Do I need a consent to settle by my own auto insurance company?

Do I need a consent to settle by my own auto insurance company?

The guy who hit me does not have an ample amount of insurance to cover my injuries. They are offering me the policy limits to settle. My own uninsured or uninsured motorist has been given enough documentation to know that my additional insurance will come into play. I have filed suit against the guy and his insurance company, but do I need a letter of consent to settle with them from my own insurance company to make sure that my uninsured motorist coverage will still be available to me. I really think it is criminal for any insurance company or state to make the limits on auto insurance so low, when the average cost of an auto accident is higher than the minimum coverages that they allow drivers to driver under. Also, there are many attorneys that wont even look at taking a case unless the limits are much higher than state minimum, because they can make considerably more on those who are very well insured. My own insurance company is treating my like I am retarded, and I was until I started reading all the insurance laws and bought a very fine civil litigation book for 4 dollars, best investment I ever made. But I am no Pro Se expert, my hat is tipped to you attorneys and insurance adjusters. What a stressful job you have and so many laws to abide by and to follow. I can only get better the more I read the more I know. Thanks for your time.

lucy

http://www.autoloss.com/Consumer-Advocac…This is a listing of all states with the minimum limits required in each state. The minimum limits can range from as low as $10,000 to as high as $50,000 in the state of Alaska, which is the only one with that high of minimum coverage. What is odd for me is that in 5 states, the minimum for property damage (amount paid for a car) is as low as $5,000 in the states of SC, PA, NJ, MS and CA. If you have a new car, that $5,000 can be maxed out and the other person if they don't have collision coverage on their own policy, is out holding the bag so to speak, since that is all they have to pay.One unique state is Florida, that even though the minimum limits is $10,000, bodily injury is NOT required, only property damage and PIP only. (PIP pays for medical bills to the policyholder or passengers). So, if in an accident, and if they CHOOSE not to buy, your only option is to go under your own policy for uninsured bodily injury, (IF), you purchased it.Granted, I agree and by looking at the limits, question how some states come up with these numbers of minimum coverage. My state is 25/50/10, which means that $25,000 is the max for 1 person injured and $50,000 is the max for 2 or more people injured. $10,000 is the max paid for auto damages. The biggest problem in any settlement is when there are more than 1 person injured or more than 1 car involved in an accident. The most common is rear end accidents that involve 2 or 3 cars (chain reaction). So if there is only $10,000 in damages and if 2 cars have damages totaling $15,000, then the insurance company must pro rate out the damages for the worst/least and cannot pay over $10,000, so back to square one, and not enough.And yes, many times there is not enough insurance to pay for an accident, but if the person has no assets, there is nothing to go after, so buying the minimum makes them legal to drive. That is the reason that EVERYONE should buy uninsured AND under insured coverage, since there are so many drivers out there, that fail to buy insurance,,,,,,,period.I was a former auto claim adjuster for over 10 years and handled claims in many states. It was not uncommon to have a claim and there was not enough coverage and the other party had to settle since we could only offer the max that the policyholder bought and that was it. Many times, the other party (not at fault), did not carry uninsured or under insured, so in effect, they were responsible for not buying enough insurance for THEMSELVES. In almost all states, you either accept or reject this coverage and this coverage is very cheap in comparison to the rest of the coverage on a policy.And yes, you must work with your insurance company, otherwise, could void any under insured on your policy. Most lawyers will not take a case (unless there is NO injuries) since with car damages, they would have to take from the client, and not profitable. A good lawyer can negotiate with the doctors, hospitals and even with the insurance company for 1/3 of the medical bills to be reduced and is legal in most states they must reduce it.good luck

JanessaCinn

The answer to the question depends on which state this is happening in. Some states require the letter, and if you don't get it it will impact any settlement your own company can make with you - it could even void any settlement depending on the amount of money involved.I recommend asking your own insurance company since they can give you an answer specific to your exact situation. (You don't want to do something that could jeopardize your settlement.)Good luck.Source(s):I'm an auto insurance claims adjuster.

Robert

Sorry to hear. Maybe it’s time to shop around for auto insurance with a company that offers prompt service and affordable rates.Source(s):http://autorevival.com/?p=111093

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