Your insurance will hire a lawyer for you, but only to represent you up to the $50,000. I agree that you would be well served to get your own lawyer to advise you and talk to your insurance carrier to make sure that they do everything they can to try and settle the claim within your policy limits. As for the cost of hiring a lawyer, that will depend. Each lawyer charges their at the rate they feel appropriate. You should meet with several lawyers and trust your own instinct as to who will be able to assist you. Ask friend or relatives for referrals or simply look on Avvo's site under find a lawyer.
You are smart to start looking early. Good luck.
What i would suggest is that you contact a local attorney to review the claim and to assist with getting it settled. Has your carrier offered policy limits? Your insurance will hire an attorney to handle the claim, but, you need to get your own attorney to protect your interests above the limits. Hard to know the cost. Go to the "find a lawyer" tab and look for an injury defense attorney in your community. Get an attorney right away so that they can review what the insurance company is doing. There will be a cost to you, but, as noted, it is hard to say how much.
You should definitely get a lawyer to assess the case. It's likely the party may demand policy limits at some point and you want to be in a position to tell the insurance company to pay it. That way if there is an excess verdict, they are likely on the hook because of bad faith. If the party never makes a limits demand then you're on the hook for excess. As far as additional liability insurance goes, a good attorney likely requested all policies including excess policies during discovery so if you withhold that information you're likely to face severe sanctions from the court. Good luck
* Please note that I am an Attorney practicing in Georgia, but I am not your attorney. This post is intended to provide some helpful insight into your particular situation, but it should not be taken as legal advice. If you would like to discuss your Georgia Personal Injury, Medical Malpractice, or Criminal case, I am happy to discuss your specific situation with you at no cost to you. I can be reached at 404-996-5157 or Fareesh@SarangiLaw.com. If you found this Answer "Helpful" or " The Best Answer", please click the tab indicating that. Thank you!
Ins co will hire and pay for lawyer to defend the case, and to try to get other side to settle w/in the limits. If the other side wont accept the policy limits, you will be well advised to hire an atty personally, for whom you will have to pay. That lawyer can hopefully help convince pltf to settle for the policy limit. That lawyer can try to pressure the ins co lawyer and ins co to offer the pltf the insurance limits, if they are refusing to do so. That lawyer can also negotiate for some payment out of your private assets, to try to get a settlement. You should expect to pay at least 300/hr up to 450/hr. You want an experienced personal injury atty. Someone local my know the pltf atty which could help.