Auto Insurance Claims: Asset protection, insurance attorney, collapsed lung

Question
Hi Rob,

I was involved in an accident last year with a bicyclist in southern California. My insurance company has deemed me 100% at fault for the accident. The bicyclist apparently suffered from really bad injuries (broken bones and collapsed lung) and was hospitalized twice (first time for the accident, second time for infections from his injuries).

I know the other party has already hired an attorney and wants to know the limit of my policy. My insurance company keeps on telling me that the settlement may cost more than my policy limit which is $100k. I am really worried because this is my first accident ever. The car I drive is under my mom's name and so is the insurance policy. My mom has some assets (house, cars, etc), and I currently do not own any assets (I am 24 and just started working).

If my settlement ends up being more than $100k, is it possible for the other party to force my mom to pay? What should I do to protect myself and most importantly, my mom? I really don't want my accident to affect her. Do you have any other suggestions for what steps I should take?

Thanks a million for your help!!!

-J

P.S. I hope you won't get offended if I ask for a second opinion on this site.

Answer
Hello,

You can ask all the opinions you want. The only problem here is that you are asking advice that can only be answered by an attorney that you or your mom has a binding agreement with.

At this point in time, I believe since your mom's insurance attorney may answer these questions because he is indirectly working for her, but since it appears that the insurance company only has $100,000 exposure, the attorney may tell you you on your own after that.

Many of your options will depend on your state laws and again, you and your mom will need to speak with an attorney.

If you send me a personal email at robo14@aol.com and tell me the state you are located in, I may be able to refer you to an attorney. I have worked for many across the US and know some very compitent ones.

If in the event I do refer you, I want it known I get nothing out of the deal and only can judge them by the cases I have had involvement with.

Going to an expert site for many different things is great, but your situation is too important to accept anyone's free opinion here. You stand the chance of getting bad advice that can have life changing affects.

The information you need is from an attorney representing your interests and your mom's and unfortunately, you need to retain an attorney. The attorney after reviewing the specific information related to this case can give you and your mom the best options for you.


I don't sugar coat anything and being under insured can be very dire and it sounds like this person is injured badly.

I hope you take my advice and seek out an attorney. It is not a question if your mom or you can afford to seek out an attorney. The question is; can you both afford to lose everything.


Good Luck,


Rob