Q: My wife had a car accident several months ago. She was at fault. She T boned a car at 40 mph.
The gut she hit hired a personal injury law firm. We recently got an email from our insurance saying they got a demand to pay letter. The client and his firm are seeking the maximum our policy offers. The insurance says they are trying to negotiate within the policy limit but that we should consult with an attorney to protect our assets as they might be exposed. What should we do?
A: follow their advice. your insurance company will represent you in as much as it serves their interests, and everyone will likely settle in the end. but depending on the extent of the injuries, you do want to consult with an attorney to understand your personal exposure should your insurance not be able to cover the damages.
A: You should do as they say. Be prepared to go over any other insurance you might have, your assets and whether or not you can file bankruptcy. You should come away from the meeting knowing what your options are.
A:
more info is needed.
they are obligated to advise you that you only have so much coverage and any verdict over that will be your personal responsibility.
in most cases, the victim will settle for the policy limits and then go after an additional amount under the Underinsured motorist portion of their policy.
have a serious conversation with your insurance co as to whether they expect to settle within the policy limits.
the victim's lawyer knows that most people with less than desirable insurance limits can not afford to pay out of their own pocket and will no doubt file for Bk protection.
unless there are major major injuries and the victim does not have additional coverage in their own policy, the chances are it will settle for policy limits but to be safe have a lawyer look into it for you.
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