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 Posted: Mon Jan 28, 2008 11:20 pm Post subject: |
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I think you should at least ask for the limits, yes. You may even want to start by letting them know you've spoken to a few attorneys (but they are not representing you) who tell you that the claim is easily worth in excess of the $100k policy limits and as their insured is under-insured, you're willing to settle for the policy limit in this case. In other words, you're sending the message that your claim is actually worth more then $100k but you're willing to take less. This sends two messages, you overvalue the claim so as to make it look like their are getting a good settlement and it also sends the message that if you were to file suit they'd be looking at a possible excess judgement against their insured. If there were an excess judgment, they'd then be open for a bad faith claim filed against them from their insured (bad faith happens when the judgement is in excess of the policy limits. The insured can then file a claim against his/her own carrier saying that if they would have offered the policy limits the claim would have settled for that amount so the insured would not be on the hook for the excess amount. The other person's carrier has an obligation to protect their insured's interest in this matter, no matter what the limits of the policy are that they have to work with).
If you simply tell them you won't settle for anything less, that could be heard as an offensive statement. Once the adjuster goes into "protect" mode, it's hard to get them out. Instead you simply want to let them know your research has shown your settlement should be more then $100k but your willing to settle for the policy limits. I'd recommend first asking them what their offer is. This will allow you to gauge where they area. A good adjuster won't want to show their hand until you make a demand (and it's really your place to "go first"). I'd _never_ make the initial offer to an attorney but I will do this to an individual as they usually have no idea where to start (this is why we always see attorneys initial demand at something stupid like $1,000,000 for a $10k claim... they then can have the adjuster make the 1st _real_ move... again, most good adjusters will tell the attorney to get back to them with a "real" demand or make an equally outrageous offer like $100.  )
Adjusters appreciate people who are well informed and it's great when the injured person can step back from the emotional part of the settlement and just talk business. I hate to say it, but this is 90% of how the adjusters look at injury claims. It's hard to be sympathetic in many claims and still negotiate.
Progressive....? Well, they like to save a buck. Hopefully with a possible $100k claim they have given it to an experienced adjuster. Most inexperienced adjusters would have a hard time offered $100k on a claim as it is a lot of money. Find out where they stand by getting an offer from them and then go from there. Rememeber, time is on your side. The longer the claim is open the more things can happen with your condition and adjusters are paid to close claims. |
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tcope
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| Posted: Tue Jan 29, 2008 2:48 am Post subject: |
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| I've never worked in a state where limits are not mentioned and I never understood that. I'd think at some point you'd need to tell the person that the limits are not as high as they are asking. Frankly, I don't see the point in not telling what the limits are. Again, I've never worked in a state where it's not required to disclose them so I know I'm missing the reasoning. |
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tcope
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| Posted: Tue Jan 29, 2008 4:27 am Post subject: |
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I found out the limits because it was a single car accident that involved me and my buddy, it was his truck and he was driving. He told me what his limits were so i knew what i could settle for.
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cbr1000
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| Posted: Tue Jan 29, 2008 4:35 am Post subject: |
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sorry, didnt meant to post that twice...thank you for all your help, now im just waiting for to adjuster to call me back so we can talk buisness. Did you say that it would be smarter for me to settle for the limits and me pay my med bills bc i could negociate some of them? Im not sure if progressive is paying the ones we sent them or not, something im gonna have to ask him if he ever calls me back. Thanks again.
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cbr1000
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| Posted: Tue Jan 29, 2008 9:58 am Post subject: |
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| Quote: | | Im not sure if progressive is paying the ones we sent them or not |
I would be surprised if they have paid any bills, think tcope mentioned generally bi's are settled all at once at the end...more than likely your providers have filed leins with them. Your adjuster will be able to tell you...
| Quote: | | I've never worked in a state where limits are not mentioned |
I've never worked in one that it wasn't a closely guarded secret!  isn't that funny....I can see the secretiveness on most claims...on one that even approaches policy limits though, I think it's silly to not openly disclose....However, (as you know tcope) we don't make the rules...I figured it must've been a friends policy...
tcope has given you some great advise....only thing I would add, is same as I said early on...don't get bogged down in "I want the limits only".... remembering that an attorney will take (generally) 33.3%, so (to my way of thinking) anything above 66.6 is basically policy limits, if your were rep'd. (no way to get more than policy limits of course you understand that, except sueing you buddy, which incidently is who the attorney has to name, not progressive insurance, so if you get one don't panic about that if you decided to get an attorney and warn your buddy)...
Good luck, hope you will keep us updated.
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Lori
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| Posted: Wed Jan 30, 2008 3:15 am Post subject: |
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one last question i have untill progressive calls me back, if they ever do....ive left 3 messages and no returned phone calls. I was wondering about the taxes on the settlement, do they take taxes out of it or will i have to pay in next year?
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cbr1000
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| Posted: Wed Jan 30, 2008 11:38 am Post subject: |
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I don't think so federal anyway...state would be well, state specific...just call the IRS and ask them you likely have a local branch....If you don't hear back from the rep within 48 hours call back, and if voice mail picks up ''zero'' out and ask for their supervisor.
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Lori
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| Posted: Wed Jan 30, 2008 4:34 pm Post subject: |
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I've alway understood that it's not taxable as it's not income. It's a payment to address a loss, and makes you "whole".
Yes, I recommend seeing if Progressive can pay you directly as you can then see about lowering and paying the medical bills yourself. As mentioned, if the medical providers sent a lien to Progressive, Progressive is required to pay the lien. |
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tcope
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| Posted: Wed Jan 30, 2008 6:15 pm Post subject: |
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what exactly is a lein? and should i ask them if one was sent to them?
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cbr1000
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| Posted: Thu Jan 31, 2008 10:56 am Post subject: |
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a lein is exactly that a 'lein' against your settlement (chiropractors almost always file leins and many other med providers as well)...it in affect says, before you pay the injured party his settlement you pay us what we got coming first! It assures them (providers) that they get paid from your settlement, and you don't get it all and run off and not pay them....if an adjuster has a lein(s) they HAVE to pay them out of your settlement before releasing any money to you. You will then get the balance (this all happens in one day...didn't want you to think this was a lengthy process)... 
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Lori
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| Posted: Sun Feb 03, 2008 12:22 am Post subject: settle |
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| I dont know much on this but take into consideration youll probably get arthuritis and have pain and other companies may not want to hire you because of your leg. talk to a lawyer. |
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DADUMMY52
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| Posted: Sun Feb 03, 2008 2:33 am Post subject: |
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Are you still friends? Why did you get in the vehicle with him if you knew he was drinking or drunk? I am just curious why you would put yourself in this position in the first place?
I hope all works out for you, that you recover soon and get back to work, some are not so fortunate, you are lucky to only have the leg injury, you could have been killed. I hope that you make better judgement calls after this incident. Value your life, don't get in with a drunk driver please. |
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goodnatured
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| Posted: Sun Feb 03, 2008 12:59 pm Post subject: |
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DADUMMY52,I know you have some unresolved issues with your settlement but again in this case, it is more than likely a limits claim, if so again an attorney will not help, but rather remove money from him...if this OP can get anywhere around 66k that is the most he could possibly get with an attorney....
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Lori
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| Posted: Sun Feb 03, 2008 8:45 pm Post subject: |
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i know i shouldnt have got into the truck with him but i had been drinking and wasnt thinking. he wasnt really drunk, he was just driving dumb, and yes we are still friends, it was an accident, im not gonna hold anything against him, he didnt mean to. im not going to hire a lawyer, i havt one that i am talking to every step of the way and gettin advice. i cant get anymore than the limits and im not going to let an attorney take 33%. thanks for all the advice, im back to work and doin alot better, still have pain and have to go back to the doc and get more xrays because my knee is poping for some reason. if i settle for the limits is there any reason to wait to settle if im gonna settle for the limits? why not settle now?
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cbr1000
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| Posted: Sun Feb 03, 2008 10:52 pm Post subject: |
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No reason to wait... you can make your demand at any time.
Just a note: getting into someone's vehicle whom you know to be under the influence can be used as a defense in many states. Public opinion on it is almost as bad as DIU. But from what I can tell, DIU is not being used as an issue as the driver was not charged. Still, I'd not make it a big issue on your side. |
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tcope
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