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kat | Auto insurance claim question? |
A big truck ran into the back of me 4 years ago and I have a herniated disc. After 4 years we are starting to settle. The guy who ran into me's insurance company offered me his full coverage. $25,000. To get that I have to sign a covenant not to sue to release the guy of all claims. Then, my lawyer wants to fo after my underinsured policy. I am very worried about doing that. Should I sign the paper? Please give me some advice? Is it a law that you have to take the $25,000 before you can go after your own insurance? |
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Faye H
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Since you have an attorney, you should follow the advice of your attorney, not the people on Yahoo. I'm assuming that your attorney is familiar with the laws in your state regarding statute of limitations, insurance, etc. If he's not, then you need a new attorney.
Having said that, if the guy only had $25,000, which was probably the minimum limits in your state, what else do you expect to get out of him? Sure, you can sue him and try to get his house or car or anything else he has but if he doesn't have anything, what's the point? Are you willing to have him pay you $50 a month for life or something? What good is that going to do you?
It is normal when an insurance company settles to sign a release of all claims to their insured. It is standard procedure. They represent their insured and the maximum they can pay you is $25 thousand because that was the limit of his policy.
You don't have to sign the release. But you won't get anything from them until you do without dragging it through the courts. At that point, you might get a judgment for $50,000 or something but then what? If he doesn't have $50,000 to give you, you aren't ever going to get it. Plus, he would probably just file for bankruptcy at that point and get rid of the judgment and owe you nothing.
Go back and talk to your attorney. You hired him to advise you. He is in a position to give you the best advice since he knows the details of your claim. |
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mamatohaley+1
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That is correct way to do it. |
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lm050254
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You have to ask your lawyer, but under insured means exactly that, you claim against them when they don't have enough insurance. If your lawyer wants to do it I guess he knows what he is doing. Ask your lawyer to write down for your records what he is going to do |
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Amie G
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Personally, I would settle for the $25,000. If you sue your own insurance, won't your insurance go up! |
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MARK S
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That's pretty typical that you release all from future claims when a settlement is made. The other guys limits have to be exhausted first before you can claim under your own uninsured/underinsured coverage. You need to make sure you are carrying adequate limits of uninsured/underinsured motorist. If your own policy only has $15,000 or $25,000 then there is nothing there for you. If you carry more than $25,000 then the difference between $25,000 and what you carry is available for "underinsured" coverage. |
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Sue
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You would have to take his policy limit (your attorney is getting at least 1/3 of this correct?) before you can go to your underinsured motorists coverage for the balance of your injury settlement. What does your attorney say about signing the paper? I am assuming he has looked at the other party's assets & determined him to be "judgement proof" - meaning no assets, no job, no job prospects (possibly on welfare)? If that is the case & he has nothing to go after, I guess I would sign the paper in order to go after your underinsured motorists coverage & get the whole thing done & settled. If he has assets to go after, I don't think I would sign the paper. Why should your policy pay (you keep high limits) when someone with assets buys a minimum policy because they are too cheap to purchase decent limits? |
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ramon1972pr
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Do you have PIP Protection? You can get the rest of the amount of your claim. It's very important in which state you live because every state have different language of this coverage. Here attach the definition of PIP Protection:
Personal Injury Protection or PIP provides medical expense coverage if the driver or another individual covered under the policy is injured in an automobile accident. It is often called no-fault coverage because it pays medical expenses no matter who has caused the accident. PIP coverage pays hospitals, doctors, trauma centers and other medical providers directly for treatment of injuries from automobile accidents. It also pays for medical equipment that may be needed as a result of an accident. Under current law, automobile insurers provide "first dollar coverage" to hospitals and trauma centers up to $250,000.
Good Luck...... |
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mbrcatz
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Well, that's the way it works - if you SETTLE, that means you agree not to sue him in exchange for that $25K payout. They're not going to payout WITHOUT a judgement, UNLESS you release that guy from all claims.
If you go ahead with the lawsuit, a lawyer is going to take 30% of what you get, and his insurance company is STILL only going to have to pay out $25K.
I can't believe you haven't filed an underinsured motorist claim yet on your policy!! You might be up against the statute of limitiations in your state for that, do it NOW.
Law varies state by state, regarding when you can file. YOu'll need to ask your agent if you need to settle with the other guy before you can file underinsured motorist on YOUR policy. I hope you have high limits! |
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