your company should tell you, so you can get your own attorney to step in. I don't know much about California, and would encourage you to ask your carrier about this. In general, the company won't just pay the $10,000 and leave you exposed for the rest.
I do not know if there is Underinsured Motorist for property damage in California. Normally it only covers bodily injury. Please check into a higher limit. Most new cars cost more than that, and if totalled 10k is not enough.
2006-08-18 10:42:29 · answer #2 · answered by Chris 5 · 0⤊ 0⤋
As long as you are insured you are ok. report this to your insurance company. If this person has damages over your limits, they will advise you of an excess situation. They will work with the other party (who will probably run this through their own co. if the damages are that severe and that insurance co. will Subrogate (try to collect their damages) from your company. They will ask you if you have any add'l coverage and if you do not, they will settle for your policy limits and you will be protected. Underinsured coverage only applies to injury, not property claims.
2006-08-18 03:04:50 · answer #3 · answered by deadcars42 3 · 0⤊ 0⤋
OK, you owe him $5,000.
Your friend is wrong - underinsured motorist coverage, only covers BODILY INJURY. There is such a thing as uninsured motorist property damage - BUT, you're NOT uninsured. He will probably have HIS insurance company pay for the damage - so he's only out his deductible - then HIS insurance company will go to yours - and get the $10,000 . . .THEN his insurance company will sue you personally for the difference. They can put a lein on your house, bank accounts, and attach your wages. You are SOL on this, you'll end up paying one way or the other.
BTW, I hope you've since raised your property damage limit? To at LEAST $50,000, but it usually costs $1 more to raise it to $100,000.
2006-08-18 07:15:37 · answer #4 · answered by Anonymous 7 · 0⤊ 0⤋
Your insurance will cover up to $10,000 in damages to his vehicle. The amount will be determined by an insurance adjuster, not by what the guy says he wants, any amount not covered by your insurance policy will be your responsibility. The other person could sue you in civil court to recover. Minimum limits on insurance policy's are never enough. Good luck.
2006-08-18 01:02:04 · answer #5 · answered by Badkitty 7 · 0⤊ 0⤋
Let your insurance company work this out. That happened to me once and I went to court The judge looked at the amount they were asking for and said "I'm not even going do a thing until you come up with a different amount your car's not even worth what your asking for" So I left and my insurance took care of the rest.
2006-08-20 10:28:36 · answer #6 · answered by robert d 4 · 0⤊ 0⤋
The other car insurance will 'gap' what yours doesn't pay. Then, stupid, they will make you pay them back. It's called subrogation. If you don't work out a payment plan they WILL take you to court, you WILL be found guilty and your wages will be attached, your property will be seized and your life is about to be turned into a cesspool just because you were too cheap to purchase enough insurance and also because you are an irresponsible little punk.
Get off the road and stay off.
2006-08-18 06:04:51 · answer #7 · answered by Anonymous · 1⤊ 1⤋
The insurance adjuster will decide the value of the damage. Get your coverage increased asap.
2006-08-18 01:35:17 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You are liable for the other 5,000. Unless all 15,000 wasn't property damage. If some of it was injury then you have seperate coverage for that.
2006-08-18 08:13:32 · answer #9 · answered by rancherogirl351 2 · 0⤊ 0⤋
i cant really answerer that ? because if his car wasn't worth 15000 then you couldn't do that much damage i would talk to your ins company and see what they say because they have lawyers to take care of this type of thing it is hard to do that much damage at that speed
2006-08-17 19:29:59 · answer #10 · answered by Luke D 1 · 0⤊ 0⤋