What happens if I smash into a rear end of a 200 thousand dollar lamborghini similar to what happened this mor

Question

What happens if I smash into a rear end of a 200 thousand dollar lamborghini and totals it(similar to what happened this morning on the newspaper)(http://cbs2.com/topstories/local_story_082091445.html) and I have 100 thousand dollar liability coverage?

http://cbs2.com/topstories/local_story_082091445.html

Answer 1

What are you asking? Are you asking if it gets fixed or gets totaled? Are you asking what will happen to your insurance rates?

What normally happens, is the insurance companies assess the damage, and figure out if the coverage the Lambo's owner has plus the amount covered by the person in the Mercedes would be equal to or more than the cost to repair it. If not, the insurance weighs the cost of repair to the cost of replacement, and whichever is cheaper is the way the insurance company will go.

Since these cars are expensive not only to buy, but also to repair, the insurance company may 'total' the car and give the Lambo owner the amount that a 'total' is worth according to their policy. Then the insurance company will more than likely auction off or sell outright the wrecked Lambo.

Then it will probably end up here:
http://www.readytofix.com/Inventory/List_2.htm

Especially if it looks like this:
http://readytofix.com/Inventory/wrecked-exotic-cars-for-sale.jpg

Answer 2

Your insurance company can only pay up to the max of $100,000. The owner of the Lamborghini could sue you for the rest, but there's not much point since (a) You'd have to have the money for the owner to take, (b) Unless the Lamborghini owner can show gross negligence on your part, chances are he won't win a lawsuit, and (c) It'll probably cost him more in court costs and attorney fees than it's worth to take you to court. Besides, if he can afford that expensive car, he can probably afford to get another one and just write the first one off as a loss.

Answer 3

Go to the driver of Lamborghini and give him you car keys and tell him here you inherited a stand by car and look for ride home..

Answer 4

Hopefully he can afford insurance for an expensive car. It would take an average person a decade to pay that off.

Answer 5

Your insurance will cover the 100K and for the rest of the damage you will be held personally liable for the rest you can be sued for the other 100K

Answer 6

If you have a home have the name transferred into a family member's name. Have your insurance agent explain this all you you and expect to be dropped afterwards. Please say you didn't do this....