by ttrometer » Fri Feb 20, 2009 09:02 pm
My parents were in an accident approximately 1 year ago in St. Louis. A little over $4K in rear end collision damage done to their car. My dad's medical bills are $14K and my mothers are $13K. Both had significant soft tissue damage and were treated approximately 1 year. My dad was told he has a permanent disability related to his neck injuries by both his doctor and an independent doctor the insurance company had him go to. Insurance company is in the process of providing a rear end collision settlement. Wondering what is reasonable and if they should get a lawyer. Both are over the age of 70.
Posted: Mon Feb 23, 2009 04:00 pm Post Subject: negotiating rear ended settlements
How can you find out the policy limit for the responsible driver?
While making rear end settlements you might have came across that driver's insurance company then they ( insurance company) will be the best people to resolve this query. 8)
Posted: Tue Feb 24, 2009 06:14 am Post Subject: rear end collision
How can you find out the policy limit for the responsible driver?
It needs to do with the state laws. In New York disclosing the policy limit is a requirement but it may not be necessary in Missouri. You may ask the adjuster about the policy limit of the driver. He may or may not choose to disclose the policy limit but personally, I see no problem in divulging the limits though.
Hope things straighten out soon for you.
~Jeremy
Posted: Tue Feb 24, 2009 05:48 pm Post Subject: rear end collision
From what I understand, MO does not require policy limits to be told to the claimant.
Posted: Thu Feb 26, 2009 06:23 am Post Subject: rear end collision
You should never consult an attorney until you have spoken with the insurance companies first and do some research for THIS reason...
They will charge a fee of 20%-30% of the settlement amount.
An attorney will typically net you 3 times what you would get from negotiating rear end settlement on your own. In my own experience an attorney is more than worth it.
Posted: Sat Feb 28, 2009 01:28 am Post Subject:
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.
Posted: Sat Feb 28, 2009 08:47 am Post Subject:
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
Posted: Sat Feb 28, 2009 02:14 pm Post Subject:
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. :wink:
Posted: Sat Feb 28, 2009 03:33 pm Post Subject:
Hi folks....been away awhile, and certainly cannot resist this thread... :roll: 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...
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... :roll: 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...
Posted: Sat Feb 28, 2009 03:47 pm Post Subject:
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.
Posted: Sat Feb 28, 2009 04:42 pm Post Subject:
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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