Q: What happens when an insurance company takes responsibility for a car accident, then states they don't have enough money
On June 12, 2023 our vechical was parked at a friends house. Some one fell asleep at the wheel. They were driving a rental car. They hit a parked truck then hit our vechical and proceeded to cause damage to home owners property by pushing in a retaining wall. Budget rental cars insurance company is working with a 3rd party claims company. They took full responsibility for the accident. They are now saying the claims for 2 vechicals & property damage exceed the insurance policy. Our insurance company was told they still need to offer us compensation for our vechical. Both vehicles that were parked were a total loss. Just because it exceeds the policy limits they are still responsible for paying us something for our loss correct and in a reasonable amount of time.? We are going on over a month now dealing with Sedgwick claims company.
A: Yes they must pay and within a reasonable amount of time up to the amount of the insurance policy limits. For more than that you can proceed against the at fault driver but the insurance will not pay until you give a full release.
A: It's not so much a matter of multimillion dollar insurance companies not having money - carriers will pay up to the amount required by law on the policy limits. Good luck
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