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Yvette C | Insurance company question? |
if a person has auto insurance for $100,000 and he hits someone and they have broken bones and the person they hit wants more than $100,000 for pain and suffering, how could the person get more money from the insurance company or that is impossible??
Additional Details
so you mean even if the insurance company sent me a check..i could still got to court and sue....or i have to sue before the insurance company sends the check. |
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mbrcatz
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Oh, they sue the person that caused the damages. The INSURANCE company only pays the policy limit. Then if the jury/judge agree that the person who caused the accident owes more money (likely in an accident with very severe injuries, or multiple injured persons) they can attach any bank accounts, attach wages, attach irs refunds, and sometimes force you to sell your property (house/car, etc).
The insurance company NEVER has to pay more than the liability limit. So if someone buys "minimum liability", $20,000 in some states, good luck. That doesn't go very far, they're likely to be writing some checks.
** If the insurance company is offering you $100k, and you take it without going to court first, you will have to sign off on papers accepting that as full and final payment - then you can't sue. If you want MORE than the $100K, you'll have to go to court FIRST, get the judgemetn amount, which the company will pay up to the policy limits, then go after the other party for the rest of it.** |
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DFK
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Don't cash the check... Don't sign a release. and get an Attorney.
Remeber most attorneys will want to know the coverage limit.
Remember that the more coverage one has the more you can get sued for,,, attorneys will usually go to the limit and they know you can't get blood out a turnip. In your case Unless you have Money they probably won't get more than $100,000....usually it will be less. (The attorney gets his share too!) |
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withluv7
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You asked if you can take the check and sue. NO. In order to get the check you have to agree to settle your case. If you agree to settle your case then you cannot take it to court for additional money. Its like one or the other. There is always a trial and jury, but are you going to spend more and get less going to court? Most likely. |
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MOM KNOWS EVERYTHING
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They cannot get more than the amount of coverage, except in rare cases where a Court might find that the insurance company was not acting in good faith. In some states a person can carry what is called "underinsurance coverge", so after getting the full $100,000.00 from the person who hit him, he could go to his OWN insurance company and claim that $100,000.00 was not sufficient compensation, and get additional money under his own policy. |
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nkc72
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This is what is known in the insurance business as "the policy limit." The maximum amount the at-fault insurance company is liable to pay.
The injured person would then file a claim with their own insurance company under the "underinsured" portion of their policy to obtain additional money. |
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MARK S
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Once the policy limits have been exhausted then you must go after the persons personal assets.
Regarding some of the answers stating you need to collect from your own policy on under/uninsured coverage, you would be able to only collect the difference between his liability limit and your U/M limit. So if he had $100,000 and you have $100,000 U/M limit you get nada. If you have $250,000 limit you get up to $150,000. |
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