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On Friday, I hit another car while making a right turn (at around 10 mph) about an hour after it started snowing. Both my car and the other car were damaged, of course. We exchanged information, her insurance agent said that a police report was not necessary if we agreed on whose fault the collision was. She was in her lane, and I slid across the line into her lane and hit her, so I agreed that it was apparent that it was my fault. I got home and called my insurance company, only to find out that my wife hadn't paid our premium, and our policy had been canceled. The other driver had her car towed to a body shop. She drove away from the scene of the accident before I did, but when we spoke to her on the phone, she said she couldn't turn and had to be towed. We're waiting to hear from the body shop now to find out what condition her car is in.
I'm trying to figure out what our options are. There will be one of three out-comes. We'll pay her directly for repairs or to replace her car, we'll pay her insurance company and they'll pay her, or we won't pay anyone. I'm not trying to screw her over, and I want to make sure that she gets taken care of. But of course, I would like to minimize my own financial liability here (my family receives food stamps, we don't have a lot of money), and not get sued.
So I'm looking for suggestions. I already feel like crap for being the guy who got into an accident and didn't have insurance, so we can skip that.
Launched in August 2010, TheMetropreneur.com is a local online resource devoted to small business development and entrepreneurship. Its aim is to tell the stories of Central Ohio's business community, foster regional economic development and assist entrepreneurs with its resource-heavy focus.