What if the at fault party doesn’t have enough insurance to pay my claim?

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 is advisable to always carry uninsured or under insured motorist coverage to pay for the claim you have that exceeds the coverage the at fault party has, but if you’ve already had your accident and are without this important coverage, you need Higgins Law, LLC to make certain you were offered this coverage and that you knowingly waived the coverage. If you did, you can sue the person who caused the accident individually when his insurance is insufficient to pay your claim, but many lawyers are not willing to do so, because they know that neither you nor they are likely to ever be paid anything for any judgment you get from this suit. It’s not that the defendant is not at fault, but it is the common sense about the insurance coverage, i.e. an at fault party who bought $10,000 worth of insurance probably did so because he had nothing to lose by not buying more coverage than that, i.e. he isn’t rich enough to pay any claim that exceeds the insurance coverage. He is "uncollectible:".

Florida is often referred to as a "Debtor’s Haven" for good reason. Florida is one only a hand ful of states where you can own a home of unlimited value and rest assured that no one can sell it out from under you to pay an unsecured debt, like a judgment from a lawsuit over an automobile accident, i.e. your claim that exceeds his insurance policy limits. Florida’s state Constitution Article V provides Florida residents with a homestead exemptions that exempts or protects most homes from being sold to pay an unsecured debt. So the fact that the at fault driver lives in and owns a beautiful paid off home does NOT mean you can force him to pay your claim. Its pretty much irrelevant.

The at fault party may have been driving a beautiful new car, but that doesn’t mean he has the money to pay a claim either. He may have a lien on the car from the car loan he got when he bought it, so even if you got a judgment against him and the judge allowed you to take his car and sell it to pay that judgment, you would have to pay the lien holder first, and such sales often fetch only half the value of the car while the lien is typically more than half the value, meaning there is no equity in the vehicle to pay anything toward your judgment.

But what if he is rich, and his cars are all paid off? People who are rich have to think about how to keep their money and assets safe. Often they have thought about this long before the accident and either intentionally leased their vehicles, or put them in an uncollectible person or company name, or taken other steps to protect their assets. One of the important steps they usually take is to buy more liability coverage on their automobile insurance so in the event they are in an accident, their insurance will pay the claim so their money and assets are not put in harm’s way to pay your judgment. What we can deduce from this is that a person with only $10,000 minimal liability coverage on their vehicle is usually a person who has no money or assets to worry about losing, i.e. he has nothing for you to take to pay your judgment, and therefore, after an assets check, you may decide that suing him individually is a waste of time and money, but do the assets check to make sure. You never know otherwise.

To get all you deserve from the wrong that you have suffered through no fault of your own, hire the Higgins Law, LLC to pursue your claim for you. We make them pay. You’ve suffered enough without having to try to wade through all the intricacies of insurance law to obtain your benefits. Call today. Our goal is your peace of mind.