I'm sorry you and your family were hurt in this wreck. I will try to address each of your questions below:
1. If my friends accept this low ball offer, could it impact my ability to get a significantly higher and more fair settlement? or it doesnt matter what they do? Actually, your friends accepting a low settlement offer could wind up being to your benefit. All liability policies have a limit to what they will pay, no matter how many victims or how severe the injuries. If the aggregate limits of the policy of the guy who hit you is $60,000 and your friends settle for $3,000, then that leaves $57,000 of policy coverage to compensate you and your family for your claims. The more the insurance company pays your friends, the less there is for you and your family.
2. If my friends settlement can impact my settlement, what should i advise them to do? I know it may seem mercenary, but you need to decide what is best for your family. I would be honest with them and can tell them what was discussed in answer to question 1, but it is there decision, and if they are happy with $1,500 each, then I see no reason why you should try to convince them otherwise.
3. Based on the financial details above what is the amount that I can expect to get for pain and suffering if I try negotiating it my self? That is a very difficult question, and requires a crystal ball to answer. That are a lot of things that could effect the value of your case from the amount of property damage (a good fact for you) to the insurance company involved, to the adjuster assigned to your claim. What you need to understand is that insurance companies are not in the business of compensating accident victims, a common misconception. Insurance companies are in the business of taking peoples' premiums and never giving them back, that's how they make money. So, the insurance company will try to get away with paying you as little as possible. You should know, however, that a study by, I think it was the insurance institute showed that people represented by attorneys received more money than those representing themselves, even after deducting the attorney's fees. Also, the great thing about using an attorney for your situation is that it does not cost you anything out of pocket. The attorney is paid out of the money he gets for you and your family.
4. Based on the financial details above what is the amount that I can expect to get for pain and suffering if I hire a lawyer? Please see my answer above. Also, 20 years ago the rule was they would pay three times your medicals, that is not true anymore. But, again, studies show that people who use attorneys to fight for them against the insurance companies on average receive a hirer settlement amount.
5. When is the best time to engage a lawyer? The best time is to hire a lawyer right away. The adjuster has probably already taken your recorded statement. You may have innocently said something in your recorded statement that will be used by the insurance company to discount your claim. Or you may have gotten frustrated with the adjuster and things have gotten adversarial. If that is happened, the adjuster may jerk you around out of spite. Obviously (and thankfully) this is the first major wreck you've been in. The insurance adjuster has dealt with thousands of these claims. The adjuster has the advantage and the check book. What I tell my clients is that they're David, the insurance company is Goliath, but I'm their sling shot.
6. If i go it my own when is the best time to settle? Should I wait for the medical issues to be resolved? Absolutely. You were involved in a VERY serious wreck. Once you sign the settlement release, there is no going back for additional monies and the insurance company will not settle with you and leave the door open for you to get additional medical treatment. You should be sure that the doctor has discovered and treated everything that was caused by the wreck, that you have had all the diagnostic tests needed to determine everything that's wrong with you, and that you know how these injuries will effect you in the future, such as arthritis and the potential for a future surgery. Do not settle until you know the answer to these questions.
7. Is there anything else i should be aware of that I missed or may not know? Yes, but I don't want to overwhelm you. You need to check to see if you have Underinsured motorist (U/M) coverage on your auto policy. The value of you, your wife and child's claims may be more than what is left on the policy of the guy who hit you (see answer to question 1). As such, you should open a claim under your U/M policy. And, this is extremely important, make sure you get written permission from your U/M adjuster to accept a settlement from the insurance company of the guy who causes the wreck. Otherwise, you will have waived your ability to recover under the U/M policy. Further, if you haven't started treatment for your injuries, you need to do so immediately, as you are playing into the hands of the insurance company. They won't pay you for treatment that you might have had or should have had. Further, they will argue that, as you didn't get treatment, you must not have been hurt. Again, they are looking for anyway to not pay you what your claim is worth.
Should you have any more questions, please do not hesitate to call me. You can reach me directly at (214) 534-9325. Best wishes to you and your family.
Sincerely,
Carl Weinkauf
