Hello everyone - I got into a crash a few months ago, and it was my fault. Unfortunately, our insurance only covers up to $20,000 for fixing the other person’s car, but the damage was more than that. Geico, our insurance company, says we might have to pay the extra money, though they’re trying to settle within our insurance limits first. They first said it might be around $3,000 extra, then later said it could be $8,000, but they’re still figuring things out.
My question is, if we have to pay extra, how long do we have to do it? Do we give the money directly to the other person, or does it go through the insurance company?
No one was hurt in the accident.
I’m really worried the amount we have to pay will go up even more! We feel like we’re in a really tough and silly situation.
Does anyone have any advice or been through something similar? Should we start saving a lot of money? We own our house, and I don’t want them to come after it - we have two young kids.
Hi…If your car accident claim goes over the at-fault driver’s insurance limits, it can be frustrating, but there are still options to recoup some of your losses.
Dealing with an automobile accident’s aftermath may be frightening. You will be liable for any shortfall if the insurance payout does not fully compensate for the damages. Talk about your alternatives for payment with Geico, making sure that all dates and processes are clear. To safeguard your assets, get legal counsel and think about possibilities like settling on a payment schedule or getting more insurance.
When a car accident claim exceeds the insurance limits, it can be a daunting and stressful experience. I have worked for Petrarca Law and Lorenz and Lorenz over the years, and the primary goal of an insurance company is to make a profit, not necessarily to help the injured party. If the damages from the accident exceed the policy limit, the insurance company won’t offer a settlement beyond that amount, leaving the victim to pay the remaining costs out of pocket. However, there are ways to seek additional compensation. For instance, if the at-fault driver carries an umbrella policy, it may provide coverage for expenses beyond the standard policy limits. Additionally, underinsured motorist coverage in one’s own policy can also help cover damages that exceed the other driver’s insurance. In extreme cases, filing a lawsuit against the at-fault driver or their employer can also be an option. It’s crucial to consult with an experienced car accident attorney to navigate these complex legal processes and ensure that all available avenues for compensation are explored.
I believe that your insurance has a duty to inform you of any requests made, which is most likely the reason you are receiving mail from them regarding the limitations issue. Take this as a lesson; you won’t be bankrupt over it, based on what you’ve said, at least.
My father and I had the same thing. My parked automobile was hit by a drunk driver. We were given two choices: either take the offered amount and arrange a payment schedule, or use our insurance, in which case our insurer would collect the money from the other insurer. Since it wasn’t our fault, I personally have experience with a total loss claim that nearly exceeded the property damage cap. Dealing with that was a nightmare.
If a car accident claim goes beyond the insurance limits of the at-fault driver’s policy, the insurance company will only pay up to the policy’s maximum limit. To avoid this issue, drivers should think about increasing their insurance coverage.