Am I getting the maximum payout from the insurance company?
Was in a horrific car accident in April. I was the passenger in the car. I spent several weeks in shock trauma, and have multiple broken bones that were repaired with rods. Both my lungs collapsed, I had a mild TBI (Traumatic Brain Injury), lacerations, etc.
The driver was only insured for the minimum required coverage for their state, $25,000.00. We are both with the same insurance company, they have offered a settlement of the full $25,000.00, and my under insured protection of $100,000 would pay out $75,000.00.
Is the $25,000 the most that I can receive from the insurance company? I have no desire to sue my friend. I just want to be sure I'm doing the right thing by accepting the offer. I have no idea what the future may hold as far as medical expenses. Thanks for the insight.
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ANSWER for "Am I getting the maximum payout from the insurance company?":
Your injuries were very serious. The maximum amount of liability insurance maintained by your friend is $25,000. That is also the maximum amount of compensation you have been offered by your friend's insurance company. Unfortunately, that's the maximum amount you can recieve under the policy.
The same holds for your underinsured policy. Fortunately, you carried underinsured liability insurance, and your insurance company offered to pay you the full amount of $75,000.
Before settling your claim, check with your friend and see if he or she has homeowners insurance. If so, see if that homeowners policy covers car accidents involving the insured. In the event it does, you can also file a claim under your friend's homeowner's policy.
Moreover, if you carry homeowners insurance, check with your insurance company and see if you have coverage for your injuries. You may not have many options other than that, but it never hurts to speak with a licensed attorney in your state.
The above is general information. Laws change frequently, and across jurisdictions. You should get a personalized case evaluation from an attorney licensed in your state. Find a local attorney to give you a free case review here, or call (888) 647-2490.
Best of luck,
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