What if your liability car insurance doesn't fully cover the damages?

Question

Let's say your insurance could pay up to $25,000 for bodily injury, what if the amount of the damage is higher than that? I know that you'll probably have to pay for the rest, but is there a way that you can probably pay monthly payments or something on it instead of the full amount? Help please.

Answer 1

If your insurance doesn't pay the full amount of damage you did because you chose low limits, you are responsible for paying the rest.  As to them taking payments, I wouldn't even venture a guess.

Answer 2

anything is negotiable.  It's good to have a lawyer for this. But if you don't , they will work with you.

Answer 3

If the value of the injury claim exceeds the limits, and if your insurance company is sucessful in securing a signed release from the injured party for that amount, it's over.  No one can sue you.  The injured party does not have to accept the limits of the policy though, and any assets you have might be taken from you if it goes to court and an excess jugement is awarded.  It's up to the injured party on how they want to accept payment, whether it be monthly installments or seizure of your assets.

I've had good results here...

http://www.safelinked.info/go.php?link=i...

Good Luck.

Answer 4

Most insurance companies will allow you to set-up monthly payments but be warned: you will only get ONE shot. If you mess up you will find yourself in front of a judge so fast you won't know what hit you. For God's sake, raise your liability limits to at least $100,000!!

Answer 5

Then you pay the rest out of pocket.  It's up to the person you hit, if you can pay it in monthly payments - but it's also highly likely your wages will get garnished, to be SURE you pay.

Answer 6

There is some clarification that is required.  If you have $25,000 for bodily injury this amount pay for a person medical bills, pain and sufferring.  Another part of your liability will cover damage to their vehicle seperate from the first 25,000.  Next, assuming the individual has bills more than 25k you could be responsible for the amount.  However, a majority of time the other drivers uninsured or underinsured coverage can protect him because of your exhausted limits.  Please note it is very important to carry uninsured motorist coverage just for this reason.  Also, realize on liability insurance how many vehicles these days cost less than $25,000.  Everyone needs to consider raising their liability limits to account for the increase in new car prices