Damages in excess of covereage limits

[In_Trouble24]

Connecticut

I was in a car accident. I hit another driver. The ticket says it's my fault so does the insurance company.

I just received a letter from my insurance company stating that the claims for damages may be in excess of my policy coverage limits. Apparently I had rather low- end coverage limits, and have now upped them but live and learn.

My question is, if I get sued and I have no money- really, my car is my only asset and I have a tiny IRA but I made probably less than 20k in the last year and I'm young but my parents did not file with me as a dependent.

What happens if i get sued? How will I pay? If I declare bankruptcy will it just go away?

Also, are my parents protected because I'm not a dependent?

[ecmst12]

The MOST LIKELY outcome is that the other party will sign a release in exchange for your policy limits from your insurance company and you will not have to worry any further. It is very unlikely that it will go further then that, given that you have no assets.

However, do you live with your parents and is either of their names on your vehicle (title or registration)?

[Banned_Princess]

If you live with your parents I think they could be named in a suit. But most likely they will take the limit, unless they really cannot. (think really serious injuries.)