What happens now?

I hope you heal quickly and thankful that your injuries are very minor.

Will the accident be considered your fault?  Of course, you were in a single car accident that was caused by you losing control because you didn't make adjustments to your driving when the conditions are unsafe.

In case you aren't aware, you should always drive slower for the first rains on the year.  Why?  The oil on the roads hasn't been washed away and when mixed with the water, it makes it extra slick.

Does it make a difference if it's your fault or not?  no. 

Will the insurance company pay anything?

you only had liability coverage.  This only covers other drivers.

- collision covers you own car regardless of whether you are at fault or the other driver doesn't have enough coverage.

Of course it was your fault.  You were driving too quickly for the conditions.  Expect that your parents will drop you from their policy.  They won't have a choice.  It's either that or their rate will skyrocket.  Even if you pay the difference, it won't help them after you move out and are on your own.  They will be stuck with a bad record and a dreadful rate.  They will likely tell you to get your own insurance or don't drive.  Since you didn't hit anyone (fortunately), there won't be a claim against you for that.  Your parents' insurance will likely cover the damages to the guard rail, city property, etc.  If you owed money on your car, you still have to make those payments, regardless of the car being totaled and gone.

It's obviously your fault. In addition, the police screwed by not giving you a ticket. The speed shown on speed limit signs is the limit only when it is safe to drive that fast. When it is not safe to drive that fast, the speed limit is the speed at which it is safe. In other words, the speed limit is either the fastest safe speed OR the speed on the sign, whichever is lower. The police should have given you a ticket for driving faster than was safe for the weather conditions.

The only insurance coverage you're carrying is Liability coverage. Your insurance company won't pay a cent to repair your car or to pay your medical bills -- nothing; no matter who's at fault. They don't have to. To cover your damages, you needed to have bought Collision coverage in addition to Liability, but you didn't. 

Liability only covers damages to another party that YOU cause. It protects the other party; it doesn't protect you.  It won't cover your car, your medical bills, or your possessions.  You're going to have to pay all your own costs out of your own pocket. 

People seem to think they're saving money if they buy only Liability; then they have an accident and find out differently.

" ...  70MPH (that was the speed limit on the freeway I was driving on) while heavily raining.... "

WRONG.  You were breaking the speed limit.  Every State has the basic speed law that says you must never drive faster than is safe for present conditions, regardless of the posted speed limit.

You were totally at fault for the collision.  If the cop didn't write you a ticket it was because he let you go.

" ... I only have liability ...  impound lot ...."

Your insurance company will pay for any damages you caused -- trees, posts, signs, walls, etc..

Damages to your vehicle, the cost to the hospital and patching you will be billed to you.  (a few thousand bucks.)

The tow of your vehicle to the impound lot will be billed to you, and they will be charging you daily for every day until you get it back.  (at least $500 and at least $50 a day more.)

When I totaled my sport car, in 1965, it took me 18 months until I could get another vehicle.

Liability insurance only covers damage you cause to others. So if you damaged the center median barrier, your insurance should cover it. However, it will not pay you one red cent for anything on your car. You only insured your car as required by law, but did not protect yourself against damage done to your car. In a single car accident, the driver is ALWAYS at fault. You were driving too fast for the road conditions.

You went with liability-only insurance for a reason: it was cheaper. The assumption was that you would be a responsible driver and you were betting that you would not get into an accident. Liability only pays for damages to another vehicle which might be involved in an accident with you. Since you didn't take out any other vehicles, the liability insurance will not pay you anything. Your car is gone now.

If you have liability only insurance then they aren't going to pay anything toward the damage on your car or your medical bills.

If you have medical insurance, it should cover your medical bills after deductible and any copay or coinsurance costs. If you don't have medical insurance then ask the hospital if they have any financial assistance programs.

You might be billed for the cost of the tow truck and vehicle storage.

If the car is still driveable you can pick it up from the impound lot as soon as you pay their bill.

If the car is not driveable but you want to fix it you can contact the impound lot about having it towed to a repair shop or your house.

If the car is not worth fixing you can make arrangements with the impound lot for them to take it to a scrap yard.

In any case, nobody is paying any repair bills for you - any repairs you choose to do would come from your pocket. If you don't repair the car then you're on your own to buy a new car.

I would suggest spending some of your downtime this weekend researching the benefits of full coverage auto insurance.

No, Skippy. The "accident" WAS your fault, as you were obviously going too fast for conditions. If you only had liability insurance coverage on your car, you get nothing! In fact, you'll probably have to pay out of your own pocket for the tow truck that came to haul your wrecked car away, AND for your hospital bills.

Time to start shopping for a new car IF you have any money left after paying for this.

With a single vehicle accident, uts hard to naje the case it wasnt the drivers fault. They will probably call this as operator error because you should have slowed down in heavy rain. In that case, theyre not going to pay out