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 Posted: Sat Feb 28, 2009 1:28 am Post subject: |
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| Quote: | | An attorney will typically net you 3 times what you would get from negotiating on your own. |
I'd like to see your data on how you arrived at this statement. Attorneys and public adjusters both have their place but on a typical claim they really are not worth it. I've seen time and again people end up with about the same when they get an attorney. Does the insurance company pay out more, sure... but what the people get in their pocket is about the same. |
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Dasfuk
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| Posted: Sat Feb 28, 2009 8:47 am Post subject: |
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| Quote: | | Does the insurance company pay out more, sure... but what the people get in their pocket is about the same. |
That's a very good observation, Das. Its true that the atty may help you in maximizing the claim but at the same time would charge around a third of it as his/her fees. The residue wouldn't be much higher than what the claim was initially.
Often times a sensible and methodical negotiation with the adjuster can fetch the claimant higher compensation but we panic and hire professional help without knowing the worth of the claim.
~Jeremy |
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JeremyHolter
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| Posted: Sat Feb 28, 2009 2:14 pm Post subject: |
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| Quote: | | Often times a sensible and methodical negotiation with the adjuster can fetch the claimant higher compensation but we panic and hire professional help without knowing the worth of the claim. |
it is true. we do get panic whether we will get the claim amount or not? but those who does not have any knowledge of the insurance laws (layman) will surely get misguided by the 'agents' who claim that they will settle it for them.
People do have this mindset that i am happy with some amount rather than nothing.even to prepare their case they need professional help so this could be the reason for this " professional fee gizmo" .
looking forward for reply.  |
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amit
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| Posted: Sat Feb 28, 2009 3:33 pm Post subject: |
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Hi folks....been away awhile, and certainly cannot resist this thread...  OP, you are doing a wonderful thing for your parents...yes, their ages 'may' have something to do with their injury thus settlement amounts...as we age we all 'deteriorate' to some degree...so some of dad's neck issue medical notes could likely say things like, 'degenorative disc disease, or arthritis' etc...does that mean he's not entitled to a far settlement? of course not...just prepping you for the chance of some of his injury/disability being laid on his age and natural deterioration of the body...
I can think of no reason at all that the adjuster would say it needs to be settled prior to the statute running...please ask the adjuster point blank what they mean by that statement....MO does not require releasement of coverage limits, and in my more than 20 years in the claims biz, i've maybe offered this information freely about 15 times, ALWAYS when there were low limits with significant injury to give the injured party a heads up...but it certainly does not hurt to ask what the BI limits are...
You appear to be an intelligent person, IMO you will be able to help your parents negotiate a settlement just fine...you can always get an attorney later if you come to an empass...just remember that the first offer is just that the first offer and will be at the lower or lowest part of the evaluated range...
Whomever said this... | Quote: | | An attorney will typically net you 3 times what you would get from negotiating on your own. |
either has never worked claims in MO, or much at all...or works in some crazy 'pocket' of the universe this may be true in...3 times...no no way...not typcial...personally if i were you i would attempt the negotiation myself...'if' i had to hire an attorney it would be written into the contract with that atty that their fee percentage (typcially a min. of 33 1/3%) began where my negotiations had stopped....i would not pay them for the work 'i' had already done...that way you won't be shorting yourself...think of it this way...say you negotiate 20k for mom or dad (not saying their claim value is this, only pulling a number out of the sky)...you then decide to get an attorney...that atty will have to get the carrier to pay in EXCESS of 30k for you to still get that same 20K YOU already had in your pocket!
MO's fair claims practice and liability laws really are pretty simple...please feel free to ask any questions..we'll help all we can....IMO you should negotiate for your parents then do the math, once you feel you are at an empass or as high as the adjuster will go to see if an atty would be benefical..then be very careful who you allow them to hire...
also most this 'lawsuit' information in this thread is incorrect...first off you ALWAYS would be suing the party that caused the wreck... maybe one half of one percent even get a suit filed much less gone to court...if an excess judgement is granted collecting is whole 'nuther animal....what do you know about the at fault party? meaning...type of vehicle, job, assets, age etc? this might give a 'clue' to the limits...although it doesn't always hold up...i've seen some ''mature'' people driving new Benz's with min. limits because the vehicle owner can't afford the premiums...people have crazy prioritys some times...
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Lori
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| Posted: Sat Feb 28, 2009 3:47 pm Post subject: |
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Lori, Another thing I want to ad here about getting an atty. is the cost does not just stop at the 33 1/3 percent. All atty I have seen so far or even heard about through others that has been involved in wrecks have added on "paperwork fees". I believe they call them documnet fees. for every peice of paper they fill out or request from another person theat is added on to the bill.
Recently a friends son settled out his case and his paperwork fees were another $800 on top of the atty fees. |
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fireyone
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| Posted: Sat Feb 28, 2009 4:42 pm Post subject: |
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Yes fire you're right...some times they call them administrative fees or those are in addition to the doc prep fees it can really get nuts...personally were i ever to hire an attorney for something like this...i would nail all this in my atty rep contract...EVERYTHING is negotiatable....even an atty's fees...but always in writing and signed by both partys
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Last edited by Lori on Sat Feb 28, 2009 6:47 pm |
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Lori
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| Posted: Sat Feb 28, 2009 10:24 pm Post subject: |
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| I never thought of negotiating atty fees. Of course an atty would probaly have a field day with the regular Joe on this. I know with mine I did alot of the runnung to get the forms. They were willing to just settle for forms from my dentist that reallyt did not show my injuries were from the accident. I made a trip down straightened it out and got exactly what was needed. This is just showing not all atty put forth the effort to do their best. Nine chances out of ten they have bigger fish to fry and only give your case the time of day when you call and nag them. |
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fireyone
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| Posted: Mon Mar 02, 2009 1:56 am Post subject: |
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Insurance company's first offer is in the low $20K range. Cummulative bills are around $27K. They did bring up the arthritis issue with my dad's neck. However, this is the first time anyone has told him he has arthritis in his neck and he hasn't had a significant injury to his neck in the past.
They did offer to pay all the medical bills. Seems like a pretty low offer but it is the first offer. I'm sure my dad's neck injury is likely to cause him pain the rest of his life.
What type of counter offer would you suggest...
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trohs
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| Posted: Mon Mar 02, 2009 7:10 am Post subject: |
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| Okay, the arthritis might not have resulted from the accident. Normally, a problem like this grows gradually. Hence, no wonder if the doctor hasn’t told him about it before. However, apart from this issue if the claim amount is low you have to negotiate it with the insurance company. You must ask for an amount that would be sufficient to cover his present as well as the future medical expenses related to the treatment of the injuries. |
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simon
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| Posted: Mon Mar 02, 2009 7:21 am Post subject: |
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| Quote: | | However, this is the first time anyone has told him he has arthritis in his neck and he hasn't had a significant injury to his neck in the past. |
If that’s the reason that you feel has influenced the adjuster in quoting a low amount, you have to get the doc’s report that would state that its not a pre-existing condition but have resulted from the accident. The rest would depend upon your negotiation skills. Best of luck!!
Thanks,
Rupert |
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RupertWBradson
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| Posted: Mon Mar 02, 2009 2:26 pm Post subject: |
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| Quote: | | Insurance company's first offer is in the low $20K range. |
is this 20k in ADDITION to them paying all his bills? | Quote: | | Cummulative bills are around $27K. |
not sure what you mean by cummulative, you don't mean his AND mom's right? are you saying that dad's bills are totaling around 27k? | Quote: | | They did bring up the arthritis issue with my dad's neck. However, this is the first time anyone has told him he has arthritis in his neck and he hasn't had a significant injury to his neck in the past. |
I was sure that would come up...but the point is he had NEVER sought nor received medical treatment for it, and this accident will affect him (and his neck and arth.) forever now...and you're right he will likely have some problems/pain the rest of his life that he would/may not have had prior to the wreck (that is the angle i would use) | Quote: | | They did offer to pay all the medical bills. Seems like a pretty low offer but it is the first offer. |
ok, so please clear it up for me is the offer 20k plus ALL med bills?
| Quote: | | What type of counter offer would you suggest... |
answer my above questions first please...also did you find out or ask the BI coverage limit?
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Lori
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| Posted: Tue Mar 03, 2009 3:21 am Post subject: |
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Yes, total bill for both is $27K, $14 for my father. They will pay mediical plus the low $20k premium. My mom appears to be o.k. but treatment for may dad appears to to help only for the shorth turn, then he has the same simptoms. I think he needs alternative therapy or surgery and surgery at his age is probably not an option...
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trohs
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| Posted: Tue Mar 03, 2009 12:32 pm Post subject: |
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| Quote: | | They will pay mediical plus the low $20k premium. |
ok so they offered just dad meds paid plus 30k? is that right? Have they made an offer for mom? Honey don't let dad settle unless and until the docs say they have done all they can to help him...being mindfull of course of your states statutes
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Lori
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| Posted: Tue Mar 03, 2009 1:24 pm Post subject: rear-end collision. |
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My fathers bills were $14K of the $27K.
He hasn't had previous medical treatment on his neck.
They offered to pay all of the $27K in medical bills plus a little over $20K for both my mom and dad.
Don't know about the BI coverage, figured they will say something if it is an issue.
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trohs
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| Posted: Tue Mar 03, 2009 1:44 pm Post subject: |
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| Quote: | | They offered to pay all of the $27K in medical bills plus a little over $20K for both my mom and dad. |
NO NO NO NO AND NO AGAIN! they cannot combine them...it's against every fair claims practice law i know of...nor should you enter into negotiations like this...IMO tell them all you want to talk about right now is mom...get her's settled then talk about dad's.
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Lori
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