Car Insurance Coverage: What Are My Options?

I recently got into a four-car accident where the guy ran a red right as we were pulling out from a multi lane to make a left turn. We went through the process of getting each other's info and have been talking to each of our insurance companies. My 2002 Honda Civic's front bumper has been completely knocked off (no mech. Damage however). I was given an estimate of $4,500-$5,000 to repair/replace, however I was informed the guy's insurance only has a $10,000 limit. The other victim's car (2012 Hyundai) Had a considerable amount of font damage that would probably amount to more than my estimate. Finally, the last victim's car only has minor damage (license plate knocked off).
Insurance is saying they'll have to split the $10,000 limit accordingly. Meanwhile, I might be out $3,000. What are my other options for offsetting this amount (small claims court/car trade-in)? Please and thank you!

Added (1). very helpful; thanks for your answers. We have spoken w/ victim #1's insurance co &have provided statement. They've informed that they've been attempting to contact him, however have failed to reach him. Subsequently, the guy we've attempted to reach has finally returned calls & told us he's hired a lawyer for 'injuries' (he's capable of camping:/ ). He's been advised not to make any statements to insurance. Now I'm not sure what to do/what are my rights? Only the pending police statement.

Unless you have under insured motorist coverage, you are going to have to sue the driver that hit you. Unfortunately, there's no guarantee you'll ever see a dime from him.

Do you have full coverage on your Honda? If so, you will be covered fully after you pay your set deductible. If you do not have full coverage your only recourse would be to take the at fault party to court to attempt to recoup the remaining difference.

No, under-insured or uninsured driver coverage WILL NOT cover your car. Uninsured motorist (or under-insured) is ONLY for bodily injury payments in the event that your injuries exceed the other party's bodily injury coverage limits. Since their property damage coverage is only 10,000, then that is what will be distributed between the three other cars.

If you have COLLISION coverage (again not uninsured motorist), then your insurance company will cover the rest of what theirs doesn't (minus the deductible). Your insurance will then attempt to collect from the other party. If they are successful, they will refund your deductible.

If you only have liability coverage, then your ONLY choice is to take the at-fault driver to court and sue for the damages that were not covered by his insurance. Trading in the car is completely pointless. It won't offset anything. They aren't going to give you top dollar on a wrecked car.

As for the amount you're out, where do you get 3,000? They would take all the damages and prorate it based on how much damage you had. Say you have 5,000 worth, Car 2 has 10,000 worth and car 3 has 1000 worth. That's 16,000 in damages. You had 31.25% of the total damages, so you would get 31.25% of the limit or $3125. That leaves less than 1-2,000 in out of pocket expenses for you

I could spend 15 minutes here answering all of the questions you have but any and all of your questions can best be answered by your insurance company. Multi car accidents can be complicated but you need to quit worrying and trust your insurance company to work things out with the other insurance companies. After all is settled, and you really, really need to know how things were worked out, ask them to explain.

Correction to 1 poster. In some states, you can have under insured property damage coverage. But, most people don't have or buy. Usually most only purchase uninsured or under-insured bodily injury, which only pays for injuries.

If you have collision on your insurance, this would be your best option, since at least your vehicle will be repaired. But for a 2002, and that much damage, my guess your vehicle will be considered totaled.

But, here is something you need to consider. If you sue the guy for your damages, you CAN'T accept a dime from his insurance. Since, once they calculate each vehicle damages and since the $10,000 is not enough to pay all of you in full, they will have each of you sign a release, which means, you accept payment, and you also agree not to sue.

Another fun fact to consider, you sue and this person has no assets, so, you get a judgement, and don't see a dime. The only reason to sue, is if, this person has assets to go after.

But, no one will settle till all 3 of you sign a release, then they will distribute the money between the 3 of you, pro rata, but none of you will get the full amount owed from this accident.

Please call your insurance company and verify what coverage you have on your own policy and get their advice, since that is what their job is.