Yes, that’s a possibility in some cases…for some injured-parties orpeople.
In the case of my loss in KY,… He was an 87 year old man who ran the light ….T-boning a Brand New Sierra being delivered to it’s new owner….which forced that Sierra into ME…. sideswipipng us down the entire side.
(I was waiting for the Sierra to come westbound thru the intersection so I (pointed eastbound) could turn left (northbound) behind him. The red-light-runner, 87 yr old in a black car (southbound) is who ran the light, hitting the Sierra, forcing it into Me.
I had hoped the (old) law that held each car responsible individually would apply: Black car paying for Sierra….Sierra paying for Me….
but no, the laws have changed over the last decade or so …and these days…whoever initiated the incident pays for All.
SO,… old man (well, 10 yrs older than me)… ran his light and held responsible for damage to TWO trucks…as well as his own car.
HERE IS WHAT MAY BE USEFUL for readers:
Some states only require a MINImjum of liability. For example, MY state, Texas… only requires $25K liability.
But this man Totalled two trucks worth about $85K for both. His (assumed iins-coverage was likely the “Minimum requirement” for KY =
Kentucky law requires a minimum of
$25,000 bodily injury liability per person,
$50,000 bodily injury liability per accident, and
$25,000 property damage liability per accident.
My wife and I were not injured….BUT..the driver of the Sierra was seriously injured, with broken collar-bone, cuts to the side of his head, possible broken left fore-arm…. with amubulance, hospital / medical care, suffering-and-pain….he likely could claim $100K Minimum!
An injury-lawyer May Get More.
.
MY insurance, paid me $8K for my truck.
(‘12 Ram 1500 w/220K miles. The fact I’d just recently put $4400 into it carried no weight…nor did the trainhorns, contractor rack, tonnaue, etc etc.)
When I contacted the old-man’s ins-agent I was informed he was still in the hospital himself…. and had no additonal insurance to reimburse me for my unpaid-losses….and the agent revealed the old man was suffering from Alzheimers and didn’t recall most of the event.
.
Subsequently:
I WAS SURPRISED to get a call from my underwriter 6 mos later…. when they had Me sign papers about additional claims against the Old-Man…. because my underwriter was going-after the old man (or estate) In Court for MY Underwriters Losses.
The Car-Dealer delivering the Sierra may be doing the same.
Here’s my point: Most readers are probably UNDER-Insured.
The Minimum many States have required…. tht First $25K of liability…is the “expensive” part of the policy. The NEXT $50K is only a “Few Dollars More”.
I realized 20 years ago that if one of my (still at home at the time) kids hit a Mercedes I would be under-insured. So I bought $75K of liability. I’ve since bought even more.
YOU may wish to re-think your auto ins. policy.
That “old man” may not be capable of understanding what he’s done….but he and his “estate” …will pay the insurance companies of some injured-parties-they-don’t-even-know a Lot of Money.
(and I and that poor delivery-driver of the Sierra will not likely see any of it)
(PS: A $1M umbrella policy costs about $150/yr.)
And, No. I’ve got Nothing to do with insurance other than being another Victim of the Industry.
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