got the mail today saying i made $10,022 damage to the other party.
my insurance will only pay 10,000 in BOLD and i called them and they said thats it. whose playing the $22?
i dont wanna pay it coz i pay my insurance to do it.
2006-10-26 17:43:20 · 9 answers · asked by SCIKOTIC TC 2 in Cars & Transportation ➔ Insurance & Registration
Ok, that's insane! You only paid for $10k in coverage, that's all they're going to pay on your behalf. Who sent you this letter, your company or the other party's? Realistically, the other party should just take the 10k and write off the $22.00, but you are exposed beyond your limits. If the other party won't sign a release and chooses to sue you, your insurance company will defend you, but that defense is limited to your policy limit amount. A judgment can still be entered against you and do you want to have a judgment against you for $22?
Contrary to belief, your policy doesn't carry any provisions for "if it's just a little bit over your limit we'll just pay it and call it even". However, you do have a contract that says the most they will pay for any claim is the max amount shown on your policy paperwork. So you have a decision to make. If you want it done quickly, just pay the $22. If we were talking a huge sum of money, I would tell you not to pay at this point and to see if your carrier can negotiate on your behalf.
Also, please increase your property damage limit. If you hit any car that's just even a few years old and cause a good amount of damage you're already over $10k. Everyone should carry at least $25k, but the ideal limit is $50k, that way you're almost guaranteed to not be in this situation.
2006-10-27 09:35:07 · answer #1 · answered by Chris 5 · 0⤊ 0⤋
Insurance is only required to pay upto the amount listed on your liability (in this case, it was 10,000). They did their job and paid out.
As a consumer, it was your responsibity to select the insurance to cover any damages for an accident you caused. Guess what? You didn't select the right insurance and you have to pay the additional $22.00
Mark as lesson learned, raise your coverages and be a better consumer for the future.
2006-10-27 03:03:30 · answer #2 · answered by PeppermintandPopcorn 3 · 0⤊ 0⤋
No. you pay your insurance to pay $10,000. I know, it sucks. But, the insurance companies don't want to pay a cent more than they have to. Besides it's only $22 and it was your fault. Be glad it wasn't a lot more and be careful in the future.
2006-10-27 00:49:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If I were you I would count my blessings that I was only $22 over the limits of my liability. What if there had been $20,000 in damages? You are responisible for anything over and above the amount of liablity you have, meaning if they chose to so they could garnish your wages or put a lien on your home, or your family's home if your a minor. You also can not file bankruptcy against it, at least not in the US. Like I said, you were very lucky.
2006-10-27 04:48:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Even you have full coverage some insurance policy limits expenses.Go ahead and pay $22
2006-10-27 01:31:01 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You most of only had $10000 in property damage coverage. You will have to pay anything over that. Fo future you should call your agent and have them increase your property damage coverage. It shouldn't be very expensive.
2006-10-28 13:21:12 · answer #6 · answered by mandymay 2 · 0⤊ 0⤋
You owe the $22...If you want higher coverage you gotta pay for it.
But the other party will probably let it slide...But you legally owe the money.
2006-10-27 00:48:57 · answer #7 · answered by feanor 7 · 0⤊ 0⤋
you selected what policy limits you wanted, now pay up
if you want the insurance company to pay more then you will have to pay to increase the coverage
2006-10-27 05:48:09 · answer #8 · answered by Loollea 6 · 0⤊ 0⤋
jeez! its $22! at least you dont have to pay the 10,000! get over it!
2006-10-27 00:47:53 · answer #9 · answered by Amy N 4 · 0⤊ 0⤋