[Chief of the 60's]

Originally Posted by Chris65LeMans

"The bare minimum car insurance requirement for Michigan drivers is: $20,000 bodily injury per person per accident. $40,000 bodily injury for all persons per accident. $10,000 property damage liability."

A lot of variables at play there. How much insurance does F150 guy have? If he just carries the bare minimum, insurance would pay out his policy limit, then you/your insurance company would have to sue him for the balance. If F150 guy lives in an apartment and leases that truck, he may not have any assets to go after - he's what we call "judgement proof."

If you've lucked out, and the guy has a couple of million bucks in a Merrill Lynch account (and high liability coverage to match), than suing him is an option - although...

If the car owner's agreed value (the value the owner himself placed on the car) was $25,000 - it would be a tough (and expensive) case to prove that the car was really worth $38,000. Likely tougher and more expensive than $13,000.

All this reminds me that I need to make sure I have "uninsured motorist" coverage on my Hagarty policy.

Excellent point! The insured's property damage coverage does matter.