Question: Should you accept a settlement offer from Fred Loya Insurance Company?
Answer: If you were injured in a car accident and have received a settlement offer from Fred Loya Insurance Company, you should not accept the settlement offer before first running it by a personal injury attorney. Why? Because Fred Loya is likely trying to get you to accept a settlement offer that is substantially less than the value of your claim.
High-Risk Drivers
Fred Loya writes many “non-standard insurance policies” that you will not see sold by other insurance companies. What that means is that many of their auto insurance policies are sold to high-risk drivers who are more likely to cause a crash than others. For example, drivers with a history of multiple accidents, DUI charges, or driving violations are high-risk drivers that most insurance companies do not want to insure. Fred Loya Insurance often still sells policies to these drivers, though.
Bare-Bones Insurance Coverage
Fred Loya provides bare-bones coverage to its insureds. That means, in California, the injury policy limit is likely $15,000 per person. If more than one person was injured in the accident, then Fred Loya will pay out a maximum of $30,000 to be divided by the injury victims. If you suffered serious injuries, $15,000 may not be enough to pay for your past and future medical bills and lost wages, which means any settlement offered is even less likely to cover your full damages.
Can You Get More than the Policy Limit?
Yes, you can sometimes get more than the other driver’s policy limit. To do so, you need an experienced car accident lawyer who knows how to negotiate or litigate for more than what the insurance company wants to offer and for greater than the limits of the policy.
Most personal injury lawyers, when presented with a policy limit offer from an insurance company, will advise their client to accept the offer. At McGee, Lerer & Associates in Los Angeles, though, if your case is worth more than the policy limit, then we use our vast experience with car accident claims and lawsuits to attempt to obtain more than the policy limit.
If Fred Loya has made you a settlement offer, call our office at (562) 270-0546 for a free consultation. Run the facts by us and we’ll give you our recommendation on what you should do. At that point, you can decide whether you want to hire us, or if you would like to explore other options. In either circumstance, we will just be happy to get a chance to help a local in need.