Shannon Law Group - December 2020

Shannon Law Group - December 2020

D on ’ t W ait to H ire an A ttorney A fter Y ou ’ re H urt in an A ccident Insurance companies love it when you don’t hire an attorney immediately after an accident. There are a number of reasons why.

Injury lawyers help preserve the statute of limitations. There are also strict time limitations for filing a lawsuit in court, and insurance companies are well aware of them. On many occasions, adjusters will string things out with an endless stream of requests, hoping the statute of limitations will pass. Once that happens, it does not matter if settlement negotiations have taken place or the adjuster has made an offer. If the statute of limitations date goes by without filing a suit, the offer is gone and the claim is forever barred. The insurance company also knows that the longer the claim goes on, the more likely it is that a claimant will agree to settle for less than the claim is worth. It’s time to put it past you. Move on. Get closure. Many insurance companies expend a great deal of time, money, and effort in training their adjusters in strategies to prevent claimants from hiring attorneys.

People represented by a lawyer end up with settlements that are 2–3 times larger, on average, than those who do not retain attorneys. Insurance companies are fully aware of that fact. Also, even if a claimant initially holds off but hires an attorney later, the insurance company wins. The more time that goes by between an accident and hiring an attorney, the better the insurance company feels about its chances. Hiring an attorney preserves evidence in your case. The more time that goes by without hiring an attorney means the more time that passes before your lawyer can investigate the case. That gives evidence time to get lost and gives witnesses time to forget, move, or pass away. Additionally, many companies have document retention policies that allow them to discard certain documents after set periods of time. For trucking companies, the Federal Motor Carrier Safety Regulations require that the company retain certain records — but only for a period of six months. So, while you may have two years to file a lawsuit, after six months, the records needed to support your claim may have been destroyed or discarded. Getting an attorney involved early ensures the preservation of this evidence.

All of these mechanisms were designed to make the claimant’s case more difficult and work to the insurer’s every advantage. They are all tricks to get injured victims to settle for short money.

– Pat Anderson

Our Christmas gathering last year was a lot of fun. At last year’s gathering, together we raised over $30,000 for St. Joan of Arc Adopt a Student Fund as well as the St. Vincent de Paul Chapter of St. Joan of Arc Parish. (Both of these great organizations are 501(c)3 charities and are fully deductible.) Although pandemic restrictions limit our ability to gather this year, the needs of the poor and the financial needs of parents who want a great Catholic education at St. Joan have not gone away. In fact, the need has grown greater. Please consider donating to these great charities. Please make the checks out to either the St. Vincent de Paul Chapter of St. Joan of Arc or St. Joan of Arc Adopt a Student Fund and mail them directly to the following address: CHARITIES THAT NEED YOUR SUPPORT THIS CHRISTMAS SEASON

St. Joan of Arc Church Attn: Lynne Passarella

820 Division St. Lisle, IL 60532 Thank you for your generosity!

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FAQ: SHOULD I BUY UM/UIM COVERAGE IN ILLINOIS?

What happens if I don’t have UM/UIM coverage? Let’s say you decline the UM/UIM coverage to save some money. Next week, you’re hit by an uninsured driver. You suffer a bad leg break and ankle break. You’ll need multiple surgeries, resulting in thousands of dollars in medical bills. Your injuries will affect you for the rest of your life. Typically, when we learn that a bad driver carries no insurance, we can turn to our client’s own uninsured motorist coverage to recover damages. In your case, your attorney would file a lawsuit against the bad driver and present it to the judge. The judge would enter a judgment against the other driver for several hundred thousand dollars. However, without any assets or UM coverage to pursue, you likely have no real options for compensation. We’ve witnessed this scenario time and time again at our law firm. If you don’t carry UM/UIM coverage, you are relying on other people to play by the rules and maintain significant insurance coverage.

Before getting into the details of this question, I want to give you an unequivocal answer: YES. Now let me explain why you need to buy underinsured (UIM) or uninsured motorist (UM) coverage in Illinois. What is uninsured or underinsured motorist coverage? Uninsured motorist (UM) coverage protects you when you are involved in a crash with an irresponsible driver who carries no liability insurance coverage. Usually, the amount of uninsured motorist coverage you should carry is equal to the amount of bodily injury liability coverage that you have on your policy. Similarly, underinsured motorist (UIM) coverage protects you when the bad driver has some insurance coverage, but it is nowhere near enough to cover the damages resulting from your injuries. So, how much UM/UIM coverage should I have? At Shannon Law Group, we recommend carrying a minimum of $500,000 in UM/UIM coverage . If you talk to your insurance provider, you may find that the difference in premium payments for the higher coverage only costs you an additional $10–$20 each month. Illinois law requires insurance companies to offer you uninsured motorist coverage in the same amount as your bodily injury liability coverage. In order to reject UM coverage, you must sign a certification indicating that you have been informed as to what UM coverage is, you have been offered it as a coverage option, and you have declined the coverage.

The reality is many people sharing the road with us do not play by those rules. By purchasing adequate uninsured and underinsured motorist coverage, you’re protecting you and your family from these drivers.

– Pat Cummings

RON CHERNOW BOOK GIVEAWAY! ENTER NOW! You may have heard of Ron Chernow. He has written bestselling and award-winning biographies of historical figures from the world of business, finance, and American politics. Joe’s read several of Chernow’s biographies, including those about Hamilton, Washington, and Grant.

WANT TO STAY UP TO DATE ON THE LATEST AT SLG?

This month, we’re giving away a Chernow book of your choice to a lucky reader. For a chance to win, text CHERNOW to (312) 847-2428 to enter. You must enter before Jan. 31, 2021.

Text me at my personal number: 312-847-2428.

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312-663-7016

PRST STD US POSTAGE PAID BOISE, ID PERMIT 411

Phone: 312-663-7016 Text: 312-847-2428 www.shannonlawgroup.com

135 S. LASALLE ST., STE. 2200 CHICAGO, IL 60603

INSIDE THIS ISSUE

page 1

Introducing Sarah Anderson and Heather Sykora Injured in an Accident? Hire an Attorney Right Away Charities That Need Your Support This Christmas Season

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Should I Buy UM/UIM Coverage in Illinois?

PHOTO OF THE MONTH

SUDOKU

This month, we filmed videos featuring attorney Pat Anderson and our friends who refer folks to us who need our help. Follow us @ShannonLawGroup on Facebook or Instagram to see these videos when they drop in 2021!

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Published by Newsletter Pro • www.NewsletterPro.com