Auto Accident Settlement Expectations

[ChE_UND_09]

Jurisdiction

Massachusetts

Hi,

I've joined this forum to ask a specific question about settlement expectations. Q4 of 2022 I was struck by another driver on the highway that resulted in my vehicle to strike the guard rail and subsequently roll and land in its side.

As a result of the accident I suffered multiple herrinated disc's in the neck and lower back. On the lower back MRI also showed two minor tears in the outter disc material. Neck herniations resulted in moderate to severe ridiculopathy in the arm and hand that I dealt with for almost 8 weeks before the orthopedic referred me to a pain specialist. The pain specialist ended up giving me one cortisone shot in the neck that improved the ridiculopathy by about 60-70%, remaining ridiculopathy symptoms mostly resolved over the course of a few months. Lower back pain has been chronic and has not changed much.

The other drivers insurance has admitted full 100% liability and has policy limits of $500k-
$600k.

My total medical expenses will likely be around $33k-$35k.

The other driver has an estimated net worth of $50,000,000.

Am I justified to expect at least $300k-$350k for a mediated settlement? Or should hold ground and push for policy limits and file civil suit to put downward pressure on the insurance company? It is expected that the other party has legal counsel on retainer even before the accident.

Thanks!

 

[flyingron]

The other driver's net worth is irrelevant. It just means you're more likely to collect a judgement than if you have one that is over a less affluent driver's insurance limits.

You'll get is the medical bills you have spent or reasonably can be expected to have as a result of the accident.

If anybody tells you there's some magic number or formula that will yield a pain and suffering settlement.

If he's got insurance you can bet that the there will be a lawyer on his side. The insurance companies aren't fools.

You need one as well.

 

[adjusterjack]

Am I justified to expect at least $300k-$350k for a mediated settlement? Or should hold ground and push for policy limits and file civil suit to put downward pressure on the insurance company? It is expected that the other party has legal counsel on retainer even before the accident.

There is no "expect" when it comes to personal injury settlements or awards.

It's way too early to even think about the money. I assume from your post that you have not yet reached maximum medical improvement nor have you been assigned a disability rating. Even a partial disability rating could mean big bucks.

You have 3 years to file a personal injury lawsuit in MA so you have time to deal with your injuries before thinking about the money.

General Law - Part III, Title V, Chapter 260, Section 2A (malegislature.gov)

The other drivers insurance has admitted full 100% liability and has policy limits of $500k-
$600k.

My total medical expenses will likely be around $33k-$35k.

The other driver has an estimated net worth of $50,000,000.

That the other driver's net worth is $50,000,000 suggests the likelihood that he has umbrella liability that adds millions to the $500,000 limit on his auto policy.

Or should hold ground and push for policy limits and file civil suit to put downward pressure on the insurance company?

Neither. Insurance companies are immune to "pressure." They eat people like you for lunch. If you settled for the auto policy limit you would have to sign a release which would prevent you from filing a lawsuit. If you file a lawsuit you don't get any money for a long, long time.

It is expected that the other party has legal counsel on retainer even before the accident.

Which is irrelevant because the insurance company will have its own lawyer handling any lawsuit that's filed and the driver won't need his own lawyer.

Your injuries appear to be complex with the potential of lifetime consequences.

I wouldn't speculate on amounts but, without a lawyer, you could end up short-changing yourself.

 

[Redemptionman]

by long long time, it is typically 3 years or so. Do you have any type of mediation clause in the policies? Once you file suit it is done. Yes, I think you should settle for the at fault drivers policy limits which could or could not be tendered with or without an attorney. With an attorney you are able to recover the most you can for your injuries. If you research you will see an average for the injuries you suffered right in the range you threw out to settle it.

You are lucky to have deep pockets to go after, If it was me I would find the lowest contingency personal injury attorney you can and file suit. You will have no problem finding one with the scenario you laid out. Good Luck with it.