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misterpeteesmokey | Insurance settlement? |
My son was involved in a wreck by another party....the party's insurance company stated that all they can offer him is $25,000.00, because that is the amount they can offer on the policy.......NOW, I know that insurance companys can always bs you in telling you that and they have lots more money than that.......thinking about going to see an attorney regarding this; however, he will take one-third of this....do you think I should just request an amount for damages and try to get them to settle? It was the fault of the insured (parents' policy, their son was driving the vehicle)
Thanks in advance for any advice |
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Ken
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Keep in mind that all types of insurance policies have their dollar limit based on what is purchased. If you bought $200,000 fire insurance coverage on your home, they are not going to pay $300,000. I purchased specific coverage to cover my wife's wedding ring. Even if I blew it, that is all I can get from the insurance company.
On the other hand, you are free to bring a lawsuit against the son and owner of the other vehicle. Naturally you have to balance how much you hope to return against the parents worth. No value suing them into bankruptcy and still not getting anywhere near what you hoped. As you pointed out, the attorney will also take a good chunk of it. If you decide to go with an attorney, read the contract with him carefully before you sign it. Many of them increase their fees if the case drags out more than a pre-set time period such as 6 months or 1 year, etc. In addition to their outright fees, you generally will be responsible for all their expenses while representing you over and above their fee. If it were me, I would only sue if my son had some significant injury that is now costing significant dollars, an injury where the extent of recovery is very difficult to predict, or a residual from the injury that might have some ongoing effect in his life. Good luck. |
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mbrcatz
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If the policy limit of the other guy is $25,000, the insurance company isn't going to pay more than that.
If you don't want to settle for the policy limit, you have to sue the driver and the owner of the car. When you win in court, you'll get a judgement. The insurance company will pay $25,000. Your attorney will take 35% of the JUDGEMENT, out of the $25,000, so you could end up with nothing, plus a judgement for $50,000 that you have to try to collect yourself.
I've never heard of an insurance claims adjuster lying about the policy limit. Sure, the insurance COMPANY has more money, but they only pay up to the limit of coverage that the INSURED PURCHASED. See, if you buy a Ford Focus, you think the dealer is going to hand over a Lamborghini, even though he's got one sitting on the lot? Of course not! So . .. you get what you pay for.
Then your son puts a claim in under HIS insurance policy, under the uninsured/underinsured motorist coverage, for the REST of your damages. That's what it's there for, IF HE BOUGHT IT. If he didn't, well, the other guy did the same thing - didn't buy enough coverage - so your son has no right to get mad at someone for underinsuring, when he himself underinsured. |
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hightechchic
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While you don't have to settle for what the company is offering you, the maximum amount the company can be held legally liable for is the maximum limit on the policy in question.
You don't state whether the damages are for the physical damages to a vehicle and/or bodily injury. These policy limits are often separate limit amounts.
Just as you purchase the same coverages on your cars with a set limit, the other party has done the same. If $25,000 is the limit for property damage, then that's the maximum you'd be able to collect from the company for any damages to the vehicle in question. If $25,000 is the maximum limit for bodily injury on the policy, that's the maximum you would be able to collect on their policy for any injuries incurred.
HOWEVER, if your damages go beyond the limits of their policies, you do have options. For instance, some states require (and others offer optional) coverage called underinsured motorist coverage. This is coverage that you MAY have on your son's policy. If so, it's designed to provide additional protection for situations exactly like this one. Have your son call his insurance company and ask if you don't know.
Even if there's no such coverage on your son's policy, he could still pursue legal action against the other party to collect for any amount above the limits of their policy. At that point, you'd definitely want to get a lawyer involved if it's more than something you could pursue in small claims court. |
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mamatohaley+1
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You are not going to get more than 25k from the insurance company as that is the policy limits purchased by the at fault person. If you don't believe them ask for a dec sheet to prove it but they won't lie about policy limits. Those are the easiest claims for them to settle and get rid of because the policy limits are what they are. If you want more you will have to not settle and sue the other person. That would mean you have to get an attorney and it will have to go to court. This will take a long time and the attorney will get 35% plus court costs bringing attorney fees up to 40-50%. He will take that off of the 25k that the insurance company will give and since the other person probably has no money you will not see another dime.
Take the 25k, file for underinsured motorist coverage on your policy if you have it and be glad that at least he was insured - though grossly underinsured |
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Luna & Lawnboy
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Adjusters do not lie despite what you have been told or assume. You can get an attorney, but you will be wasting your time. It appears that the at-fault driver had minimal limits. I do not know if your state has split limits or single limits. Split limits provides three limits, the aggregate(total of all claims) the Bodily injury limits and the Property damage limits. If $25k was offered, then I assume this was a single limit policy. As others have instructed, if your son had underinsured coverage, he needs to pursue a claim against his own policy, but the underinsured coverage needs to exceed $25k which is what the tort policy has paid. He may be entitled to coverage under a household members underinsured coverage as well. Only other recourse, file suit, but I doubt you will ever get a dime beyond the $25k. |
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Gal in MN
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You don't have to settle just with what the insurance co. is saying they will pay. If the owner of the car was underinsured, you can sue the person individually to get at more money. |
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suzanne g
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If son was injured and medical bills need to be paid, consider suing parents for negligent entrustment, which is allowing son to drive their car when they knew he wasn't a safe driver. |
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