I was in a very minor fender bender last year which resulted in no damage to the other party's vehicle. My accident was reported to my insurance company, everything seemed fine, but I am now in talks with them again, as I just found out I'm being sued for personal injury. The claimant is calling for more than my policy limit (according to the papers I was served).
My insurance company assured me they'll do all that they can to keep this from going to trial, but I'm so worried.
If the claimant doesn't accept my policy limit, and takes this to trial, what repercussions will I face? I bought a house only a month ago (and have virtually no equity in it), have a car I that I still owe much on, and have no money in savings. Am I at risk of losing anything (even wages)? Will they likely settle?
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