You have a problem if there are other plaintiffs making a claim against you and you only have $10,000 in property damage insurance and there are $28,000 in claims. You may get sued and not have enough insurance. I do not think you have any claim against your insurance carrier for honestly explaining your low limits of coverage. Go consult with your own attorney- you are going to need one.
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There may or may not be ways to "protect" your assets, but to get the right advice and do it would cost you much more than $28,000.00. Note that in Texas much of your property is protected by homestead laws.
Your insurer does not need your permission to reveal policy limits.
Usually, but not always, the insurance company will not pay policy limits unless the other side(s) give a full release. Sometimes they will just put the policy limits in the court and let the other parties fight over who gets it. However, if your brakes really failed (and an examination of the vehicle would show that), then it is likely the insurance company will defend the case.
This can be very complicated, so I have left out some possibilities.
This is not legal advice. You should always discuss the specifics of your issue in person with an attorney. Be aware that there are time limits on all claims that depend on the kind of claim, so do not delay in seeking an attorney.
lawyer may release an insured client’s confidential or secret information, including detailed work descriptions, to the insurer or an auditing firm hired by the insurer, only after the lawyer has made appropriate disclosure to the insured and obtained consent. Client consent to disclose confidential or secret information to the insurance company does not provide a basis to infer client consent to disclose the same information to the insurer’s auditing firm.
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