property damages exceeding coverage

[myownworst]

What is the name of your state? nevada. as a listed driver on my brother's policy, i had a accident . basically, i lost control due to overcorrecting when my tires went off the blacktop. there was a lip or edge on the blacktop with a loose gravel shoulder. this pulled me suddenly to the right resulting in my overcorrection. i hit a power transformer on a concrete pedestal. the transformer was dislodged and thrown accross a yard hitting a parked mini-van. i recieved a call from the insurance agent sunday night informing me that the estimate on the transformer spill cleanup alone was $35,000. since my policy is 15-30-10, he informed me that i would be liable for any damages over $10,000. my question is, in these circumstances, how will the rest of this incident be played out and what should my moves be? i feel the estimate is outrageously high. the oil in these transformers is basically equal to cooking oil. my agent contends it is toxic and corrosive.

 

[stephenk]

Deal directly with your insurance company not with your agent.

Insist that your insurance company attempt to resolve the property damage claims from the owner of the van and from the utility company for your policy limit of $10k.

Do you have assets, ie - home, stocks, bonds, real property, etc?

If you come across as basically poor, the claimants may be satisfied with just getting paid a proportionate amount of their damages instead of going for everything.

Your other post asked about how should you know how much coverage to own. That's easy. You want your insurance to cover you and your assets in the event of a catastrophic accident.

If you own a home, have valuable assets and a high paying job, you would be a fool to only have a 15/30 policy. A $100K policy should be your minimum coverage.

However, if you rent an apartment and have minimal assets, savings or checking amounts, then having a 15/30 policy is sufficient.

 

[myownworst]

much appreciated stephenk

just to say how enormously grateful and thankful i am for the advice i recieved from stephenk and also, for the existance of this forum. thank you.

 

[stephenk]

Finally, if your insurance company decides to pay money to the van owner and the utility company, make sure your carrier is only paying money in exchange for full releases of all claims against you for the property damage.

 

[myownworst]

reply to stephenk

as per your suggestion, i am calling insurance company to insist on their resolving claims for policy limits. am i correct to call farmers or the issuing company, mid-century? thank you

 

[stephenk]

call your own insurance company, not the carrier for the van owner or the utility company.

 

[myownworst]

ok, i was refering to the company listed on my policy.....thanks