I just got in a traffic accident las week I rear ended a veh

by Javiriosc » Thu Aug 23, 2012 01:33 am

My insurance is 15/30/10 it isn't gona cover all the damage I don't own a house and I do t have money in the bank I gross out my wages at over 60000 a yr but i get alot if money taken ou in taxes can I make a payment plan with a insurance company instead of getting my wages garnished or can I claim bankruptcy please answer I am stressed over my head

Total Comments: 3

Posted: Thu Aug 23, 2012 04:12 am Post Subject:

Your carrier won't pay a dime until the other party agrees to accept your limits. The other party can refuse and file suit but your carrier will provide a defense. Again, in the meantime the other party won't see a dime. If the other party does this and obtains a judgement, your carrier will pay your limits. The other party would then have a judgement but they may never see another dime.

It's far easier for them to accept your policy limits. It's not a guarantee but it's highly likely.

You may $60k year and only have $10k in property damage liability and $15k in bodily injury coverage? You _really_ need to look into increasing that.

Posted: Thu Aug 23, 2012 04:50 pm Post Subject:

We represent a number of subrogated insurance carriers who encounter your situation with some frequency. The larger carriers will likely pursue from you the "excess" meaning the amount of liability exposure you have remaining after your liability coverage has been exhausted. Typically, you can make a payment arrangement to satisfy this excess in monthly installments. Talk to your insurance carrier, they will likely hire an attorney for you. If you are lucky, your carrier or attorney can arrange a settlement with the adverse party that does not require any excess liability on your end. The laws of your state will also play a role, some states like delaware do not permit excess liability to a subrogated carrier

Posted: Thu Aug 23, 2012 09:09 pm Post Subject:

My insurance is 15/30/10 . . . I gross out my wages at over 60000 a yr


If you actually have an agent who recommended these limits -- instead of having taken the "do-it-myself-over-the-Internet" approach -- you could actually have a negligence claim against the agent that might very well cover the excess loss.

An agent worth the ink it takes to print his license certificate would never allow a person in your situation to be this woefully underinsured. At a minimum, you should be carrying 50/100/50 -- especially if you live in a metropolitan area like Phoenix, Dallas, Seattle, Portland, Denver, Houston, Miami, Chicago Atlanta, St. Louis, and anywhere in California, New York, and most of the Northeast. The difference in premium would only have been a couple of hundred dollars per year extra (perhaps a little more for you now, considering the accident). And look at what it would have bought you: FIVE TIMES the amount of insurance for maybe 20%-25% additional premium.

Hope your tent is winterized. With a garnishment, you may not have enough to pay for rent this winter.

If you DO have an agent and it was his recommendation to accept these ridiculously low liability limits, I can probably find you legal representation to go after the agent, since he is not likely to voluntarily send this one to his E&O carrier for anything other than a defense,.

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