Bankrupt Insurance Company

[AlanArcher]

My Son was involved in an auto accident where he and his passenger were both injured and my Son's car was totaled. Filed a claim with the insurance company and they came back to say that they were in financial difficulty and may go bankrupt. Can anybody tell me what our options are? As co-signer for his car loan do I have any options?

Thank You

 

[ALawyer]

There are, in every state, 2 state operated Insurance Guarantee Funds, one for licensed life insurance companies, one for licensed property casualty companies.

They should pay the claims up to a set amount.