Giving Asset Affidavits (claim For Policy Limit Of $100k)

[calvert]

I was in a small car accident 8 months ago in Orlando FL. Police came, no parties got ticket, police stated that the damage to our cars were less than $500, so we should settle between our insurance company.

It was night when I turned left to merge to a two lanes road, after finishing the merge and drove possibly 30-50 feet, my front right bumper collided with the rear-left(between passenger door and the bumper area) side of a small car. Everyone was fine and it was very minor(my car only have paint issues and the other car only has a small dent and paint issues). The woman was fine at the time of accident. Well, she decided to take legal action and claimed she was hurt. She has been going to dr's appts for neck injuries and had a neck surgery  for $60,000 in Dr's fees. Her attorney has claimed my policy limits of $100K. Now my insurance company has called me that the other attorney is requesting an affidavit showing all of my assets and income, and they want it before any settlement.

I know the other lady is faking it and trying to get some money. I do not want to give them my financial information because I feel it is not right, and actually I would like to fight it.

I owned a house, 2 cars which I still paying.

I would appreciate any advice you can provide -I only have 3 days to provide this information-.

ANSWER: This may be a matter of State law.  I agree with you 100% that you should not have to disclose any personal financial information, unless of course the laws of FL require it. I just don't know. I would tell the insurance company to settle the case, without any disclosure by you, or that your ins. company provide you with legal representation. Apparently you don't have one yet? You see, the demand for the financial info is just a ruse on their part. Makes them look like they are sure they have a big 6 figure case in excess of your policy limit and that this will intimidate your ins. company into settling at or near the policy limits. Unless you are required to cooperate with your insurance company in this regard or state law requires, tell them to forget it.  Again, if your ins. company is not fully supportive, make your own demand...........that you be assisgned defense counsel immediately. They are required to provide one. By the way, don't lose any sleep over this. Unless you are really wealthy, the plaintiff's lawyer is not going to forego a policy limit settlement in order to go to trial, maybe lose, and even if he wins have to chase you for more money. Isn't going to happen. That is why I think his demand for the financial info is just a bluff and tell your ins. company as much.  Also, in worst case scenario you are still fine. As long as your ins. company turned down a policy limit demand and put you at risk by not settling, if there ever is a verdict in excess, you company will have to pay it anyways, even if over 100K.

---------- FOLLOW-UP ----------

Thanks for the info, it was very helpful.

I talked to my ins company and they decided to pay this lady $100k. I have no idea why the ins company want to spend $100k on something that is cleary a fraud, and for sure my premium will be higher for at least 3 years.

I look at the picture of the damage of the other car, and guest what; the lady intentionally made a lot more damages to her own car - but ins company did not care to listen to me(I have a picture of the real damage, but it is too dark to see the details).

Now I think of changing to a bigger ins company(mine is Infinity Insurance). Maybe a bigger company will fight harder against this kind of fraud.

ANSWER: First of all, it didn't matter whether your ins. co. settled the case for $1,000 or $100,000. You had an "at fault" accident and that is all that counts. Your premiums will not go up more because they paid the 100K. I guarantee you that insurance companies do not pay out 100K without be presented with a very strong case for damages. It must be some scenario like this: she recently had some kind of surgery and even this small accident, according to all of the doctors involved, undid whatever surgery she had before, made the problem worse, and with a new surgery I am not surprised they paid the 100K. It could not have been a minor little accident with minimal damage to the vehicles.  Also, it is really a stretch to suggest that after the accident she went home and beat up the car herself. Before an insurance companies pays out 100K they investigate the accident, the damage to the cars and are really tough in investigating the injuries. So you are not telling me everything or you never learned what happened through your company. In any event, sounds like a good company to me. They did was they were supposed to........protect you from liability

---------- FOLLOW-UP ----------

Thanks again. I guess it does not matter anymore. I have told you everything - I might had not learned everything from the Ins comp, because they told me from the beginnig it was a minor inccident-. But when I said the lady made more damages to her own car it is true(I did only one little scratch from where you fill in gasoline to the bumper, but the picture now shows two big dents.

Ins comp told me that they better pay because she already went through surgery and after that there is no way to prove the injury was not caused from the accident.

I would like to show the picture -you will see the damages are minimal-, but I am not sure how safe it is since the claim is still open.

[Moketaveto]

I have been in the business since 1976 and I have never seen an insurance company pay 100K for a collision that caused no more than a little scratch to the vehicle. There must be something very unusual with the woman's medical situation.  Don't bother sending me the pictures. It won't make be understand any better. I would be most interested in seeing her medical records. In any event, that's enough for this one. Congratulations on have the claim resolved.