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I am at fault in a car accident and my insurance coverage is not enough for the damages, what happens next?
I was at fault in a pretty serious car accident where I rear ended someone and caused this whiplash injuries in addition to having their car totaled. It looks like my insurance coverage will only compensate up to $50,000 but the total damages is supposed to be higher. What will happen if I don't have enough money to pay the excess?
Answers (1)
If you do not have enough monetary assets to pay for the remaining balance, even after you liquidate your liquidatable assets, you will still be responsible to pay for it. Some ways settlement are enforced is by placing liens or judgments against your property (if you own a home), or wage garnishments and a payment plan set up.
I would consider consult with a Car Accident Attorney to see if one can help argue the settlement value in an effort to getting what you ower reduced.
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Posted by Staff Writer on 29 Jan 2010
1 person found this useful
(3 Votes)