Legal Question in Personal Injury in Oklahoma

Re: what is a reasonable insurance settlement

The questions that you pose are somewhat difficult to answer, but I will attempt to give you the best advice possible. First, should you obtain an attorney? That all depends on your dealings with the insurance company up to this point. How difficult was it to obtain a fair value for your property loss (your vehicle)? Who is the insurance company for the responsible driver? Different insurance companies have different philosophies when it comes to settling cases. There are two questions that I would ask though that greatly impact the way the insurance company will view the value of your claim. What kind of doctor did you treat with, and where did this accident occur? The insurance company will place a value on your claim based upon historical data. Typically, the venue, otherwise known as where the case would go to court, has the largest impact on the value of a claim. For example, an accident occuring in Tulsa County will have a dramaticially less value than an accident happening in Creek County. This may seem strange knowing that these two counties are adjacent to one another. It just so happens that the residents of Creek County are more sympathetic jurors if a trial was actually needed.

I will close by saying that you don't always need an attorney. Typically an attorney fee in the type of case that you mention is 1/3 of the gross settlement. You know the tone of the case already by dealing with the insurance company. The insurance company will make every effort to get you to give your bottom dollar. You must resist this urge, or you should give them an outrageous figure that you would be hitting the jackpot if they accepted. The reason for this advice is that if you give your bottom dollar figure, and they don't accept, and then go to an attorney, the attorney has really no choice but to file a lawsuit. In other words, there is no room to negotiate a settlement. Make the insurance company provide you with its top dollar, because "you have no idea what it is worth" and tell them you will bet back with them in a few days.

Scott Tully

Tully Law Office

P.O. Box 1031