 Posted: Fri Sep 11, 2009 10:24 pm Post subject: |
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| Quote: | | could they come after my assets if the coverage isn't enough to cover all injuries or damages. i have a 100/300 coverage. |
In theory, yes...In practice, rarely, unless of course you are a very wealthy man. In which case you should have an umbrella policy anyway  The reason that in 'real life' it rarely happens in this. Your carrier will not release your policy limits without a release from the injured party. To do so would cause you to file an unfair claims practice suit against your carrier for their failure to protect you. Unfair claims practice lawsuits, (that are won), are generally HUGE judgements, punitive damages are allowed in these suits. Juries don't like insurance companys anyway, and they (the majority of the time) show this in their awards.
The injured party would hopefully have UIM (UNDER insured motorist), coverage, that would kick in after your limits were exausted. And before the injured partys carrier would allow them to accept your policy limits, and then file a UIM claim with them, they would have an asset check run on you to see if they could collect more personally from you. If that were ever the case, the injured party would have to file suit against you and win an excess judgement, (your carrier would provide you with a free defense). Now if an excess judgement were won, then yes, you would be on the hook for the amount over your limits.
I'm frankly quite surprised at your agent/ins company requiring that you be an owner of record. I (intentionally) was not an owner on either of my childrens vehicles..only mention of mine or my husbands names on those titles were T.O.D. For the precise reason you state. I could still add the kids cars to our policy, and it made no difference at all. This may either be an uninformed person that told you this, or company specific, you might want to check with other carriers on this.
| Quote: | | Can they sue for more or not? |
ABSOLUTELY they can.
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Lori
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