by Riep69 » Fri Jan 25, 2008 05:14 am
was a 22 year old passenger in a single car accident that broke my femur which resulted in 3 nights in the hospital and sugury to place a rod and screw put in my leg. I was off work for 3 1/2 months and had to go through a month of theropy before returning to work. Medical bills approx. 30k, and lost wages of around $4500. I am almost ready to settle with the insurance and would like to know where to start? What kind of settlement am i looking at? I was wondering where to start when the offering comes.... does it matter if he was drinking and driving and driving wrecklessly? didnt get a DUI though, got physical control. His coverages is 100 300 50...i would like to know a round about estimate of what I am expected to get so I know what to settle for. I talked to a lawyer and she said go for the limits...so after my bills that would leave about 70k, would the insurance settle for that?
Posted: Sun Feb 17, 2008 03:43 pm Post Subject:
thanks Lori! in a dui case, what impact do the punitive damages have on the at-fault party's insurance company? i'm told they won't pay punitive damages in a settlement, but i thought it was their obligation to shelter their policyholder from any legal issues. this is all very confusing for me - i'm hoping not to involove an attorney, but it's looking like i may need to. thx again!
Posted: Sun Feb 17, 2008 06:30 pm Post Subject:
what impact do the punitive damages have on the at-fault party's insurance company? i'm told they won't pay punitive damages in a settlement, but i thought it was their obligation to shelter their policyholder from any legal issues.
It differs from state to state. Some states do not allow the insurance to address punitive damages... as it would completely defeat their purpose. It's usually a question of what the state allows, not the policy.Posted: Sun Feb 17, 2008 08:37 pm Post Subject:
punitive damages are allowed in my state (PA). are they covered under an insurance policy, or would i need to file a lawsuit against the at-fault driver?
Posted: Mon Feb 18, 2008 01:46 am Post Subject:
They would need to be award by a judge/jury. Keep in mind, punitive damages are allowed in every state I know but it's another animial as to if the state -allows- them to be paid by the carrier. If the carrier cannot pay them, there is a slim chance they will ever be paid. Look at the OJ case.
Sorry... the _1st_ OJ case.
Posted: Mon Feb 18, 2008 05:35 am Post Subject:
Lori, are out saying that my health insurance could take up to ten years to ask for the money to be paid back to them? And thats why I shouldnt go out and blow all of it? Im not gonna blow all of it anyways, but just wondering so i can set it aside for when they do call and want repaid.
Posted: Mon Feb 18, 2008 02:58 pm Post Subject:
Lori, are out saying that my health insurance could take up to ten years to ask for the money to be paid back to them?
It's whatever your states Statute of Limitations is for contracts.While it's good advise, I doubt anything would change after a year.
Posted: Wed Feb 20, 2008 01:49 am Post Subject:
tcope
Senior member
Posted: Mon Jan 28, 2008 4:30 pm
Post subject: what should i settle for
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If you want to sound well informed, while negotiating ask the adjuster if their carrier uses an injury claim software program, such as Colossus. If they don't pat the adjuster on the back for working for a good company (I work as an adjuster and I think every carrier who uses these systems should be sued till they are broke)
tcope,
I would like to Pat you on the back.
FK
Posted: Wed Feb 20, 2008 03:35 am Post Subject:
Of course you should go for the limit. Regardless of what people say, its in your best interest.
Posted: Tue Feb 26, 2008 02:56 pm Post Subject:
Im going to try and go for the limits, if he ever calls me back.....hope I can get the limits, that would make it easier. How long does it usually take to settle once we start talking about settleing?
Posted: Tue Feb 26, 2008 03:02 pm Post Subject:
Really depends how close you are/can get as the a settlement amount. obviously if you are at $100k and the adjuster is at $50k, it's going to take awhile. Time is on your side. If you can afford to sit back and ignore the claim, it can't hurt your position.
Think about it like buying a car from a sales person... if they think you are interested in buying the car, they are more likely to stick to their price. If they think you could walk away, the price will probably change. If you walk out, they will probably call you and change their price.
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