When the at-fault party has $10,000 of liability coverage to pay your claim, and your claim is worth more than that, what can you do? It’s a good idea to always have uninsured or underinsured motorist coverage to pay the claim you have that exceeds the coverage the at-fault party has, but if you’ve already had your accident and don’t have this important coverage, you need Higgins Law, LLC to make sure you were offered this coverage and knowingly waived it. If you did, you can individually sue the person who caused the accident when their insurance is insufficient to pay your claim, but many attorneys are unwilling to do so, knowing that neither you nor they will likely get anything for it. any judgment you get from this lawsuit. It’s not that the defendant is not at fault, but it is common sense about insurance coverage, i.e. an at-fault party who bought $10,000 worth of insurance probably did so because they had nothing to lose by not buying more coverage than that, meaning he is not rich enough to pay any claims that exceed insurance coverage. he is “uncollectible:”.
Florida is often referred to as a “debtors’ haven” for good reason. Florida is one of the few states where you can own a home of unlimited value and be sure that no one can sell it to pay off an unsecured debt, such as a car accident lawsuit judgment, meaning your claim exceeds the limits of your insurance policy. Article V of the Florida State Constitution provides Floridians with homestead exemptions that exempt or protect most homes from being sold to pay off unsecured debt. therefore, the fact that the at-fault driver lives and owns a beautiful paid home does not mean that he can force you to pay his claim. it’s pretty irrelevant.
Reading: What if car insurance doesn’t pay enough
The at-fault party may have driven a nice new car, but that doesn’t mean they have the money to pay a claim, either. he may have a lien on the car from the loan he took out when he bought it, so even if he has a judgment against you and the judge allows him to take your car and sell it to pay off that judgment, you would have to pay the lien holder first lien, and such sales are often only half the value of the car, while the lien is usually more than half the value, meaning there is no equity in the vehicle to pay anything for your judgment.
See also: National Insurance rates and categories: Contribution rates – GOV.UK
but what if he’s rich and his cars are all paid for? rich people have to think about how to keep their money and assets safe. they have often thought about this long before the accident and intentionally leased their vehicles, or put them in the name of a bad person or business, or took other steps to protect their assets. One of the important steps they often take is to purchase more liability coverage in their auto insurance so that in the event they do have an accident, their insurance will pay the claim so their money and assets are not put in jeopardy to pay for their insurance. judgment. What we can infer from this is that a person with only $10,000 minimum liability coverage on their vehicle is generally a person who has no money or assets to worry about losing, i.e. nothing that you can take to pay for your judgment and so after an asset check, you may decide that suing you individually is a waste of time and money, but do the asset check to make sure. you never know otherwise.
To get everything you deserve for damages you have suffered through no fault of your own, hire Higgins Law, LLC to pursue your claim for you. we make them pay. You’ve suffered enough without trying to navigate all the complexities of insurance law to get your benefits. call today. our goal is your peace of mind.
See also: Using Insurance for a Neuropsychological Evaluation