My father was injured in a truck wreak several weeks ago. It was ruled no fault because it happened on a dirt road on private land. We have since then learned that the other driver did not have permisson to be there and did say that he never saw my dad coming. The other driver was not injured - my dad has a shatterd hip, broke leg and shattered ankle. Because it was on job he is still getting a paycheck and will not have any doctor bills. He might go back to work in 6 months but it will probably be a desk job. The other mans insurance offered a settlement, they told my dad to name his price. He doesn't want to give a number until he finds out if he will be disabled and refuses to go to a lawyer. How much should he ask for? Does he really need a lawyer? Do you pay taxes on a settlement? HELP! (If he is disable, his income will not equal what he was making before. He just bought a house and land, his debts are about $100,000)
2006-06-12 11:14:25 · 3 answers · asked by gabbien 2 in Business & Finance ➔ Insurance
If he is out-right refusing to go to a lawyer (I don't recommend this), I would figure out the income replacement first, the the medical costs, the loss he has incurred due to the injury, etc.....You do not pay taxes on settlements unless they are not set up correctly. The settlement will probably be in the form of an annuity as well. Based on what you have here, I would say settle for 5 million. The insurance company will probably settle for 1-2 million unless you have a lawyer. Good Luck.
2006-06-14 13:06:57 · answer #1 · answered by tigertiggerii 3 · 0⤊ 0⤋
He has to go talk to a lawyer. The insurance company wants to settle because they don't want your father finding out more things wrong later. He does not have to settle right now. Find a reputable firm through a state bar or a friend. See if they will take the case on contingency base. He may even want to talk to somebody from his firm and see if their attorney can recommend some specialized attorney who takes the case on contingency (this is important so he doesn't have to pay out of pocket.)
2006-06-12 18:28:55 · answer #2 · answered by spot 5 · 0⤊ 0⤋
This is exactly why we have lawyers. The insurance company wants to settle AND have your father sign a statement that the settlement 'settles' this case and your father will seek no further compensation. Get an attorney, he/she will earn his/her fees and you and your fathers will have more peace of mind.
2006-06-12 19:18:28 · answer #3 · answered by insuranceguytx 5 · 0⤊ 0⤋