There are various set offs one of which is the at fault parties insurance coverage.
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You are being offered this amount of money because that is what your insurance policy provides. You should read your uninsured/underinsured motorist portion of your policy and you will understand exactly what is going on. You cannot collect more money than you bargained for. Obviously, you were seriously underinsured at the time of this collision. You always should try to buy as much underinsured motorist coverage as you can afford.
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Mr. Lundeen is licensed to practice law in Florida and Vermont. The response herein is not legal advice and does not create an attorney/client relationship. The response is in the form of legal education and is intended to provide general information about the matter within the question. Oftentimes the question does not include significant and important facts and timelines that, if known, could significantly change the reply and make it unsuitable. Mr. Lundeen strongly advises the questioner to confer with an attorney in your state in order to ensure proper advice is received.
This ans. does not create an attorney/client relationship.
Ohio allows "anti-stacking" provisions in underinsured motorist setting. Generally, the amounts that are available from the wrongdoer's (also known as a tortfeasor) policy is subtracted from the underinsured motorist policy. There are also other pitfalls to settling with the tortfeasor directly. Usually, it is required that you seek permission to settle from your own carrier, and provide them with the opportunity to advance the offer if they want to pursue the tortfeasor after paying you. I strongly recommend you consult with an before signing any release.