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Started By
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re: Car Insurance - "What is your claim worth"?
Posted on 2/18/20 at 2:14 pm to CaptainsWafer
Posted on 2/18/20 at 2:14 pm to CaptainsWafer
quote:
That’s why you have Med Pay or PIP, depending on where you live
I did have medpay and it was exhausted which resulted in me having some out of pocket expenses.
1
Posted on 2/18/20 at 2:15 pm to LSUFanHouston
(no message)
This post was edited on 2/10/21 at 12:50 am
Posted on 2/18/20 at 2:16 pm to boosiebadazz
quote:
Probably the subject of another thread, but why do these types of commercials bother you but us getting bombarded with the gecko and good hands and Aaron Rodgers all day not bother you?
Probably because the cost of those commercials are being spread out across all 50 states, and aired in all 50 states.
Look, I'm no fan of insurance companies.
I struggle to understand why LA is treated differently (i.e. more expensive) than the other states, considering our cost of living is less than the national average.
I'm looking for ways in which LA is different, so we can then try to correct it.
Posted on 2/18/20 at 2:17 pm to CaptainsWafer
quote:
That’s why you have Med Pay or PIP, depending on where you live.
Explain?
Posted on 2/18/20 at 2:17 pm to fallguy_1978
I saw a commercial the other day by one of the big pond scum firms over here in Texas, the payout was something like 45 to 50 million, attorney fees were 22 million plus. Freaking ridiculous.
Posted on 2/18/20 at 2:18 pm to TDsngumbo
Well that sucks, especially you had more than $1,000 in med pay.
ETA I’m assuming the other persons limit was $15k
ETA I’m assuming the other persons limit was $15k
This post was edited on 2/18/20 at 2:20 pm
Posted on 2/18/20 at 2:18 pm to Lakeboy7
quote:
The "nature" of a claim is fact driven. Liability, severity of injury and type, length and cost of treatment. Thats it. See any "jackpot" in that equation? Perception not reality.
So, are the facts different in LA claims vs claims in the other 49 states?
Posted on 2/18/20 at 2:18 pm to LSUFanHouston
There are so many things incorrect in your post. Insurance companies do not pay jackpots. The claims and injuries have to properly documented and settlements usually fall in a range of values based upon the injury sustained. Frivolous lawsuits get dismissed. I turn down lots of them.
Regarding tort reform, reducing the amount recovered by injured persons will only result in increasing insurance company profit. When an amendment was proposed that insurance companies automatically reduced premiums by 10% if the tort reform package was passed, the insurance companies balked. Why? Because it is all about profit.
Moreover, the insurance companies admitted in committee that the tort reform measures would not result in a reduction of premiums and that the reasons Louisiana had higher insurance premiums included-the quality of our roads, the large number of uninsured motorists (which results in more claims made by people who are insured against their own policy for property damage), the fact that our minimal limits are 15K which is the lowest in the country and that there are more single and poor people in Louisiana (which their actuaries place a higher risk of being in an accident), and unenforced distracted driving laws. It is so much more complicated than taking away access to the courts for people who have been damaged by distracted or negligent drivers.
Imagine if the "reforms" had passed and you got in a car wreck and your property damage was more than 5k, there is NOTHING to stop an insurance company from denying the claim, even though they are at fault, and require you to wait three years and spend several thousand dollars to go before a jury trial. Most people would give up and not pursue it because the cost benefit analysis says it is not worth it. And guess what, insurance company profits go up.
I ask you, lets say you make a product, and you can pass legislation that makes it cheaper for you to make the same product, do you pass on the savings to the consumer, or do you put more money in your pocket? Insurance companies will just put more money in their pocket and your rights to recover have been curtailed in the event that you are wronged.
Regarding tort reform, reducing the amount recovered by injured persons will only result in increasing insurance company profit. When an amendment was proposed that insurance companies automatically reduced premiums by 10% if the tort reform package was passed, the insurance companies balked. Why? Because it is all about profit.
Moreover, the insurance companies admitted in committee that the tort reform measures would not result in a reduction of premiums and that the reasons Louisiana had higher insurance premiums included-the quality of our roads, the large number of uninsured motorists (which results in more claims made by people who are insured against their own policy for property damage), the fact that our minimal limits are 15K which is the lowest in the country and that there are more single and poor people in Louisiana (which their actuaries place a higher risk of being in an accident), and unenforced distracted driving laws. It is so much more complicated than taking away access to the courts for people who have been damaged by distracted or negligent drivers.
Imagine if the "reforms" had passed and you got in a car wreck and your property damage was more than 5k, there is NOTHING to stop an insurance company from denying the claim, even though they are at fault, and require you to wait three years and spend several thousand dollars to go before a jury trial. Most people would give up and not pursue it because the cost benefit analysis says it is not worth it. And guess what, insurance company profits go up.
I ask you, lets say you make a product, and you can pass legislation that makes it cheaper for you to make the same product, do you pass on the savings to the consumer, or do you put more money in your pocket? Insurance companies will just put more money in their pocket and your rights to recover have been curtailed in the event that you are wronged.
Posted on 2/18/20 at 2:22 pm to LSUFanHouston
Have you submitted your jingle to Mike Brandner yet to get your $2500?!
Posted on 2/18/20 at 2:22 pm to Verbal Kent
Increased funding for the judiciary from the general fund needs to be attached to any bill lowering the threshold. It’s asinine to say we’re going to increase the volume of jury trials but not increase the ability of the courts to handle them.
Unless that’s what LABI is really angling for??
Unless that’s what LABI is really angling for??
Posted on 2/18/20 at 2:23 pm to LSUFanHouston
quote:
If your weird math were true, why wouldn't they do this in every state?
That’s the point. Our state laws differ from other state’s laws. We are second highest in the nation.
The laws need to be changed, but it’s not happening. And neither side cares, it’s the public as a whole getting soaked.
Posted on 2/18/20 at 2:23 pm to TxWadingFool
quote:
I saw a commercial the other day by one of the big pond scum firms over here in Texas, the payout was something like 45 to 50 million, attorney fees were 22 million plus. Freaking ridiculous.
They would have never gotten 45 to 55 million but for the work of the attorney. So there's that.
Posted on 2/18/20 at 2:25 pm to Verbal Kent
quote:
Verbal Kent
GTFO of here with your facts, logic and reason.
All kidding aside, this is probably the most accurate post on tort reform and the purported lowering of insurance premiums to grace the OT.
Posted on 2/18/20 at 2:36 pm to Demshoes
"45 to 50 million"
You do not want to know how terrible the injuries must have been to justify that amount. Probably in a permanent vegetative state where the future medicals accounted for more than 50% of the award. Or, burned and disfigured, with brain damage-caused by some really reckless behavoir. I have had clients who received 750k to 1 mil and you would not trade places with them (in their condition) for anything. I promise you that any award that large is either completely justified or will be reduced on appeal.
Regarding the fee, it is high, but the lawyer probably had to gamble several million dollars against an army of defense lawyers spending millions defending the case and putting up every road block imaginable to fight the recovery. Some of my big cases (where I made a large recovery and a large fee) I questioned in the end if it was actually worth it, the monumental amount of work to achieve some form of justice for my client.
Certainly, there are bullcrap cases, I do not deny it and try hard not to take them, but you do not want to curtail access to the courts if it is you on the receiving end of a life changing injury.
You do not want to know how terrible the injuries must have been to justify that amount. Probably in a permanent vegetative state where the future medicals accounted for more than 50% of the award. Or, burned and disfigured, with brain damage-caused by some really reckless behavoir. I have had clients who received 750k to 1 mil and you would not trade places with them (in their condition) for anything. I promise you that any award that large is either completely justified or will be reduced on appeal.
Regarding the fee, it is high, but the lawyer probably had to gamble several million dollars against an army of defense lawyers spending millions defending the case and putting up every road block imaginable to fight the recovery. Some of my big cases (where I made a large recovery and a large fee) I questioned in the end if it was actually worth it, the monumental amount of work to achieve some form of justice for my client.
Certainly, there are bullcrap cases, I do not deny it and try hard not to take them, but you do not want to curtail access to the courts if it is you on the receiving end of a life changing injury.
Posted on 2/18/20 at 2:37 pm to LSUFanHouston
quote:
why LA's rates are so much higher than everyone else's.
Uh.. Michigan says hello.. B/c of Detroit alone just about they rank the worst.
Jury Threshold here is stupid high, lot of uninsured/underinsured drivers and a laundry list of things as well.
Posted on 2/18/20 at 2:37 pm to Verbal Kent
quote:
Regarding tort reform, reducing the amount recovered by injured persons will only result in increasing insurance company profit. When an amendment was proposed that insurance companies automatically reduced premiums by 10% if the tort reform package was passed, the insurance companies balked. Why? Because it is all about profit.
If there would be a limit on attorney profits, or an agency regulating the fees that attorneys can charge, I would take your statement more seriously.
Posted on 2/18/20 at 2:38 pm to DarkDrifter
Did you know the jury threshold in Michigan is $0?
True story, look it up
True story, look it up
Posted on 2/18/20 at 2:40 pm to Verbal Kent
(no message)
This post was edited on 2/10/21 at 12:48 am
Posted on 2/18/20 at 2:40 pm to Jon Ham
quote:
Get rid of attorneys. You want to sue someone? You file it yourself and get a trial in 90 days. You present your case yourself at trial, and the defendant presents the defense themselves. No discovery battles, no motions, just present your case the best you can and live with what the jury decides and move on. Minors and the elderly can apply to have someone else represent them, but that person does not have to be an attorney.
This wouldn't be a shitshow at all.
Posted on 2/18/20 at 2:40 pm to Verbal Kent
I know someone that got $250K. They were hit by my friend. Got out and said everything was fine, don't worry about it. Very minor accident and they were by themselves. A few weeks later a legal letter came in saying they were filing suit for insurance maximum because she had her grandkids in the car and all were injured.
Police were never called. Not even a fender bender. Scratch at best. Insurance company said they wouldn't fight it.
I am guessing anyone would trade places with her.
Police were never called. Not even a fender bender. Scratch at best. Insurance company said they wouldn't fight it.
I am guessing anyone would trade places with her.
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