: another insurance question
03-09-2006, 10:11 PM
it just crossed my mind...
1.- if I crash into another car and it's my fault, my insurance company pays. if it's not my fault, the other guy's insurance company pays.
2.- there's a limit in the ammount of money your company will pay, whatever the exact word or term is, i think in my case is about 25K, or 50k, not sure. but no more than that.
now, the question:
If I accidentally crash into a $500k ferrari and it was my fault, WILL I BE IN DEBT FOR LIFE?????? WTF????
any help will be appreciated. This question tortures me in my sleep. [?|] [:D]
03-09-2006, 10:33 PM
Your company will pay out the maximum on your account, his company wil pay the remainder if he's got the insurance that covers him.
Then your company raises your rates and everyone's happy (sorta).
03-09-2006, 10:56 PM
so it would be pretty much the same thing, like my rate wasn't high enough already.
03-09-2006, 10:59 PM
Why Hector, you aren't planning to smash into an Enzo or anything are you?[eek]
03-09-2006, 11:10 PM
i'm starting to wonder if he already did. LOL i hope not though
03-09-2006, 11:13 PM
haha, no magic, I haven't, and no amanda, I'm not planning to, but it's not like it could never happen. you never know...
besides, according to my mom and aunt, i tend to apply the brakes a little too late when approaching a stop, resulting in hard braking and almost rear ending cars ( I repeat, this is according to my mom), and i'm getting lectures about it pretty often. So i was just wondering...
03-09-2006, 11:16 PM
In a case where you'd hit a high-dollar car like that, it would depend on the person who owns the high-dollar car. If they're an [:)][:)][:)][:)][:)][:)][:)][:)][:)][:)][:)][:)]* they'll sue you, however, you can only legally be sued for your net worth (the court takes into account your yearly wages in addition to any real-estate or other high-price items you own) and comes up with a reasonable amount you pay the person over a set amount of time. However, most people who own a car like that and drive it on the road are going to carry a large amount of uninsured/under-insured driver coverage since most people don't carry more than $100,000 in property damage insurance.
If you're really paranoid you can always carry more insurance...since I drive my car all over for my job my employer requires that I carry $100,000 max medical per person/$300,000 max medical per accident and $100,000 max for property damage. My rates took a $50/month jump when I upped my rates from $50,000/$100,000/$50,000, but have dropped to $25 more than they were before. If you want half a million dollars in coverage on property damage you're going to be looking at a high premium...
03-09-2006, 11:29 PM
it sucks that your job requires you to get that kind of insurance coverage, but i guess if it's for work then it's tax deductable right??.
anyways... as much as i hate insurance companies for legally stealing my hard earned money, i would hate to pay'em more money on top of it, so i'll just stick with my current policy as it is.
03-09-2006, 11:36 PM
For what its worth they cut me a check to cover the first year of increases, so I came out of the deal with $600 in my pocket, which allowed me to save up enough to have my 4.06 gears, Quaife, clutch and flywheel installed at Tom's shop in May of last year. Plus I get paid about $.45/mile so it all evens out.
03-09-2006, 11:46 PM
$.45/mi is not bad, if you drive like 2 or 3k miles a week you can get a pretty nice paycheck, lol, j/k.
glad it works out for you.