Re: liablity in auto accident

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My suggestion to you is read and
re-read your policy coverage. You
have to have liabilty coverage in
states that have mandatory car
ins.. I dont understand the
uninsured fund & underinsured. If
you have home ins. i would look
over that policy as well. You
may ... i say may be coverd for
things you are not aware of. If
your mortgaged, then you should
have at least fire coverage on
your home. Some home ins. have
those extra riders hidden somwhere
in there policys. It wouldn't hurt
to call them & ask. Good luck!

On 4/14/05, Curmudgeon wrote:
> You need to retain an attorney
ASAP. The insurance company
> has given you fair warning that
the amount of the claim may
> reach your personal assets.
>
> The insurance company has an
obligation to attempt to settle
> the claim within the policy
limits, but that is not always
> possible. Your personal
attorney can be working with the
> insurance adjuster/attorney to
attempt to settle the case on
> terms you can live with.
>
> Depending on the state you live
in, some or all of the
> equity you have in your house
may be protected, but your and
> your spouse's and your son's
incomes could be subject to
> garnishment for a long time to
come.
>
> In the end, you may be looking
at bankruptcy. And because
> of the pending new bankruptcy
law, that may not be as
> helpful as it once was. Thats
another reason that you
> should get an attorney soon to
help you sort through the
> situation. Good luck to you.
>
> On 4/14/05, paniced parent
wrote:
>> My son was in an accident where
he was sited for running a
>> red light. He was driving a car
that is in our name he is
>> insured under our ins. as the
primary driver of that
>> vehicle. We only had
liabiality and uninsured and
>> underinsured on the vehicle.
Our ins. company explained
>> the claim will probably exceed
the limits of the policy
>> because one of the occupants
are still hospitalized. We
>> donot have any other umberella
policy's. We have about
>> $50K equity in our personal
home and no other assets. What
>> other finacial resposibility
might our family face toward
>> the damages for this claim.