Protection against future damage claims?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Apr 2, 2012

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Insurance Question from Harker Heights, TX

Asked on 04/02/2012

Protection against future damage claims? Live in Texas and backed into somebody's car in a parking lot. Damage was @$700 and other party said he was willing to work out a deal without filing against my insurance. My deductible is $500 what protects me if he decides to file after I give him a check?

Answer given on April 03, 2012

If you backed into another car then your insurance policy would pay for the damages under your liability coverage. There is no deductible for this portion of the insurance. Your deductible applies to damages to your own car. You would have the $500 deductible applied to your damages and the insurance company will pay bhe difference to you.If the other party agrees to work out a deal, you have no promise that they will not try to come back for more money. You can ask for a signed release, but that may not work. It is best for you to report this to your insurance company and let them settle the claim on your behalf. If the damages are under a certain amount your rates may not be affected by this loss. Ask your insurance agent or company about this. This is why you buy insurance.

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