Settlement options dealing with 3rd party insurance

[pbjasons]

What is the name of your state? TX

I was involved in a rear end collision with myself on the receiving end while stopped at a stoplight. The other party's insurance company (Nationwide) accepted responsibility for the accident. They have repaired my vehicle and my medical treatment is completed.

We now come to the infamous settlement issues. Here is a breakdown of my costs.

Medical $1027.00
Lost Wages: $806.00
Vehicle Damages $1600.00 (They already paid)

I basically spent the 2 weeks following the accident in pain, neck shoulders, back all stiff. It hurt to move.

The way nationwide sees it, they are only required to pay me 80% of my lost wages (They say because I would have paid taxes anyway).

They will pay the medical bills in full.

They then offered me $281.00 for my pain and suffering.

Grand total they originally offered was $2000.

I was insulted that my 2 weeks of pain was worth $300 and refused to settle for that amount. I countered with $5000 total. They went up to $2600 and would not budge.

Nationwide basically told me that paying 2-3 times the medical bills hasn't happened in 10 years.

I was also under the impression that they were required to pay for my full lost wages, not this 80% they claim.

Am I wrong? Do I have a case?

Now here comes the hard part. Do I settle for $2600 or seek a personal injury attorney and hope to get more than that eventually?


Jason

 

[pbjasons]

44 views and not 1 reply?

Does no one have an opinion? I find that hard to believe

 

[JETX]

IMHO, you are being 'shorted' on your 'pain and suffering'.

The insurance company is literally correct as to the 'taxable' value of your wages. Their covering the reasonable medical 100% is also accurate.

And as you noted, the big difference is always the 'extra' value of pain and suffering. The insurance company has a responsibility to settle for as little as possible. On the otherhand, you are understandably trying to maximize your benefits. Only you know the 'value' of the pain and suffering. However, from your very limited medical expense, it couldn't be a huge amount.

If you can't negotiate a settlement, you should go ahead and talk with an attorney. Most PI attorneys will meet with you for free and discuss your possible case. They will also be able to tell you what your 'approximate' case value is (based on their experience). And always realize that the attorney will earn a percentage for his/her involvement if you do sign.

 

[pbjasons]

Thanks for the reply

It is indeed hard to determine the value of the pain I went thru. If someone offered me $800 to go thru it again I would definitly decline. But seeing as how even at 3X medical for pain and suffering I wouldn't recieve that much more than now with an PIA. I will try to get them to go up a bit more but will just bend over and take what they give me.

Jason

 

[JoBarry]

One more factor you may want to consider is how long you are willing to wait for a settlement that you consider fair. Believe me, if you hire a PI attorney it will drag things out (speaking from experience...been one year so far). As i am also the victim of the "bent over anal probing" from the other person's insurance carrier, I can understand your frustration! Good luck.

 

[stephenk]

the carrier is bull****ting you about only offering 80% of your lost wages. you are entitled to your gross pay that you lost.

Why? because you are supposed to report the lost earnings settlement on your income taxes. When you settle, Nationwide will request your social security number before they issue a check. Carriers have to report settlements to the IRS.

So if they only pay you 80% of your lost wages, you will later be taxed on that 80% and come out even more on the short end.

Tell Nationwide to pay you the full value of your lost earnings and that you will concern yourself regarding the taxes.