I am being sued; some questions

My wife was in a accident about 9 months ago and now we are being sued. The accident was her fault. The guy drove away, but I think he was at the emergency room later when my wife was there. (she bruised a rib) We got in touch with our insurance company and they have provided us a lawyer. I have a few questions though. In the lawsuit it says that they are suing for in excess of 50k. Does this mean that it can be any amount over 50k? also it says that he is suing for bodily damage of a lasting nature, and for repairs on his truck. My insurance company already payed to fix his truck so can he still sue for that?

Also my wife is the only one mentioned on the lawsuit not me. So does this mean what I like my savings account and wages are have safe from judgment? My coverage is 25k for bodily injury stuff. (I've since raised it) I don't have much money but I do have a lot in a cd that we are saving for a house and I'm worried about losing it all. We are in the discovery phase right now. I'm really worried about this so any help would be appreciated.