big ern asked:
I was recently in a passenger in a vehicle that was involved in a single car accident, the driver had Geico. I was injured pretty bad, and now have 50,000 in medical bills. I am just wondering how well is Geico about giving fair settlements, and when to expect it. I do not where to begin in negotiating, all new to me.
I was recently in a passenger in a vehicle that was involved in a single car accident, the driver had Geico. I was injured pretty bad, and now have 50,000 in medical bills. I am just wondering how well is Geico about giving fair settlements, and when to expect it. I do not where to begin in negotiating, all new to me.
{ 4 comments }
They will pay as much as they are legally obligated to pay. Get a lawyer if they don’t pay out enough or contact your insurance company to see if they can help with legal action.
It’s best to have an attorney in this situation. Insurance companies do not settle well with an individual, no matter how badly you are injured. You could have $100,000 worth of expenses, and they’ll still try to pay you $1,000. That’s what they’re paid to do, it’s nothing personal.
First, you’ll need to find out what the other driver’s policy limits are. If they have no insurance, you’ll have to make an uninsured motorist claim against your driver’s insurance policy (kind of like suing your driver). If they have insurance, but it’s only 20/40 ($20,000 per person, $40,000 per incident), you’ll not get anything near what you deserve based on your medical expenses, pain, suffering, lost wages, etc. If that’s the case and you collect the $20,000, you can again go against your driver’s insurance policy for an underinsured motorist claim (but your driver must have greater than 20/40 in underinsured motorist coverage).
It’s a long process, but your best bet really is to contact an attorney. You can try getting somewhere on your own because they will pay you something, but once you sign the release, you will never again be able to claim anything on this collision.
they will offer you a very low settlement talk to a lawyer but normally its customary to ask for 5 times what is offered,after all Doctors have released you and stick to your guns.
A personal injury attorney’s primary goal is to settle without going to court. Oh, they may claim they’ll fight for you in court, but the objective is to settle and move on to the next one. Typically, a personal injury attorney’s compensation is 30% outside of court and can go as high as 50% inside court. It’s to your advantage to settle this outside court.
The one area you need to consider is what is the liability BI limits on the vehicle. You’ll need to work within these parameters.
Make sure you have a strong medical injury case. Do you have any disabilities because of this loss? Loss of consortium? Are you unable to function in life, at work, home?
If you are going to pursue a strong BI with Geico, you’ll need to write down and be specific about what your claim is worth, the present your ideas reasonably and with confidence. Present a formal letter to the claims representative explaining your injuries and “pain and suffering” An organized and well thought letter will be sufficient. Let them know what you are seeking in terms of payment and that you will be willing to consider hiring an attorney if your request is not met. When you conclude the consideration for injury, make sure to have a range, low end and high end of what you are willing to consider. Request the high based on your arguement. If the company comes back with a lesser amount, which they probably will, consider if this amount is within your acceptable range of settlement. If it is, settle it. If not, re-argue your point with a counter-offer that brings the amount to your acceptable range.
Keep in mind, depending on your state, you have a BI statute that can be 2 years or more. You can conclude your settlement anytime within this period within the law.
Good luck.
Steven Gross