The insurance comapny most likely will settle within whatever the coverage for the other person is
What did they offer you? Does it cover all medical expenses? does it give you a couple grand for your life of taking pain medication? does it give you enough for paid time off work? Did it cover fora new car?
if all those answer yes, you wont get more than that. If you want more, then you may need a lawyer, who will take that portion away from your money anyways. Ive been in this situation, and my advice to you would to be to settle for a reasonable amount, because you dont know whent he tables are going to turn on you, and staying up at night,w orrying if their claim is going to be covered
What is your demand? The adjuster is not going to counter offer(bid against him/herself) without a demand from you. This is called negotiating. It is possible that the offer may be increased, but you need to prove that you may have a permanency and/or loss of function. Do you have a medical report in support of this? The adjuster will not consider any permanency just on your say so.
Edit – $38k is your first offer. There is no way to know what the value of your claim is based on what you have provided. Any decent adjuster will increase their offer in decreasing increments. Meaning they will not counter with $76k. Assuming the settlement range is $40-$50k, the next offer will likely be $44k($6k increase). The next offer if any, could be $47k($3k increase), then $48.5k so on and so on.
The most you can get is the policy limit of the tortfeasor. Perhaps this is what you were already offered, since you indicate it is a large amount. If it is, you can file an “underinsured claim” against your own policy if you have this coverage.
February 28th, 2010 at 4:39 pm
The insurance comapny most likely will settle within whatever the coverage for the other person is
What did they offer you? Does it cover all medical expenses? does it give you a couple grand for your life of taking pain medication? does it give you enough for paid time off work? Did it cover fora new car?
if all those answer yes, you wont get more than that. If you want more, then you may need a lawyer, who will take that portion away from your money anyways. Ive been in this situation, and my advice to you would to be to settle for a reasonable amount, because you dont know whent he tables are going to turn on you, and staying up at night,w orrying if their claim is going to be covered
February 28th, 2010 at 9:48 pm
What is your demand? The adjuster is not going to counter offer(bid against him/herself) without a demand from you. This is called negotiating. It is possible that the offer may be increased, but you need to prove that you may have a permanency and/or loss of function. Do you have a medical report in support of this? The adjuster will not consider any permanency just on your say so.
Edit – $38k is your first offer. There is no way to know what the value of your claim is based on what you have provided. Any decent adjuster will increase their offer in decreasing increments. Meaning they will not counter with $76k. Assuming the settlement range is $40-$50k, the next offer will likely be $44k($6k increase). The next offer if any, could be $47k($3k increase), then $48.5k so on and so on.
The most you can get is the policy limit of the tortfeasor. Perhaps this is what you were already offered, since you indicate it is a large amount. If it is, you can file an “underinsured claim” against your own policy if you have this coverage.