 Car Insurance and New Car Purchase? |
I bought (by financing) a new car on Saturday, and the dealership collected my insurance information - we also spoke with my insurance company that day.
Since I'm financing, does this ... |
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 At what age should I be considering getting important insurances, etc. (like life insurance?)? |
Im just starting out to live on my own. I'm not very familiar about things like life insurance, 401k, etc?
what are the important things like these to look towards having, and what ... |
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 I have a question I REALLY need answered about life insurance......? |
| If I take out a life insurance policy and I name hell, I dont know, YOU as the beneficiary. if I do not tell you that I named you the beneficiary and i die, Will the insurance company seek YOU out ... |
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 Will homeowner's insurance cover damage caused by my dog? |
| Our dog is 6 yrs old, and has NEVER chewed, dug or ruined anything. We left her home today, for about 3 hours, and when we came home, she had totally ripped up & ruined a large area of carpet! :( ... |
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 Question about insurance fraud? |
| This is a little difficult to explain but I'm gonna do my best. Last year the place I work at had to close for 3 months. They had to renovate due to a water pipe that busted. I continued to ... |
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 My boyfriend got into a wreck in my car, i am still under my parents insurance will the car be covered? |
| It was not his fault, and the person that hit him did not have a drivers license, insurance, and had expired ... |
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 Would the insurance company find out? |
| My father in law died recently and we have had problems with his bank account because he didn't leave a will and my wife told the bank that she has an older brother , who has not been in touch ... |
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 Can an Insurance Co be expected to pay to remove a branch from my tree that threatens my house if it falls? |
We are dealing with household insurance.
An arborist's report says the branch is a threat.
The branch's integrity was damaged by a lower branch falling off in a recent storm and ... |
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 How long can a doctor's office bill you? |
| ok. i had infertility treatments fully a year ago that were covered by my insurance, but some parts were not covered, and so i have paid for those. however, it seems that i am now being re-billed for ... |
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 DID YOU KNOW THAT ALL HEALTH INSURANCE IS A FRAUD? Did you ever read the fine print? |
Insurance only covers you if you or your employer pays for it.
When you get so sick that you lose your job,the ins. stops as well ! All you're covered for, is just the original health ... |
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 Insurance Question.? |
| I was in an accident. My car was totalled and the accident was not my fault. I was injured and hired an attorney. I went to the chiropractor and incurred a medical bill of 2000. But after one ... |
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 Is it prudent to change Insurance Agents during a claim? |
| I am currently innvolved in a property claim process and the insurance agent/agency is not responsive or supportive. What would be the effects to my current claim if I were to switch to a different/... |
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 OLD SENIOR CITIZENS..MELLOW AND KIND..or RESENTFUL AND BITTER? |
| SOME THAT YOU MEET SEEM SO INTERESTED IN EVERYTHING...OTHERS SO EMPTY BITTER AND CRABBY .....WHY GO THERE ....WHATS THE POINT IF YOU JUST END UP LIKE GRANDMA AND GRANDPA...OLD...AND BORING..AND T... |
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 Who do I sue, the insurance company or the negligent driver? |
| A girl didn't look and crashed in to my car a couple months ago. I tweeked my back out and had $5,000 in medical bills. Her insurance accepted full liability, and I wrote her insurance a demand ... |
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sa b | What will happen if damages are more than what you insurace says it will pay? |
i hit a sign and am worried my 5000 property damage liability will not cover it. am i in big trouble? what would happen to me? |
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mbrcatz
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You have to pay the difference between the damages, and the insurance limit.
If you DON'T, they can garnish your wages, attach your bank accounts, sue you and win, in other words. |
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fighting saints
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Legally you would owe any damages over the $5000 that your company would pay to the owner of the property or their insurance company.
However, if the property owner collects from his insurance then it is unlikely that his insurance company will come after you to collect the balance over the $5000. There are two main reasons for this
1. Your company has a duty to protect/defend you. The main way they do that is to settle the claim against you at or below your $5000 limit. Your company should not pay out the $5000 unless they obtain a release of liability from the property owner or the other insurance company. If they do that then the other side has given up their right to collect any excess damages from you.
2. Insurance companies don't make a habit out of "punishing" people who actually had insurance even if it is a low amount of coverage. (unless you were DWI/DUI) The property owners insurance company knows you bought the coverage mandated by your state. It is not your fault that your state set such stupidly low minimum limits.
The best advice I can give you is to stay in touch with your claims adjuster so you know what the chances are that the other company will come after you. Communication will be key here.
Good Luck |
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bostonianinmo
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You'll have to pay it out of pocket. You're not "in trouble" since you had the minimum required coverage but you will have to make up the shortfall out of your own pocket.
Once you settle that, RAISE YOUR LIMITS! $5,000 in property damage liability might be legal, but it doesn't make financial sense at all. When was the last time you saw a new car for $5,000? The least you should even think of driving with is 100/300/100 coverage. Raising your liability limits doesn't cost that much. I went from my state's minimum coverage to 300/500/100 for about 25% extra on the liability premium. |
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You ask, I answer
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then you need to pay it. all you should have to pay is your deductible. your insurance might go up, but the cost will be distributed throughout the yearly payment schedule. |
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Christie
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Your insurance will pay the first $5,000 - you will pay any excess charges. Pretty simple, actually. |
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MSAD
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If your pd liability limit is not enough to cover the damage to the sign, then you will be personally liable for the difference. Usually the insurer for the property owner will set up a monthly payment plan (interest free) for you and as long as you make the payments you'll be OK.
However, take this as a lesson learned and keep in mind the although you may meet your state's minimum requirements -it is no where enough. You can't total many car's for 5K. And if your pd liability limits are low, that means most likely your bi limits are low and medical expenses are very expensive now a days. Just be thankful you did not hurt anyone.
Here's a lesson on liability limits:
Liability limits are expressed as a fraction - ex: 50/100/50.
The first number ($50,000) shows how much you would pay for any 1 bodily injury in any 1 accident (regardless of how bad the injury or how many people are injured.)
The second number (100,000) shows how much would be paid for all injuries in any one accident.
The last number (50,000) shows the maximum amount payable for all property damage claims in any one accident.
Here's a really morbid example: you have 50/100/50 limits: you hit a bus full of people - killing 1/2 of them. The most any one passenger can get paid is $50,000 and the most that can be paid for all of the injury claims (dead and survivors) is $100,000. The bus is a total loss and costs $65,000. Since your limits would not be enough to pay for all of these claims, you would be held personal liable for the balance.
If you can afford 100/300/100, I highly recommend it. However, if that is a hard ship, the get 50/100/50. If both of these are a financial hardship - then at least get 25/50/25. You still run the risk of not having enough insurance to cover a claim but you have better protection than what you have now. |
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shelcom
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you pay it or get sued. BTW, 5000 property damage is pathetic. It should be 50,000 minimum. |
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Reva R
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If you have insurance it should cover it that why you have to pay a co-payment. |
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shiprepairwoman
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You pay the deductible and they cover the first $5,000 of the damages and you will pay the rest. If you can't afford to pay the rest you can try to work out a payment plan. |
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