So How Much Money Do You Want???

[Princess_Aurora]

This is the question the insurance rep asked my roomate today.

He was in a pretty bad accident last month and it was "the other guy's" fault. His insurance company was just now able to get ahold of this guy yesterday and they came out to talk to my friend today. Luckily, he had already went to Service King to have an estimate done and since Service King is someone that's on thier "Blue Ribbon" list, he can have it fixed there and they will pay for it. Next topic was the medical bills. He was given up to $3000 for that. His bills so far are just under $1500, but she said they like to set aside extra money for him...just in case he has to go back for something.

Then she gets to this question...how much do you think you're entitled to that would cover your inconvience? How are you suppose to answer that question? Well, he started with the three days of work he missed. He's divorced and only gets to see his kids every other weekend, but without a car he hasn't been able to see them in over a month because they live so far away. He's been having to depend on friends for rides to work which has made him late on a few occasions and he's walking on dangerously thin ice up there...they weren't exactly happy that he missed the days that he missed after the accident and he actually had to go back sooner than the doctor wanted him to.

So she started at $1000 and my friend got it up to $1400 for his final offer. She cut him a check right there and that was it. Now he's wondering...is $1400 good??? Could he have gotten more??? How much would you have asked for???

 

[The Mystery Machine]

If the insurance rep is asking it may be time to hire an attorney. Money set aside for "later" depending on the "damage" I believe will have a "set" amount with the insurance company.

 

[southernclass]

Oh my Gosh are you kidding??? Most insurance co. can offer up to 25oo.00 if you settle right then and there. They tried that with me and we ended up getting about 16,000 eight months later, plus pay until I could find a new job.

They do that to see if people are really hurt. They figure if you are willing to take the money without worrying about any future medical bills then you are full of it. It happens all the time.

 

[Shugardrawers]

$1400 for lost time at work, a non working car and losing time with your children seems awfully light to me. Especially if she was willing to cut a check right then and there, no arguement. Sounds like he could have gotten a lot more and probably is entitled to it but since he's already taken the money the matter may not be up for renegotiation at this point. He might want to consult an attorney.

 

[Trish Bessette]

That was a VERY LOW settlement. Too bad you didn't ask this question before your friend signed the settlement papers.

I had an accident, had just about $1,500 in medical bills at the time I settled (I had to settle as they wouldn't pay any medical bills until I settled and I was only 21 years old and couldn't afford them myself) Anyway, I got 9,000 at that time, which was about 15 years ago!!!

If he already has 1,500 in meds I would have asked for somewhere around 10,000 - 15,000 minimum!

 

[kadaten]

If he hasn't cashed the check, he hasn't accepted the settlement.

I'd suggest he consult some legal help, or at least put some serious thought to the matter. Being put on the spot like that was completely unfair and did exactly what the insurance company wanted....he had no idea and just took a really low amount. I don't believe it extraneous lawsuits, but he has had some real damage from the accident, and should be reimbursed properly.

 

[DMickey28]

Usually along with the check is a waiver that you sign saying it's final offer. That's a binding contract with the insurance company...

I would have held out. Some states say that you can't settle within 30 days to allow time for acutal medical expenses and such.

My previous job, we wouldn't settle for more with the Insurance company than we would with a lawyer.. the lawyer is just apt to drag it out longer costing more. If you and that lawyer waited the same amount of time with the same bills, etc our offer wouldn't have been lower or higher.... it would have been the same!

 

[WeirdEyes]

He could've gotten a lot more money! Did he sign a waiver?

 

[ripleysmom]

Some states do allow you a "cooling off" period where you have time to change your mind. Also until he actually receives the cash it may not be a binding contract because the consideration has not been "received".

He should very quickly consult an attorney. There are enough of them in the phone book.

 

[nuke]

We were rear-ended a year ago with me ending up with a neck injury. I had tons of advice and people telling me that I would get at least $10,000 etc. etc.
After going back and forth for over 9 months I settled for a much lower amount than "everyone" told me I would get. "Everyone" knows a friend of a friend that got 20-30 thousand for a car accident but the bottom line is that the insurance company will pay X amount and a lawyer, negotiating etc. will only get you X amount.
I did get considerably more than the insurance initially offered me though. I also got all my medical and physical therapy paid for by them as well as our car fixed. I didn't miss work and the insurance agent told us that if I had, we would have received more money. (Obviously)
Once I signed the release and cashed the check that is it. No renegotiating.

 

[Kim&Chris]

I do liability claims for a living. In all honesty, that insurance rep probably got a huge "high five" from his boss after that settlement.

That is a very LOW settlement - - your friend is probably not greedy, and just decided to settle & be done with it.

Did he sign a final release? If not, he can definitely negotiate more money, as they will be very eager to have him sign & close the claim.

If he did sign a release, the odds are not in his favor of getting more money.

 

[Princess_Aurora]

I'm not sure if he signed anything. He was thinking about going to a lawyer and holding on to the check until he found out if it was a good settlement or not. I mean, they were just suppose to be coming out to appraise the car and go over his bills and all of a sudden she was asking how much he wanted. It really came out of nowhere. It's going to cost nearly $6000 to fix the car, they're giving him a total of $3000 for medical bills and then the $1400 for pain and suffering I guess. That's a little over $10,000 altogether. He's not a real greedy person at all...he's a real nice guy and everything. He just didn't want to go to a lawyer to get all this settle because he figured after he paid the lawyer then paid all the bills he probably wouldn't be left with much money. The $1400 is enough to pay off what he owes on his car since he only had a few months left on it. So he says if anything he can pay off his car and have an extra $250/month.

I'll find out if he signed a contract or something, and if he didn't I'll tell him maybe he should go talk to a lawyer before he cashes his check.