About a year ago, I was involved in a rear-end collision.
UPDATE: The other party is scheduled for surgery, and the depositions have been postponed for now and will be rescheduled later. How worried should I be at this point? My insurance attorney mentioned that they will attempt to settle within the policy limits of $100k before the depositions. However, given that surgery is now involved, isn’t there a significant chance that the settlement could be much higher? I’m currently facing financial difficulties, and I can’t afford to put my policyholder in a tough spot if they pursue his assets or wage garnishment.
It sounds like you’re in a challenging situation. The fact that the other party is undergoing surgery can indeed complicate things, as it may increase their potential damages and the likelihood of a larger settlement. Here are a few things to consider:
Insurance Policy Limits: If your insurance has a limit of $100,000, that is generally the maximum amount they will cover for any claims related to this accident. If the other party’s damages exceed this amount, they might pursue additional compensation from you directly, which could put your assets at risk.
Settlement Discussions: Your attorney is right to try to settle within your policy limits before depositions. It’s often in everyone’s best interest to settle rather than go through a lengthy legal process. If the surgery results in significant expenses, the other party may seek a higher settlement, so negotiating early might be crucial.
Financial Situation: If you’re financially tight, it’s essential to communicate this to your attorney. They can help strategize the best course of action to protect your interests. This could involve negotiations or even discussing possible payment plans if a judgment is entered against you.
Potential Outcomes: If you can’t settle and the case goes to trial, the outcome will depend on many factors, including the extent of the other party’s injuries and damages. If their medical costs rise significantly due to the surgery, they may seek more than the policy limits, especially if it’s proven that they are permanently affected.
Next Steps: Make sure to keep in close contact with your insurance attorney. They can provide the best guidance tailored to your situation and help you understand your options moving forward. Document everything related to the case and be prepared for the possibility of needing to negotiate a settlement effectively.
In summary, while the situation looks more complicated with the surgery, staying proactive and communicating with your attorney is the best path forward. They can help ensure that you navigate this as smoothly as possible.