Quote:
Originally Posted by computeruser
As has been said by others, you are seeing first hand the downside of being underinsured. At least where I am, the incremental cost to get to 500k or 1m coverage is pretty small, maybe $10-20 per month more than state minimums.
At this point you need to figure out how you will be able to tackle the debt you will likely owe if the claim goes to judgment. Savings is out, so maybe a second job? Sell your car and buy a $3k beater and roll the excess proceeds into the judgment debt?
Either way, keep trying to contact your insurance. They may still be obligated to provide legal defense even if policy limits are already exhausted.
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Once a judgement is made, the decision of whether to sell the car is out of the OP's control. They will go after all assets under his name which I assume the car is one of them. So that alone may be used to pay off the debt owing.