[nazali]

For once the insurance company get's stiffed. Although I don't know how you can award over 5 mil bucks on this, and how the car insurance company is at fault.

Maybe this can set a trend


"In what we're certain was a surprise to Geico's legal team, arbitration did not go their way. The woman's partner was found liable and the arbitrator approved an award of $5.2 million in damages to be paid out by the insurer despite requests by Geico for a new hearing. The insurance company appealed to the courts on several grounds, claiming that the process denied it the ability to have its day in court. The company's appeal was denied on all points. For anyone who's ever emerged from arbitration feeling that the process leaves something to be desired, this time it's an insurance company who feels that way."

source:
uk.yahoo.com/news/geico-ordered-pay-5-2m

[leopard print]

Yeah, the insurance company got stiffed. But the people are also going to get stiffed with higher insurance rates in the end.

[infinitekidM2C]

Hahaha omg. I can break this down for anyone interested but that is a damn stretch to consider sex in the car as covered by an auto policy. Your policy usually covers injuries to other persons or vehicles caused by the operation of your insured vehicle. Here, the mere fact that they banged in the car was apparently enough. It's an arbitration ruling, not a court verdict but i think insurers might add a "banging" exclusion to their policies. lmao

[Tommy-G]

Thats pennies to them....$38 billion PROFIT last year

[zx10guy]

Originally Posted by Tommy-G

Thats pennies to them....$38 billion PROFIT last year

Yes, but this sets a very bad precedent where now you'll have every scammer and ambulance chaser filing claims and lawsuits for more ridiculous things similar to this claim.

[Wheelwright]

This preposterous ruling, if upheld, would set a dangerous precedent. And as usual the affected insurance companies would pass the extra expense onto the consumers. The US litigation culture is sick.

[infinitekidM2C]

There's no precedential value in arbitration rulings. Regardless, the insurance companies would scramble to add the "banging" exclusion i mentioned.

[CarsAndGuitars]

How might this impact the recent road head injury story's case?

[infinitekidM2C]

Originally Posted by CarsAndGuitars

How might this impact the recent road head injury story's case?

i like where your head is at.

[vreihen16]

This whole thought just made me go price umbrella insurance coverage.....

[zx10guy]

Originally Posted by vreihen16

This whole thought just made me go price umbrella insurance coverage.....

I have umbrella insurance coverage. But it's uncertain as to if the insured took out such a policy. I'm leaning towards no. If that's the case, I don't see how GEICO would be on the hook for a payout more than the coverage limits of the insured's auto policy. With my auto insurance, I have the max you can get which is I think around $250k/500k. I took out an umbrella to cover beyond that.

[infinitekidM2C]

Originally Posted by zx10guy

I have umbrella insurance coverage. But it's uncertain as to if the insured took out such a policy. I'm leaning towards no. If that's the case, I don't see how GEICO would be on the hook for a payout more than the coverage limits of the insured's auto policy. With my auto insurance, I have the max you can get which is I think around $250k/500k. I took out an umbrella to cover beyond that.

Yes you spotted a good question.

So the way it works is that if a settlement demand is made within the policy limits but the insurance company refuses to settle, if the verdict is above the policy limits, then the insurance company can be on the hook for the entire verdict even beyond the policy limits (called "opening the policy"). It's to keep insurance companies from refusing to reasonably resolve.

[Nuckle]

A lot of people likely have received new policy documents in their inbox lol.

[Tambohamilton]

Originally Posted by zx10guy

Yes, but this sets a very bad precedent where now you'll have every scammer and ambulance chaser filing claims and lawsuits for more ridiculous things similar to this claim.

Exactly, and insurance prices will only rise as a consequence

[iminhell1]

I have spilt soooo much blood repairing my vehicles.

I need to sue.

[Buug959]

Originally Posted by iminhell1

I have spilt soooo much blood repairing my vehicles.

I need to sue.

Yep, my DNA is all over my vehicles too. Shall we start a class action suit? Who's in?

[RickFLM4]

Originally Posted by Tommy-G

Thats pennies to them....$38 billion PROFIT last year

That’s their revenue not profits.

[2000cs]

I’d better check my homeowners policy, motorhome policy, motorcycle policy and most important the motor boating policy!