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Posted on 9/4/19 at 4:00 pm to Spasweezy
I agree. If you look at high value judgments in Louisiana, we aren't out of line with some of the other states. What insurance companies hate about Louisiana, is the death by a thousand papercuts.
It is almost impossible to be in an accident and not settle for at least $15k. This plays out every day: The guy who hits you has a 15/30. You don't go to the ER, you go to your attorney. He sends you to a chiropractor that treats 95% litigation patients. He charges you $2k for three months of chiropractic treatment. Most judges award anywhere from $2,500 - $4,000 a month for conservative treatment. At that point, without ever getting an MRI or seeing a real doctor, the insurance company is in a bind of either settling for the policy limits of $15k or risking an excess judgment against its insured. They typically choose the settlement. If you don't settle, the chiropractor sends them for an MRI, which costs money, and if they have objective findings on the MRI, they go to pain management and get steroid injections in their spine. That's when the value starts to spike. If the insurance companies don't settle for $15k at the outset, they are looking at the threat of a spike in value after the MRI. THIS IS ASSUMING THE PERSON IS EITHER REALLY HURT OR THEY LIE. (sometimes you'll have some honest people treat for a month or two and be healed, but that is a rarity).
No one is scared of the multi billion dollar judgment. It's the thousands of $15k cases that settle before there is even suit filed.
It is almost impossible to be in an accident and not settle for at least $15k. This plays out every day: The guy who hits you has a 15/30. You don't go to the ER, you go to your attorney. He sends you to a chiropractor that treats 95% litigation patients. He charges you $2k for three months of chiropractic treatment. Most judges award anywhere from $2,500 - $4,000 a month for conservative treatment. At that point, without ever getting an MRI or seeing a real doctor, the insurance company is in a bind of either settling for the policy limits of $15k or risking an excess judgment against its insured. They typically choose the settlement. If you don't settle, the chiropractor sends them for an MRI, which costs money, and if they have objective findings on the MRI, they go to pain management and get steroid injections in their spine. That's when the value starts to spike. If the insurance companies don't settle for $15k at the outset, they are looking at the threat of a spike in value after the MRI. THIS IS ASSUMING THE PERSON IS EITHER REALLY HURT OR THEY LIE. (sometimes you'll have some honest people treat for a month or two and be healed, but that is a rarity).
No one is scared of the multi billion dollar judgment. It's the thousands of $15k cases that settle before there is even suit filed.
Posted on 9/4/19 at 6:30 pm to TDsngumbo
Spoken like a lawyer. The real problem . . . . . If you really want to make a difference . . . . . bullshite!!
Here is the bottom line.
They have corrupted the entire system. Lawyers hiring (contributing to their political funds) their friends as judges to get favorable rulings. This is both corporations and law practices - whoever has the fattest wallet.
How this directly affects you?
Look at 1 thing in particular to get a look at how corrupt things are - Louisiana Car Insurance Rates Vs. The Rest of the Nation. Laws written by lawyers, for the profit of lawyers. Simple caps on law suits would change the whole game of the Morris Bart, Frank DiMico, Womack, etc ambulance chasing law profession and make our lives a LOT better and more affordable.
Here is the bottom line.
They have corrupted the entire system. Lawyers hiring (contributing to their political funds) their friends as judges to get favorable rulings. This is both corporations and law practices - whoever has the fattest wallet.
How this directly affects you?
Look at 1 thing in particular to get a look at how corrupt things are - Louisiana Car Insurance Rates Vs. The Rest of the Nation. Laws written by lawyers, for the profit of lawyers. Simple caps on law suits would change the whole game of the Morris Bart, Frank DiMico, Womack, etc ambulance chasing law profession and make our lives a LOT better and more affordable.
Posted on 9/4/19 at 6:32 pm to BowDownToLSU
You are 100% correct.
This is a corruption of the system and is total bullshite!!
This should be illegal.
This is a corruption of the system and is total bullshite!!
This should be illegal.
Posted on 9/4/19 at 9:06 pm to NaturalBeam
quote:
quote: Lawyer then takes that $150,000 form Hospital and medical and says, "Hey Dr. ________ you billed me $40,000.00 how about I give you $30,000 and we call it a day"? "Hey Mr. MRI company, you billed me $1,800.00 for that MRI how about I give you $1,000.00" and keeps the difference for himself. Umm, no brah. That's a straight ticket to losing your license and going to jail.
What actually happens is the MRI is billed at $2000 per MRI and given to the insurance company as a "bill", then the MRI provider discounts it on the back end to $450 or so, so that the "legit" meds look much higher and the recovery for the "injured" is higher.
Posted on 9/4/19 at 9:08 pm to NaturalBeam
Michigan litigation is horrible, especially in Detroit. In their system it goes on forever.
This post was edited on 9/4/19 at 9:11 pm
Posted on 9/5/19 at 1:38 pm to TDsngumbo
Posted on 9/5/19 at 3:49 pm to TDsngumbo
quote:
Mark my words and if I’m wrong you can frick my wife. That’s how damn confident I am. Believe me, I know this business like the back of my hand.
Can I at least get a hand job for State Farm putting in for ANOTHER rate decrease this week?
quote:
State Farm to Cut Its Auto Insurance Rates in Louisiana
One of Louisiana's largest auto insurers plans to cut its rates for drivers, starting in November.
By Associated Press, Wire Service Content Sept. 5, 2019, at 4:18 p.m.
More
U.S. News & World Report
State Farm to Cut Its Auto Insurance Rates in Louisiana
More
BATON ROUGE, LA. (AP) — One of Louisiana's largest auto insurers plans to cut its rates for drivers, starting in November.
State Farm announced Thursday that it will drop car insurance rates for more than 1 million policyholders by 2.6%. The insurer says that will be the fourth rate reduction in two years, a total cut of more than 10%.
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