My bad, I was thinking of home claims for property damage. Also different company's states different terms. It's been awhile since I have worked in P&C. Last day at Safeco/Symetra was 2006. Here is WA, we call property damage, liability. From my understanding so does OR and CA call it liability but others call it property damage to distinct it from bodily injury. Potatoe Potato, lol. So that kid has $10k of liability meaning his insurance is only liable for $10k.
You AZ people call it property damage, weird.
Besides that. See if they have Underinsured Motorist Property Damage, this will kick in once they have exhausted their liability coverage. Or if you have that coverage or collison coverage, your insurance can usually pay the difference and your insurance will go after that kid and/or their insurance to get the money back.
$10k is also WA state limits on liability coverage.
Here is the thing that I'm thinking. Since your car value is $20k after tax and all applicable taxes. That value is just hypothetical ok. So the valuation of $20k is for AZ within 100 miles of your zipcode.
The insurance company is only liable for $10k. I do not know if they can legally total out your car since that is not the total lost value.
If that is the case, you have a few options:
1. If you have collison coverage, I would take the $10k from the kid's insurance company then file a claim with your insurance company to recoop the rest. This will result in paying your deductible and giving up your car for salvage or even keeping it for less value.
2. Sue the kid in court. I do not know what your small claims court max amount is but here in WA it's $4999 before you go before a jury.
3. Take the $10k from the kid's insurance company and keep your car. Again I do not know if they can total out your car since it's not the total lost value which can total out your car figuring they're only paying you $10k when and if your car is valued at $20k.
So if it was me, I would do option #2 and keep your car, part it out or fix it.
Mike
You AZ people call it property damage, weird.
Besides that. See if they have Underinsured Motorist Property Damage, this will kick in once they have exhausted their liability coverage. Or if you have that coverage or collison coverage, your insurance can usually pay the difference and your insurance will go after that kid and/or their insurance to get the money back.
$10k is also WA state limits on liability coverage.
Here is the thing that I'm thinking. Since your car value is $20k after tax and all applicable taxes. That value is just hypothetical ok. So the valuation of $20k is for AZ within 100 miles of your zipcode.
The insurance company is only liable for $10k. I do not know if they can legally total out your car since that is not the total lost value.
If that is the case, you have a few options:
1. If you have collison coverage, I would take the $10k from the kid's insurance company then file a claim with your insurance company to recoop the rest. This will result in paying your deductible and giving up your car for salvage or even keeping it for less value.
2. Sue the kid in court. I do not know what your small claims court max amount is but here in WA it's $4999 before you go before a jury.
3. Take the $10k from the kid's insurance company and keep your car. Again I do not know if they can total out your car since it's not the total lost value which can total out your car figuring they're only paying you $10k when and if your car is valued at $20k.
So if it was me, I would do option #2 and keep your car, part it out or fix it.
Mike
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