by sprite » Tue Nov 13, 2007 03:38 am
Could someone explain the claim process to me? My car was hit (and totaled) by a hit and run driver. There were several witnesses who stopped and wrote statements for the police. My medical expenses and treatment continue (a year later) and I would like some guidance as to how I can proceed. The statute of limitations is 2 yrs in my state.
Posted: Mon Jun 30, 2008 10:50 am Post Subject:
as that does change the prognosis, and I just do not understand why they don't settle and close the claim.
I understand her point there, if the prognosis changes the value of the claim can change (maybe drastically) up or down...I called the Bureau of Insurance in my state and they basically told me that if the company does not settle and pay by the two year date that they do not have to ever pay.
That's true, but there are things (such as filing suit) that will 'stay' or in effect stop the statute, if a suit is filed prior to the statute running then it's moot.I negotiated to 100K on my own and this is MY policy for which I have paid policy for YEARS, so WHY do I have to hire a lawyer to sue them?????
Well, you shouldn't ''have'' to. You nego. to 100k with your policy for the UIM? But that isn't (or is it?) your UIM policy limit?I don't understand if you have already been offered policy limit on the first/primary coverage why they haven't issued that payment? What is reason behind that? How long will it take to get the xray information to the adjuster? Call the adjuster ask when and from whom she requested the information, then call that entity and ask if they have sent it, (if they have call your adjuster back and tell her 'you got it last week' or whatever). If you stay right smack dab in the middle of this, and run between them all you should be able to get this information she needs quicker...
HELLO??? That makes NO SENSE. If I have to sue them, shouldn't it be for breach of contract?????
Well, that depends, it more than likely might be bad faith, or just to stop the statute. Or even for the amount of the injury...Lori, I am waiting for your good advice.
I'm trying....... :(But I had two cars on my policy at the time, which makes me wonder if there is 200K in coverage on my policy, and not 100K. Your thoughts?
Have we ascertained if your state allows stacking of UIM? Didn't an attorney tell you it did? Ask the adjuster or look at your policy or even your states Dept of Ins site, and see..."IF" stacking of UIM is allowed then yes, you have 200k limit rather than 100k...(I'm sorry :oops: I forgotten this part, after this post I'll back up and re-read everything but), Did your friend have more than one vehicle? The 100k on HER policy was for UM right? If your state allows UIM stacking it will likely allow UM stacking as well. So first if friend has more than one vehicle we need to address that....I have not been able to pay them yet. I need the settlement to pay the doctors and hospitals and such
They should've already filed leins against your settlement have they?OK, here's what I think you need to do..first and foremost, find out if UM and UIM is stackable in your state. ''ASSUMING'' your friend only had one car...call that adjuster and ask 'where is my money' (basically)...tell them you accepted their policy limit offer (and the date) and want to know where it is? If they are local go by the branch sign the release and pick up the draft...Ask to see (if in person) the UIM adjuster tell them (if stackable) you want 200k to settle this claim, lets get this over with what does she need EXACTLY to pay this amount....Get all your ducks lined up and then go.......
Posted: Mon Jun 30, 2008 09:46 pm Post Subject: from sprite
Lori,
Whew, my brain hurts. I called the Bureau of Consumer Ins this morning and they confirmed that yes, if the statute of limitations run out that, technically, Geico does not have to pay me a thing. The original adjuster did not answer my 6-23 email nor one I sent this morning, so I decided that to be pro-active and get my butt to the attorney today. We discussed what to do. Like you, he is not sure about the stacking; he advised me, like you, to ascertain what they are. And then a suit can be filed against the hit and run driver, not against Geico. So the answer for my own peace of mind is the advice you already gave me a few months ago, to seek an attorney. I was reluctant to do so because of the fees involved, but actually his interpretation of the coverage and the policy is such that the total policy limits are more than I assumed.
I will keep all of posted and again, Lori, I appreciate your quick, thoughtful responses!
sprite
Posted: Mon Jun 30, 2008 11:52 pm Post Subject:
, Lori, I appreciate your quick, thoughtful responses!
Our pleasure, plz keep us updated...(I hate when an OP just falls off the planet and we never hear the 'happy endings' :wink: )...also hope you get to feeling better soon, I'm sure once this is settled the stress level will drop dramitcally, that adds to an already hurtin' body..I know THAT from experience...
Posted: Mon Jul 21, 2008 06:52 pm Post Subject: More
Hi Lori and all,
I wanted to update you, and I hope others can learn from my case. This was a hit and run, as you recall. I am blessed because two people stopped and were witnesses. As it happens, I did not have to file suit. My company gave me the policy limits from each policy because there is no end in sight to my problem (they said) and due to the major injuries.
If you are in an accident, you need to document all of your treatment. Remember that. And remember that my significant injury did not show up for a year because the first three doctors missed it.
Now my question is, they offered a structured settlement or a lump sum. What are your thoughts on this? I do not have very many tax deductions, and structured settlements are tax free. I do not know much else.
Thanks
sprite
Posted: Mon Jul 21, 2008 11:25 pm Post Subject:
I believe the lump sum settlement is tax free as well..personally I would check the rate of return, and if I thought I could do better that's what I would do...Find out if they are 'paying' the full policy limit for the annuity or if policy limits are what you would ultimately end up with...if the later is true then of course you should take the lump sum settlement..also there are different types of annuities check ALL the conditions.
Posted: Tue Jul 22, 2008 04:07 am Post Subject: Policy Limits and Annuity
Yes, the lump sum payment is tax free but any interest earned on it (say, I put it in a CD and earned interest) is taxable.
What do you mean the full policy limit for the annuity or the policy limits are what you would ultimately end up with??
Posted: Tue Jul 22, 2008 06:19 am Post Subject:
Hi Lori..
if the later is true then of course you should take the lump sum settlement..
do you indicate the amount with the accrued interest?
Posted: Tue Jul 22, 2008 09:52 am Post Subject:
What do you mean the full policy limit for the annuity or the policy limits are what you would ultimately end up with??
Meaning when the annuity payments are totaled do they equal the policy limits? or are they more? If they are paying the policy limits for the annuity that's fine, but if they are paying say 80-90% of limits and she is getting the limits ULTIMATELY in the pay out...that is not fine..
do you indicate the amount with the accrued interest?
yesPosted: Tue Jul 22, 2008 09:02 pm Post Subject: More
Well, it looks like they give you a settlement over 20 years (gauranteed); let us say, I live for 2 more years. They then pay my heirs for 18 years a monthly amount. But if I live until I am 90, then they pay until I am 90 (much longer than 20 years!).
Either way, it is more than the settlement amount (200K) because of course I could stick it in a bank and let the interest accrue (but it would be taxable at state and federal). Well, that's assuming our banking industry remains sound.
They are calling me back with some specific examples of how the settlement works. They can give me part right away so I can pay the surgeon and then the rest I will get over 20 years or basically for the rest of my life. I was fortunate to find the surgeon in the entire USA who SPECIALIZES in fixing my type of injury -- and so even though I had to wait over a month for an appointment, he can see me and I hope he will be able to fix me up. I have health ins but it never covers anything 100%, so the money from the settlement is very much appreciated and needed.
Sprite
Posted: Tue Jul 22, 2008 09:33 pm Post Subject:
I'm soooooooo glad you are getting this all settled Sprite...good for you!
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