Auto accident

[MattH]

A few years ago I collided with another driver, and the case has for some time been in the hands of lawyers (the lawyer representing the person I hit, and the lawyer retained by my insurance company). Since I had no chargeable accidents for over 10 years preceding this one, my insurance company says my rate won't increase unless I have another accident (which I certainly hope I don't). Since we are conceding it was my fault, the only question to be determined is the dollar amount. My insurance company tells me USUALLY these cases get settled out of court, and in any case my coverage is certainly sufficient so I am not at risk of having to pay any of whatever the final amount will be. I gather to my insurance company this is a run-of-the-mill case, though to me it is not.

My question is, IF the person I hit and my insurance company do not agree on a dollar
amount, and the case goes to trial, how if at all will this affect my credit?

[Anonymous]

Unless a judgment is entered into public record  It will not affect your CR or scores. Someone must report to CRAs or it will never show

[fishbjc]

No problem on your credit, the insurance company will take care of it. 

[MattH]

I asked my lawyer about this and he said the final payment from my insurance
company will be held in escrow to ensure the plaintiff does not get paid before they
submit to the Court something called a "Satisfaction of Judgment" form in which I
gather they will basically certify they have been paid in full.

[fishbjc]

I had to sign paperwork with my attorney, he submitted it to Allstate.  About 30 days later I received my check.

[fishbjc]

The paperwork referenced the fact that I accepted this as final payment and no further damages would be paid.  Pretty standard.

[MattH]

Yep, that's what my lawyer said, and when I was rear-ended in the past I think I had to sign some sort of acknowledgment to get paid. Difference this time is unfortunately *I* was the one who rear-ended somebody, so it will be my insurance paying the other driver so it is important to me to make sure down the road nobody will be able to claim they didn't get paid or I owe additional money and they damage my credit trying to collect from me. Also when I was rear-ended in the past all I claimed from the driver who hit me was damage to my car, this time the person I rear-ended is claiming whiplash which is why it may go to court in January if my insurance company and the other driver's lawyer do not agree on a dollar amount. Fortunately there is no question of whether I am covered, and my insurance company says because I've had a clean record with them before and since this one accident they won't jack up my rates. Obviously the driver I rear-ended should get a reasonable amount to compensate her for my mistake, I'm just trying to make sure the credit rating I have built up over the years doesn't get damaged by this.

And ever since, I've been VERY careful to leave a safe distance between my car and the car in front of me, I surely do not want to rear-end somebody again!