by Guest » Sun Mar 30, 2008 11:11 am
My husband, daughter and I were involved in an accident last August 11, 2007 in Nebraska on our way home to Colorado. All of us ( including the other driver)
walked away uninjured. The other driver stated he was fine. No ambulance was called. My husband lost control of the vehicle and it is a miracle we survived. The accident was my hubbies fault.
We received a letter from our insurance company stating that there may be a demand for more than our policy covers. ($50,000) Upon contacting the Insurance Company (Shelter) they stated the other motorist has retained a very high powered attorney. The attorney has asked for our policy limits. The claims adjuster feels he may be trying to get underinsured motorist to kick in. He has $12,000 in injury claims so far. The other motorist is very obese and is a diabetic and is claiming an eye problem due to the accident . The adjuster feels this was a pre-existing problem and has requested his last 10 years of medical records.
I AM SCARED TO DEATH.
Is there anyway to legally protect our assets from him. My husband is the sole income for our family. We have no savings and some equity in our home. My hubby was seriously injured last winter on his way to work falling on all of the ice we had in Denver. ( Compound fracture requiring surgery)
he also is scheduled for a hip transplant this summer. I worry about my daughter's future if we end up with a judgment against us. Thanks for any advice or help you can offer.
walked away uninjured. The other driver stated he was fine. No ambulance was called. My husband lost control of the vehicle and it is a miracle we survived. The accident was my hubbies fault.
We received a letter from our insurance company stating that there may be a demand for more than our policy covers. ($50,000) Upon contacting the Insurance Company (Shelter) they stated the other motorist has retained a very high powered attorney. The attorney has asked for our policy limits. The claims adjuster feels he may be trying to get underinsured motorist to kick in. He has $12,000 in injury claims so far. The other motorist is very obese and is a diabetic and is claiming an eye problem due to the accident . The adjuster feels this was a pre-existing problem and has requested his last 10 years of medical records.
I AM SCARED TO DEATH.
Is there anyway to legally protect our assets from him. My husband is the sole income for our family. We have no savings and some equity in our home. My hubby was seriously injured last winter on his way to work falling on all of the ice we had in Denver. ( Compound fracture requiring surgery)
he also is scheduled for a hip transplant this summer. I worry about my daughter's future if we end up with a judgment against us. Thanks for any advice or help you can offer.
Posted: Sun Mar 30, 2008 11:23 am Post Subject:
Deb, good morning and welcome to the community...
He has $12,000 in injury claims so far. The other motorist is very obese and is a diabetic and is claiming an eye problem due to the accident . The adjuster feels this was a pre-existing problem and has requested his last 10 years of medical records.
I know how Shelter works their claims, and I'm sure that with what you have stated above they are all over it...12k in meds does not equal over 50k...based on the (lack of) inital injury at the scene...I'm sure you are scared...but chances are very good they will get this settled way under your limits...or minimally obtain a release for you...(protecting you from suit) It's your carriers job to settle claims within your limits...that is taken very very seriously...They do have to make you aware that there may be a demand in excess though....Also if this injured party has UIM in the outside chance that this injury did go to excess then he has coverage there as well..
I know this sounds easier to say than do, but truly I don't think you have a thing to worry about...
No there is no way to protect your assets now, but honestly don't think that will even ever come into play on this claim...What is your adjuster telling you?
Posted: Sun Mar 30, 2008 02:01 pm Post Subject:
First and foremost, if the other party has under insured motorist coverage, it's _extremely_ unlikely that you will be pursued for anything in excess of your limits. UIM gives the other party a _MUCH_ easier way to collect in excess of your limits then to pursue you directly (this would involve declining any offer made by your carrier and going to court... which would cost the other party thousands of dollars, there is no guarantee that they would collect even as much as their demand, and they could wind up with even less then offered). _If_ your carrier offered your limits they would require an injury release to be signed, meaning they could not pursue a claim against you in the future, ever. Your carrier won't pay a dime without securing that release. That is how it works and it's done all the time.
Secondly, attorney's always ask for the moon in their initial demands. They seldom really expect it. Asking for less then the moon would be shooting themselves in the foot. I also have handled many cases where diabetes was a factor. The attorney has always tried to blame that portion of the loss on the accident. What I've usually found is their doctors notes showing that they have mismanaged their illness and _that_ led to complications in the treatment for the injuries in the accident. Might not be true here as they only have $12k in meds but I've seen it happen a lot (fall down stairs, get a cut, and the body part is amputated or requires surgery, etc).
In all, I'd not loose any sleep over this issue. With the other party having UIM, it's extremely unlikely that you would be pursued directly for anything... even if suit were to be filed. Also, with only $12k in meds, it's unlikely that the loss would even exceed your $50k limits.
Posted: Sun Mar 30, 2008 11:46 pm Post Subject: How to protect my assets as an underinsured motorist
Thanks so much for the speedy reply. My concern is his insurance company coming after me to recoup their losses. I talked to my Father - in - law today who has assured me if it comes to anything he would rather spend 5 or $6,000 to fight this guy, rather than have them come after the equity in our home or my husband's wages. Again, Thanks so much for trying to calm my fears. I will keep you posted.
Deb
Posted: Sun Mar 30, 2008 11:53 pm Post Subject:
They won't be able to come after you. _If_ this were a limits issue and your carrier was to offer your limits, the injured party would need to secure a subrogation waiver from their own UIM carrier before yours would pay anything. The waiver would state that the UIM carrier would not pursue recovery for anything they paid out. If they did not forward a waiver, your carrier would not pay out your limits and the UIM carrier would be required to pay the $50k instead. They would then have a right of recovery. That last part will never happen. They will always sign the waiver... unless your sitting on a few homes and/or a few million in the bank.
Posted: Mon Mar 31, 2008 10:29 am Post Subject:
One other thing Deb, should it come to this...(and it won't) your carrier would provide a legal defense...you would not have to pay for an attorney :wink:
Posted: Mon Apr 28, 2008 04:10 pm Post Subject:
Sounds like you are in pretty good shape here Colorado. Hope everything said here helps calm your mind. I also believe you will be fine. Good luck and God Bless.
Add your comment