hire a lawyer to review this. its possible that the insurance company failed to settle this matter when it had a duty to do so. a lawyer versed in handling accident cases should be able to review your policy and the actions of the insurance company and advise you. you must act because in some states the failure to pay could result in the suspension of your license.
without a detailed review by a lawyer can all the issues raised in your question be appropriately addressed...nothing in this response should be construed as establishing a lawyer client relationship..the answers herein are for informational purposes and not to be construed as advice
Send them a letter damanding that they settle within polocy limits. They have to try. if they do not they may be required to pay the exess. not a certinty but it MAY help get you out of it, sadly however it sounds like you are going to come out of pocket and should work with the ins co to get you the best deal it can.
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Send them a letter telling them to settle for limits. In the future, you will want to get at least 100/300 coverage with the same coverage for UM/UIM. For a marginal amount, you can get an umbrella up to 1m to really protect yourself and your assets.
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Generally speaking, insurance carriers are only required to cover damages up to the amount of your applicable limits. Absent other factors not mentioned here, any damages in excess of those limits are generally your responsibility.
The information provided herein does not create an attorney client relationship and is provided for general purposes only. You should consult and retain an attorney to protect your interests.
As others have noted, your liability insurance carrier is not required to pay any money above your liability limits. The minimum in Nevada is $15k...accordingly this "10k" figure you have been given is odd. You should consult with an attorney who handles insurance matters, typically referred to as "insurance bad faith." If your limits are $15k, your carrier is required to make a good faith attempt to settle within your policy limits, otherwise they are possibly acting in bad faith.
You need to contact your insurer as soon as possible and have them attempt to settle the case within policy limits as the others have noted. You should also find out how much you will owe in excess of the property damage limit. If I was in your position, I would also like to know if there are any bodily injury claims being made in addition to the property damage claims. If so, I would want to know if I had any personal liability for those claims.
Once I had all of the information, I would determine if this was something I could pay - at once or in payments - or if the amounts being claimed was more than I could afford causing me to file for bankruptcy protection. If this is an issue, then you should speak to an experienced bankruptcy attorney to determine what, if any, other assets will be effected by the Bankruptcy.
Hope this helps.
/s Donald Kudler
This answer does not create an attorney client relationship and does not constitute legal advice, but is solely the opinion of a Nevada Attorney.
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