hope you have under insurance, thats why I carry it incase the other guy does not have or has low insur. just a word to the wise, if you own a home having min. insurance doesn't make it if you are at fault you could loose the house. So don't back down, get his min insurance then if you have under-insurance get that also. someone posted they are with insur. here ask him the in's and outs
Not familiar with the term UNDER Insurance? Most policies have limits of coverage.
There's Collision cvrg which takes care of your own car and any property damage you're liable for up to it's limits.
There's Liability cvrg which excludes your rig but covers property damage to others that you're liable for up to it's limits.
There's Comprehensive cvrg which takes care of things like theft, flood, falling trees, rodent dmg, impacts with animals etc.
There's Un-insured motorist property damage (UMPD) cvrg for all the A-holes that don't have the minimal liability cvrg. If you already have collision cvrg & it's proven that the other party doesn't have cvrg at all this just lowers your deductable in many cases. Some carry the minimal liability cvrg and UMPD so that their car can be repaired in the event the accident isn't their fault and the other party is un-insured.
Now, the comment about loosing the house ... if you have minimal liability cvrg with low limits and are liable for a huge loss or fatality, a good adverse lawyer can suck you dry!! Basically soak you for any equity you may have in your home, bank, cars, toys etc. So if you don't have Bill gates like funds, make sure your agent has you well covered. One simple mistake can change your life forever!!
