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Both parties will lose their license if a police report is taken. Both parties are still responsible for all damage incurred or injuries.
if u both left and someone is filing insurance claim, BOTH parties will get charged with Leaving the scene of an accident and may not be able to file insurance claim
Yes they can.
A contract binds both parties to the agreement.
Your insurance would be liable. same qusetion but what if the car didn't have any insurance on it? In this case, both the driver and owner are in deep doo-doo. Injured parties will sue both.
The claims process should be quite a bit easier. What some companies do is waive your deductible for both parties.
If both parties that are involved in an accident have the same insurance, the party who is responsible for the accident would have to pay. Even if they are on the same insurance plan, it is like both of them paying.
If you were at fault, your insurance co will cover the damages to the other vehicle ONLY, not your....and vise virsa.
Yes, both drivers will see an increase in premiums.
Its part of the contract as both parties have an investment (interest) in the property
Chances are that you will be responsible for them. Usually the insurance covers both parties and requires they both be held accountable.