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Question on Insurance Settlement
Old 01-17-2006, 01:52 PM   #1
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Question on Insurance Settlement

I was in accident in September when a SUV pulled out in front of my motorcycle. The driver admitted to me and the police that she had not seen me. She was ticketed. My motorcycle was totaled and I had some abrasions and 3 fractured ribs. Being it happened 4 blocks from our home I called my DW to take me to the clinic where I was treated and released.

I am feeling fine now but for about 8 weeks I had a lot of trouble with my ribs. I only saw a Doctor on the day of the accident and then again the following week. I did not have to go to the hospital and the doctor said my ribs would heal in time but there was no treatment. The medical bills were $770.00.

The insurance adjuster called today and wanted me to settle for $2000.00 plus the medical expenses… they would give me nothing for my time while I was healing because I am FIRE. I told him NO… and then he called back and said if I had a job they would pay what I lost not working and offered to up the money to $5000.00 plus medical expenses. The motorcycle has been taken care of already.

I have not been in this situation before… is this a fair settlement for not being able to do much for 8 weeks?

Thank in advance,

Gonzo
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Re: Question on Insurance Settlement
Old 01-17-2006, 01:56 PM   #2
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Re: Question on Insurance Settlement

Quote:
Originally Posted by Gonzo
I was in accident in September when a SUV pulled out in front of my motorcycle. The driver admitted to me and the police that she had not seen me. She was ticketed. My motorcycle was totaled and I had some abrasions and 3 fractured ribs. Being it happened 4 blocks from our home I called my DW to take me to the clinic where I was treated and released.

I am feeling fine now but for about 8 weeks I had a lot of trouble with my ribs. I only saw a Doctor on the day of the accident and then again the following week. I did not have to go to the hospital and the doctor said my ribs would heal in time but there was no treatment. The medical bills were $770.00.

The insurance adjuster called today and wanted me to settle for $2000.00 plus the medical expenses… they would give me nothing for my time while I was healing because I am FIRE. I told him NO… and then he called back and said if I had a job they would pay what I lost not working and offered to up the money to $5000.00 plus medical expenses. The motorcycle has been taken care of already.

I have not been in this situation before… is this a fair settlement for not being able to do much for 8 weeks?

Thank in advance,

Gonzo
Not sure about the "fairness" but remember that you
can negotiate just about anything.

JG
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Re: Question on Insurance Settlement
Old 01-17-2006, 03:48 PM   #3
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Re: Question on Insurance Settlement

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Originally Posted by MRGALT2U
Not sure about the "fairness" but remember that you
can negotiate just about anything.

JG
Very true. I'd try to find a family friend who is a lawyer that might give you some off-the-cuff advice whether it might make sense to see a personal injury attorney. You worked hard to be FIRE, and the fact that you aren't working does not make your time any less valuable. Essentially, the adjuster is saying your time is worthless.
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Re: Question on Insurance Settlement
Old 01-17-2006, 04:14 PM   #4
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Re: Question on Insurance Settlement

Gonzo, DW is a retired insurance adjuster. (Yes, I know that's just a step or two away from being an ax murderer.... but at least she didn't work for the IRS. :P). Think very carefully before involving an attorney in your claim. Many times what you net out after paying attorney fees is less than you will get by playing hardball yourself directly with the adjuster. And there will be weeks, if not months, of delay in settling your claim.

No, Martha and all you other lawyers out there, I'm not saying "stay away from attorneys", I'm just saying involving one in an accident claim may not always be the best way to go.

But if you do decide to go that route, be very selective of who you chose to represent you. A handy source to find representation is to watch some daytime TV or look on the back cover of your Yellow Pages to see adds for the most aggressive ambulance chasers personal injury lawyers in your area.

The sentence in italics is sarcasm.

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Re: Question on Insurance Settlement
Old 01-17-2006, 07:29 PM   #5
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Re: Question on Insurance Settlement

Quote:
Originally Posted by REWahoo!
Gonzo, DW is a retired insurance adjuster.*
I've heard that the first thing to do after your house burns down is to hire an insurance adjustor to "work with" "your" insurance company.

Would this be a good situation to hire an insurance adjustor?
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Re: Question on Insurance Settlement
Old 01-17-2006, 07:48 PM   #6
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Re: Question on Insurance Settlement

Quote:
Originally Posted by Nords
I've heard that the first thing to do after your house burns down is to hire an insurance adjustor to "work with" "your" insurance company.

Would this be a good situation to hire an insurance adjustor?
I'm familiar with hiring your own adjuster to work as your agent in dealing with an insurance company when it comes to significant property loss, but not in personal injury cases. Probably best left to the lawyers if representation is needed in those situations. After all, when it comes to "pain and suffering", who better than an attorney?

Just kidding Martha...

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Re: Question on Insurance Settlement
Old 01-17-2006, 08:02 PM   #7
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Re: Question on Insurance Settlement

Quote:
Originally Posted by Gonzo
I was in accident in September when a SUV pulled out in front of my motorcycle. The driver admitted to me and the police that she had not seen me. She was ticketed. My motorcycle was totaled and I had some abrasions and 3 fractured ribs. Being it happened 4 blocks from our home I called my DW to take me to the clinic where I was treated and released.

I am feeling fine now but for about 8 weeks I had a lot of trouble with my ribs. I only saw a Doctor on the day of the accident and then again the following week. I did not have to go to the hospital and the doctor said my ribs would heal in time but there was no treatment. The medical bills were $770.00.

The insurance adjuster called today and wanted me to settle for $2000.00 plus the medical expenses… they would give me nothing for my time while I was healing because I am FIRE. I told him NO… and then he called back and said if I had a job they would pay what I lost not working and offered to up the money to $5000.00 plus medical expenses. The motorcycle has been taken care of already.

I have not been in this situation before… is this a fair settlement for not being able to do much for 8 weeks?

Thank in advance,

Gonzo
In NY, in this situation, with busted ribs, being layed up a while, you would call a lawyer who would negotiate a settlement on your injury, there is a set amount for your type of injury, and he would take 1/3, this is a no brainer.

Call a lawyer, tell him what your injuries were, and see what he says, he may only have to make a few phone calls and you may very well end up with about 10K and him 3K.

My friend got hit by a car, the miniscus joint in his knee was damaged, they did a simple orthoscopic surgery to repair it, he collected I believe about 30K

Jug,

PS, call a lawyer on a contigency, he will tell you what the score is.
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Re: Question on Insurance Settlement
Old 01-17-2006, 08:35 PM   #8
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Re: Question on Insurance Settlement

Gonzo, I just talked with DW about your accident, injuries and settlement offer. She said the amount offered for similar injuries probably varied by state, but that your offer of $5,000 for your "pain and suffering" was more than she would have expected the ins. co. to offer.

Good luck in whatever you decide to do.
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Re: Question on Insurance Settlement
Old 01-17-2006, 09:32 PM   #9
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Re: Question on Insurance Settlement

The insurance folks generally have a set (daily) amount they "like"* to pay for pain and suffering.* They will probably tell you what that amount is.*
Two things to watch.* Be certain your medical problems are over before you settle.* Also, did you have other expenses when you were laid up? eg. did you hire someone to do jobs you would have done like cut the grass?
To give you an idea what can be claimed I'll share an experience of mine from about 3 years ago.
DS (and 2 other cars) are hit head on by some fool from the other side of the freeway.* His car is destroyed and he has minor injuries. So he collects for the doc and a set amount for X days of pain and suffering. By the way, your insurance may also pay you for your medical bills. Not uncommon to be paid twice. It's legal.
Because he was a minor he could not rent a car so papa got to drive him back to college @ 32 cents per mile.* I also was paid mileage for doing the body shop running around and for a 200 mile trip I had to take to get his new car.* Now while I was doing this running around (about 4 days) I got paid for money lost as a day trader. Really--I showed them my average daily income for the previous 30 days which only amounted to about $190 per day and I got 4 days times $190.* What really got them going was when I told them I wanted to wait a few weeks so I could have DS get a follow up for a bump on the head.
The point is, make sure you are given a fair and "complete" settlement.* I'd have eaten most of those costs, but the other guys agent really had an attitude--sooo, well screw you buddy.
For the size of your claim I'd try to skip the lawyer.* However, NOLO has quite a good book on Personal Injury Claims.
Let us know how you make out
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Re: Question on Insurance Settlement
Old 01-17-2006, 10:03 PM   #10
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Re: Question on Insurance Settlement

Just a quick note about this. I had something simliar happen and agreed to "sign off" for a small amount of money.

Five years later and I'm fighting with neck problems and pinched nerves... according to the x-rays it is from damage that was done "around 5 years ago."

If you consider signing off, I would first make them pay for a FULL medical exam from head to toe.... at least.

Good luck. It's always a hard decision.
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Re: Question on Insurance Settlement
Old 01-18-2006, 06:36 AM   #11
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Re: Question on Insurance Settlement

Lots of times the injured party will wait to settle for a few years to see if any medical problems arise. Legally, you would need to settle before the "statute of limitations" for your personal injury claim ran out (if the ins. co. won't settle, you have to file suit to collect before the statute of limitations runs out). The length of the statute of limitations varies by state - a couple years up to 5 years (just depends on the particular law in the state).

The insurance company also is limited in how much they will pay based on the insured's policy limits. If it is the state minimums (which vary by state) this amount may be low ($15000-$50000?).

Bottom line, if you don't need the money right away and feel you are owed more compensation beyond what the ins. co. is offering, you may want to do a "free consult" with an attorney who can probably give you a realistic idea of how much your case is worth. He can tell you when the statute of limitations runs. You can research it on your own, and settle on your own if you want. It may pay to wait to see what long-term effects come up from the injuries.

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Re: Question on Insurance Settlement
Old 01-18-2006, 08:33 AM   #12
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Re: Question on Insurance Settlement

Quote:
Originally Posted by REWahoo!
The sentence in italics is sarcasm.
Sounds mean to me.
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Re: Question on Insurance Settlement
Old 01-18-2006, 08:56 AM   #13
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Re: Question on Insurance Settlement

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Originally Posted by ()
Sounds mean to me.
No, but this is: http://early-retirement.org/forums/i...99196#msg99196

(Yeah, I know. If there are honest, ethical, "I'm as interested in you being happy as in me making money" used car dealers, then there must be honest, ethical, "I'm as interested in you being financially secure as in me making money" financial planners... )

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Re: Question on Insurance Settlement
Old 01-18-2006, 09:06 AM   #14
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Re: Question on Insurance Settlement

I'm sure theres a twelve step program for what ails you.

I know its about 12 steps to the beer fridge in my garage. That usually works for me. Not this freakin' early though...
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Re: Question on Insurance Settlement
Old 01-18-2006, 11:12 AM   #15
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Re: Question on Insurance Settlement

Thanks to everyone that replied.

I called the adjuster this morning and reminded him that it toke awhile to heal from this accident and that my time even not working is worth something. I counter offered with $10,000.00… he said the insurance co would probably not go with this but would counter with another offer… we will see what happens!

Gonzo
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Re: Question on Insurance Settlement
Old 01-18-2006, 11:17 AM   #16
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Re: Question on Insurance Settlement

The adjuster has now called me back with an offer of $7000.00… I counter offered with $8000.00 and that I needed that to settle or I may need to try another approach. I asked if he could negotiate higher and he said not without the insurance co… don’t know if that is true! He said the insurance co will not go for $8000.00

Gonzo
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Re: Question on Insurance Settlement
Old 01-18-2006, 11:35 AM   #17
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Re: Question on Insurance Settlement

I think it is always important to be thinking of what is fair instead of focusing on what you can get, but since this is a private company and a service that we pay for voluntarily, you aren't dumping anything on society by getting more than you deserve(whatever that is).

At any rate, going from 5k to 7k in one phone call is pretty cool!
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Re: Question on Insurance Settlement
Old 01-18-2006, 05:15 PM   #18
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Re: Question on Insurance Settlement

Quote:
Originally Posted by TomSimpsonAZ
I think it is always important to be thinking of what is fair instead of focusing on what you can get,
I think this is like getting into the ring with Mike Tyson, having tied an arm behind your back. First he'll hit you harder than you ever could have imagined, then he will eat your ears. I say stay legal, and let your adversary look out for himself.

Ha
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Re: Question on Insurance Settlement
Old 01-18-2006, 05:31 PM   #19
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Re: Question on Insurance Settlement

Many insurance adjustors must use a software program that sets limits on how much they can pay out on a claim, particularly the 'soft' issues.
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Re: Question on Insurance Settlement
Old 01-19-2006, 09:40 AM   #20
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Re: Question on Insurance Settlement

Quote:
Originally Posted by HaHa
I think this is like getting into the ring with Mike Tyson, having tied an arm behind your back. First he'll hit you harder than you ever could have imagined, then he will eat your ears. I say stay legal, and let your adversary look out for himself.
Are you suggesting the OP eat the insurance adjuster's ears?
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