It was on a bad weather day. The car slid into the other person's lane. The other person got out of the car & was walking around so they weren't hurt that bad. Our insurance company notified us this guy wants $500,000. Our insurance will only cover $100,000. This person hasn't sued us for the money. If they did sue & win how would we pay them? Has anyone ever had this happen to them? Will the court system set up a payment plan or what?
2007-08-10 00:46:05 · 6 answers · asked by blkmiss 3 in Politics & Government ➔ Law & Ethics
Thanks XJ that's the most sensible answer I've had so far. :~)
2007-08-10 00:53:41 · update #1
The other guy had a broken sternum but after the accident he was able to get out of the car by himself & walk around.
2007-08-10 03:33:28 · update #2
They would most likely settle on a much much smaller amount. They won't get anywhere near $500,000 even if they did sue you. There's no payment plan, but if you don't have a liquid $500,000, then they obviously won't be getting that anytime soon, so they'll settle, again, for much less.
*No problem. I only know because a similar thing happened to me. I was in a car accident and a passenger of mine got injured. Their family ended up sueing me for $15 million. Since I CLEARLY do not have anywhere near that much, they got practically nothing.
2007-08-10 00:51:04 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Your insurance company will defend you in any lawsuit. That's the REAL value in having insurance. The coverage is nice but the value of their army of lawyers on your side far exceeds the value of the coverage that you have. There is no limit on how much time and effort they put into defending you and they have a vested interest in this as it directly affects their liability to the 3rd party.
Assuming that there were no injuries your insurance company will pay for the damages to the other party's vehicle (if they determine that you are at fault of course; that's NOT a given!) and maybe a few $$$ for any inconvenience and a rental car while theirs is being repaired.
2007-08-10 08:07:11 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
It would end up going into arbitration and a third person objective would decide how the balance would be handled and if that person's injuries, if any, are severe enough for him to collect the balance of the lawsuit. If he has minor injuries, he will not be awareded that balance and you would owe nothing. In order for them to award that kind of money, he would have to have at least a broken bone. Don't worry about it...it doesn't sound like he will be getting anymore money from you.
2007-08-10 07:58:29 · answer #3 · answered by auntcookie84 6 · 0⤊ 0⤋
Best answer I can give you is talk to a lawyer! Legal advice is usually the best move.
Also it is my understand is that your insurer will counter sue if sued (only going on heresay) and its the monetary difference that counts.
In Australia there are limits on how much you can sue for an MVA.
Good luck either way.
2007-08-10 07:56:45 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If they win, you must pay $400,000. You can indeed make payments! Infact, there are even special loans for just this purpose. Please be careful. Just because they were walking around does NOT mean they were not seriously injured. I once saw a man walking around with part of his skull missing. He got hit with a snow plow blade. It took part of his skull off completely. He was smoking a cigarette, walking around, and you could see his brain....
Your insurance will get you an attorney.
2007-08-10 09:40:20 · answer #5 · answered by cyanne2ak 7 · 0⤊ 0⤋
As my dad always said to me "You can't get money out of someone who doesn't have it".
2007-08-10 08:04:14 · answer #6 · answered by Debbie G 5 · 0⤊ 0⤋