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  1. #1
    Join Date
    Jun 2012
    Location
    Tucson, Arizona
    Posts
    1

    Default Driver Caused Injuries but Has Insufficient Insurance for Damages

    My question involves an injury that occurred in the state of: Colorado

    My father caused an injury accident while backing out of his driveway. He was, unfortunately, sold a policy that did not insure him properly. He is now being sued by the other party for $800,000.00 above what the insurance companies agreed to settle for. He does not have anywhere near that much money or assets, although he does have some money and assets. The insurance attorney said there is no hope if it goes to court and he does not think that the other party will settle because "he sees your father driving a nice car and wants a piece of what your dad has." My father is willing to offer a reasonable settlement. My questions are: What is a reasonable settlement? and What are my father's options, if any, to protect his assets?

  2. #2
    Join Date
    Jan 2006
    Posts
    38,433

    Default Re: Driver Caused Injuries but Has Insufficient Insurance for Damages

    what the insurance companies agreed to settle for.
    the insurance companies cannot agree to settle a personal injury case but what my real question is: did your fathers insurance make a payout for the injuries?

    beyond that, there is no way to determine what is a reasonable settlement. We have no idea the injuries involved or any other info about the situation.

    as to protecting his assets: at this point, there aren't many options. Many actions he might take could be voided due to this being an active attempt to protect his assets from this liability that is already an existing liability.

    considering he is facing the possibility of an $800k award, he really needs to be speaking with an attorney.

  3. #3
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Driver Caused Injuries but Has Insufficient Insurance for Damages

    Many times, what a suit is filed for, vs what it is settled for vary greatly. I have been sued for several million dollars, the suit was ultimately settled for less than $1,000.

  4. #4
    Join Date
    Jun 2012
    Location
    Florida
    Posts
    7

    Default Re: Driver Caused Injuries but Has Insufficient Insurance for Damages

    You can always make an offer to settle. also there may be a claim against the insurance agent for not providing adequate coverage.

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