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Auto Insurance Claims/Property Damage Policy Limit

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Expert: Bennie719 - 11/21/2007


Question
I was involved in a 5-car collision while stopped in traffic. The responsible party's insurance says that there is not enough money to cover for the damages of all cars. They want to pay me only 60% of the damages to my car. What can I do to recover the  unpaid 40% of the damages?

Answer
Hi Silvia,
Unfortunately, situations like this happen quiet frequently.
Many people who have no assetts just purchase the state minimum coverage.
If you carry collision, you can always have your own company repair your car.  Otherwise, you will have to settle for the 60% and the balance can be used as a casualty loss when you file your state and federal income tax.
I hope this has been of help.
Your feedback by rating my answer will be appreciated.
Sincerely,
Bennie
San Francisco Bay Area

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Bennie719

Expertise

I have extensive knowledge in Personal Auto, Homeowners Insurance and Personal Umbrella coverage. I am also thoroughly familiar with claims handeling procedures. Will answer questions related to the above.

Experience

Experience in the area: Served as an expert at askme.com from 7/2000 thru 10/2002 in the catagories of general insurance, auto and home insurance. Answered 422 questions before that site closed. Licensed in California since 1961, first in Life and Health for 2 + years and as a Property/Casualty Agent/Broker since 1964. I sold my business and took early retirement in 1998. Still maintain a valid California Property/Casualty Agent/Broker license. I have been a volunteer at allexperts.com since 2002. I can provide assistance in the following fields: Property and Casualty Insurance, Insurance Law, Auto Insurance Claims.

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