Q: If I injure someone while driving, would they be able to sue me for just the equity I have in my house or all of it?
Just updating my automobile insurance liability limits and want to ensure I don't overbuy or underbuy...
Thanks!
A: if you cause an accident and the damages you cause are greater than your liability insurance limits, you are subject to garnishment of wages, attachment of property held in your name and depending on the state in which the asset is located possible attachment of your share of a jointly held asset. however, your insurance company has a duty to you to settle the case within the policy limits if the plaintiff will accept those limits. if the insurance company doesn't and the case goes to trial resulting in a verdict in excess of the policy limits, your insurance company may be on the hook under the bad faith laws of the particular state. re updating your car insurance, you are always better getting as much liability, underinsurance and uninsurance coverage you can afford. underinsurance and uninsurance protects you against the person that hurts you and your passengers. an umbrella policy is always a good option and usually relatively cheap. the way to save on insurance costs is to up your deductible on collision and comprehensive coverage - then use the savings to by greater liability and under/uninsured coverage. i and every lawyer in our firm has 1k deductible on collision and comp..
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