Posts Tagged ‘Personal Finance’

Learn About Car Insurance in Missouri

October 8th, 2022

Each state,Guest Posting including Missouri, has its own unique set of requirements when it comes to car insurance. If you are close to driving age in Missouri or you’re moving to Missouri from another state it makes sense to learn about these requirements. Once you learn about car insurance in Missouri you’ll find that it has a few similarities and some differences from other states.One of the most important requirements you will want to be aware of is that Missouri requires you to maintain financial liability for your vehicle. Of course, unless you are moving to Missouri from Wisconsin, Florida, or New Hampshire you should already be familiar with the concept of mandatory car insurance. Basically the law in Missouri states that you must always maintain financial responsibility for your vehicle at all times, to insure an injured party is protected.So, what else should you know about car insurance in Missouri? One important fact is that you must provide proof of insurance at all times, including while registering your vehicle with the DMV. Some acceptable proofs of financial responsibility include a current insurance card, a receipt from your insurance carrier showing name and vehicle information, the actual insurance policy, or a self-insured card from the Driver and Vehicle Services Bureau (applicable to dealers). You are considered exempt from providing proof of insurance if your vehicle is an official state, federal, or municipal vehicle or you have a commercial vehicle and a “motor carrier’s” card instead.You should also know that the state of Missouri not only requires you to maintain liability insurance on your vehicle, they also require a minimum amount of insurance you must maintain. All states are different in this regard, so it pays to know the minimum limits for your state. For instance, in Texas the limits are 30/60/30 (liability/property) but in Pennsylvania the limits are 15/30/5 (liability/property). So, as you can see, the required amounts vary greatly. If you are a resident of Missouri the minimum limits of insurance are 25/50/10, meaning you must maintain $25,000 in liability for a single person, $50,000 for a single accident, and $10,000 in property damage per accident. All car insurance policies written in Missouri must conform to these minimum limits, but it’s important to verify this with your insurer to confirm you are following the law. If for some reason your policy does not adhere to the minimum limits you should contact your agent immediately!Okay, so you know you must legally maintain car insurance in Missouri. But, what happens if you decide to take a risk and forgo purchasing insurance? If you get caught without proof of insurance you may be subject to one of the following penalties – 4 points on your driving record, an order of suspension that subjects you to monitoring, or suspension of your license. If you are in an auto accident and cannot provide proof of insurance you will have to file an SR-22 with the DOR for three years. So, you can see that keeping the proper insurance is vital!You now have a basic familiarity with car insurance in Missouri. Hopefully you will now be able to obtain insurance quotes and other information as an informed consumer, along with preventing any legal ramifications from your failure to maintain insurance.

Resolving Medical Liens in Missouri Personal Injury Cases

March 16th, 2022

One important aspect of handling a personal injury claim, and maximizing the financial recovery of the client, lies in negotiating and resolving medical liens. Often times, people who suffer personal injuries due to the negligence of another do not have insurance. Other times, an injured person may have insurance but that insurance has a large deductible or insufficient coverage. Either way, the injured person may face significant medical bills, and collection, long before he or she receives any compensation for his or her injuries.

This ordeal can become overwhelming, especially without the assistant of a personal injury lawyer. In addition to dealing with the pain and suffering of the injury itself, claimants may be faced with lost wages as well as mounting medical bills. The reality is that healthcare providers want to be paid and unsympathetic to the injured person’s predicament. Indeed, providers will often hire a collection company to recover their bills within a few months of treatment (which of course, may affect one’s credit). Moreover, some providers, generally chiropractors, will even go as far as to ask the patient to sign a document that purports to transfer to the provider the right to receive funds from a future personal injury recovery.

In Missouri, an assignment of a personal injury claim is void. According to the recent case of Huey v. Gary Meek, dba Meek Chiropractic (Mo. App. S.D. 2013) the appellate court declared that a chiropractor’s “consensual lien” was void because it violated Missouri’s public policy against assignment of personal injury claims. Accordingly, without the help of a personal injury lawyer who knows the law, injured persons may pay bills they are not legally required to pay.

Further, Missouri has a healthcare lien statute, which is Section 430.225 of the Missouri Revised Statutes. Pursuant to this statute, if the liens of such health practitioners, hospitals, clinics or other institutions exceed fifty percent of the amount due the patient, every health care practitioner, hospital, clinic or other institution giving notice of its lien shall share in up to fifty percent of the net proceeds due the patient, in the proportion that each claim bears to the total amount of all other liens of health care practitioners, hospitals, clinics or other institutions. “Net proceeds”, as used in this section, means the amount remaining after the payment of contractual attorney fees, if any, and other expenses of recovery.

What this means is that the injured party will never have to pay more than fifty percent of the net proceeds for a claim (and that all providers are entitled to only their pro rata share of the total bills). For instance, assume an injured party hires a personal injury lawyer for a 1/3 contingent fee and he wishes to settle his claim for Fifteen Thousand Dollars ($15,000.00), but has medical bills that total ten thousand dollars ($10,000.00). Pursuant to this scenario, assuming there are no costs, the medical provider is only entitled to receive Five Thousand Dollars ($5,000.00). This situation results in 1/3 for the attorney, 1/3 for the provider, and 1/3 for the injured client. Accordingly, without this statute, injured parties would often get zero recovery.