QuestionOn 6/17/05 i was involved in a head on collision with a drunk driver. the accident was ruled his fault and he plead guilty to D.U.I..("89 jeep cherokee doing 45mph Vs. '04 dodge ram 2500 diesel doing 50mph = the jeep a.k.a ME lost the battle) I suffered a cracked sternum, a few cracked ribs, sprained knee, pain in my neck and back and an imprint of the steering wheel on my forehead. All of this was well documented. I have just now completed a month of physical therapy for my back and am thinking of settling, what should i expect? i have close to $5000 dollars in medical bills ranging from 2 MRI's, physical therapy, ER, X-RAY's, and testing for nerve damage. Not to mention the mental anguish that this hole thing has put me through. i cant even pass the same spot with out getting cold chills or even freezing up, i have to drive by that spot EVERY DAY! His insurance company is progressive in Oregon. they tried to offer my around $800 the day after my accident, and told them no, how much should i really expect? Any help will be greatly appreciated. Thank you
AnswerHi Simon,
Sorry to hear of your serious injuries. From your description, you are in NO POSITION TO EVEN THINK OF SETTLING AT THIS TIME. You need to heal completely, and to make darn sure you can go through some of the physical activities you used to do in both the winter months and the fair weather months WITHOUT PAYING FOR THAT EXERTION by having pains at night or the next morning.
You suffered serious injuries, and although it may feel like you are on the road to immediate recovery, I would want to go through at least your winter outings first to see how much pain you suffer the night or next day after you do your usual physical stuff in the winter.
Also, you have a borderline emotional distress claim. Have you ever discussed the matter of your fears of driving with a doctor?
Did anyone check out your head trauma? Do you know whether or not you ever lost consciousness? Do you have jaw pains or headaches? Since you struck your face violently, those could be symptoms of TMJ.
Finally, before we talk money, do you have good narrative reports from your doctors? If they just have "office notes", check to see what condition they are in. Using a narrative letter from the doctor can make a big boost in some claims.
NOW, on to valuation. Many people ask what you have asked, so don't feel I am picking on you, but it is impossible to venture any idea of the value of your claim given the little information furnished.
I can say with assurance, however, it is a worth a TON MORE than they offered you! I also give your claim bonus valuation because what the tortfeasor did is the fear of every juror for themselves and their loved ones, and they will have no connection with a drunk driver.
There are DOZENS OF IMPORTANT factors that impact valuation, and it takes a professional who is familiar with jury and arbitration results in your jurisdiction (yes, results vary greatly from one part of a state to another--and between states, as well).
In your case, these are "new" injuries, I am led to believe from the tenor of your note. Thus, they get full value. But the issue is: what are your residual damages? Do you suffer any pains that interfere with your daily enjoyment of life at this time, six months afterward?
I have three places to study up on this, and they all cost money. First, there is a website that will give you a value for your claim if you pay them a fee of $100.
I cannot recall it, but maybe you can find it if you wish. Point is: who knows what these doofuses are doing at the other end?
They do not have access to the Jury Verdict Reports for every state, so how do they profess to know the value for your jurisdiction?
Furthermore, look at their submittal form if you get on site. It does not have room for any of the factors that play a major role in valuation, such as such basic things as the number and quality of witnesses you have to prove your damages.
Lastly, in the example they give, the "valuation result" is merely A BIG RANGE --- A "GUESSTIMATE" that is so big it is of no practical use. I think the example I got on their site when I visited, was a "Predicted Valuation Result" of a range of between $12,500 and $19,000.
That kind of information is useless. So is the book by a 75 year old retired insurance adjuster who thinks his "secret formula" that he used when he quit back in 1994 still applies today. He charges something like $50 for his book, and the valuation part is a joke.
There is the "secret BASE valuation formula, which is nothing more than the old rule of thumb wherein one takes the "specials" and multiplies it by a factor of between 1 to 5. Whoopee.
Dr. Settlement has a site that gives pretty thorough guidance for members ($99.95 for six months) when it comes to valuation of claims. There is a complete listing of the factors that will be evaluted to come up with a value. The "free" side of Dr. Settlement's site (www.SettlementCentral.Com) does have some very valuable guidance on many insurance claims issues, but not much on valuation.
Reasons?
FIRST, valuation is more of an art than a science. It would take way too much information (facts) to make a stab at valuation.
SECOND, the actual valuation may not make a difference if it is in excess of "policy limits" (see the free tutorial on policy limits on the home page of my site: www.SettlementCentral.Com). In other words, since Oregon has policy limits minimums of only $25,000, there is a good chance your claim could exceed that value, and so all you have to do is to demand in excess of the tortfeasor's policy limits, and support it with the type of evidence Dr. Settlement teaches our members to put in their demand letters.
THIRD, so long as your figure is not way too high or way too low, the value of a claim is just what you and the adjuster agree it is!
If you cannot negotiate a settlement, Dr. Settlement teaches members and free visitors how to get an offer and take it to an attorney, thus saving attorneys' fees on the amount of the offer made to the claimant.
Here is how that might work. Let's say you demand $35,000, and after a few rounds of negotiation (Dr. Settlement has tips on this as well), you get a final offer of only $15,000.
Since you wanted more, you hire an attorney. She will exclued that $15,000 from the fee structure (or, if she will not, then you leave and find an attorney who will, as that is the common arrangement). Thus, you will have made a substantial savings in fees.
I trust this has been of some help to you, and I wish you the best to achieve a fair and amicable settlement without resort to the courts. Please consider leaving me some feedback on their form since that is how I best know whether or not I am helping or confusing people.
Best Wishes,
Dr. Settlement
www.SettlementCentral.Com
