Insurance policy limit in a personal injury settlement?

[demarco]

I was wondering in a personal injury settlement if the "other" driver (who's was at fault for the accident) has a limit on his policy that is UNBELIEVABLY low. Is that all that i can realistically get? Just to give some background info, my lost wages are 1,000 dollars more than his insurence policy limit. Thats not including pain and suffering and medical bills. Im trying to find out every bit of info that i can because i am doing this with out a lawyer, due to the fact that i fired mine 3 days ago. All info that you can give me would be greatly appreciated.
Thank you very much
Nick

[wahchintonka48]

From the insurance company? Yes. The policy limit is the max amount payable.

If the person has not assets, then filing a law suit is a waste of time. In order for a law suit to be effective they have to have something to take.

So, what do you do if the other persons limits are not enough? You then file a claim against your own insurance policy. Under Insured Motorist Coverage was created for just this type of situation.

[eilis]

The insurance limit is the most that you can get from the insurance company. The only time that you can get more from the insurance company is if the person is from another state and the limit is too low to be legal in the state where the accident happened (in that situation, the most you can get is the lowest amount that is not illegal for a limit in the state where the accident happened).

You can get more than the limit from the driver or owner of the car, but not from the insurance. There is no specific limit on the amount that you can get from the driver or owner. However, owners and drivers with very low limits on their insurance usually have very little money, so you cannot get much from them either.

[tonibraxton]

The insurance limit is the most that you can get from the insurance company. The only time that you can get more from the insurance company is if the person is from another state and the limit is too low to be legal in the state where the accident happened (in that situation, the most you can get is the lowest amount that is not illegal for a limit in the state where the accident happened).

You can get more than the limit from the driver or owner of the car, but not from the insurance. There is no specific limit on the amount that you can get from the driver or owner. However, owners and drivers with very low limits on their insurance usually have very little money, so you cannot get much from them either.

The most you can get from the at-fault insurance is the policy limit. You may be able to fill an under insured claim (if you have a policy which includes that).

As your your attorney, yes you will have to pay him if you signed a retainer or agreement to a third (which is typical). You make be able to negotiate a smaller amount but I doubt it.

If you decide to hire another attorney, make sure he/she understands that your first attorney and you had an agreement. If could affect whether or not they take on your case.

Good Luck!

[jomei69]

Did you ever contact YOUR insurance company?
- you know one of the things you pay them for is to work with the other insurance company when you are not at fault...
- do you have uninsured / underinsured motorist coverage?

In California the mimumum amount of insurance is basically $20K ($15K personal injury, $5K property)....
- are you a low wage earner but out of work for a long time?
- or you are high wage earner who didn't want to pay for underinsured motorist?

[freedom97]

Call the lawyer you fired back and beg him or her to work for you. You need to sue the other driver. He may own a nice hous or a Rolex watch.

If you have insurance you pay for your insurance coverage should pay some of your expenses and help you get money or a judgement against the scumbag in the other car.

[abelard29]

NO insurer will pay out more than the specified policy limits. If you think you are owed more than the policy limit, then you must sue the other driver personally. That is the reason for 'policy limits'.

[jabin20]

First everyone else is correct. You can not get more than the policy limit. More than that you have to sue maybe in small claims court. But if the guy has no money that will be a waste of time.

Second, you should have contacted YOUR auto insurance company or insurance agent for help. That is the one place to get professional help. You should go through your own insurance policy for the damage to your car, if you have collision coverage.

Third, the auto insurance company does not make you a bodily injury "settlement offer" until you have finished your medical treatment and given them all your medical bills. So, tell them you finished your treatment and give them all your medical bills ASAP. Then and only then will they make you a settlement offer.

If you need help contact the Department of Insurance. A link is below. But again, I can not stress enough that you should have been helped by YOUR auto insurance agent or company even if they just gave you some direction. I would even consider switching auto insurance companies or insurance agents. But then it may not be their fault if you did not ask for help. Now is the time to ask for help.

[merla15]

What state are you in? State laws vary greatly from state to state. If you want answers that are more precise, you must include your state.

Firing your lawyer is very risky. It seems your lawyer should have explained all of your options available to you, including other coverages available. I mean, before you fired him.

The lawyer can place a lien on your settlement for all the time he already expended on your behalf. I am assuming you were not paying him on an hourly basis, but on a contingent fee arrangement. Do you expect him to walk away with nothing? He can calculate all of his hours working on your case, and multiply it by his hourly wage (which could be $150 to $250 per hour, or more), and you may find yourself with nothing. He will send a letter to the that other insurance company, and they will be required to include his name on the settlement check.

Details on an auto accident are very important. Like, was the other driver the same as the owner? If not, then you have potentially two insurance policies to tap into. Does the at-fault party have any assets? If they do, then going to court could get you a judgment worth much more than the policy limit. Were you a driver or a passenger? If passenger, you may tap into your driver's auto policy. Here again, we do not have any facts of the accident, and we do not know your state.

Some states have mandatory under insured motorist coverage, and in other states is it optional. And don't forget about med-pay or no-fault coverages. Again, depending on your state laws.

Good luck.

[jorel]

Yes. The insurance will never, ever pay for more than the coverage is, that the person bought.

Any JUDGEMENT you get, the insurance policy STILL only pays out the limit, and then you get to try to COLLECT the judgement from the person - garnish their wages, attach any assets they might have, etc.


Just like, when you go to a used car lot with $1,000 to buy a car, you WILL NOT walk out of there with a 2012 Corvette.

**Good luck on your not wanting to pay him for the work he hasn't done. If you already signed an agreement to give him 30% of the settlement, he gets 30% of the settlement. You cannot unilaterally revoke that, without your lawyer's permission. He might be damn rotten when it comes to anything else, but I"ll bet you dollars to donuts, THAT part of your transaction, is air-tight.

Keep in mind, most "settlements" with a lawyer, take at least 18 months to work out, and NO settlement is going to happen until your medical treatment is complete.

In California, the lowest amount of coverage someone can carry on their policy, is $10,000.