What documents do I need to write to sue someone and their insurance company for $300K? 1 Answers as of February 08, 2012

Let me explain why that is not going to happen. For sake of argument, let's say that the case is actually worth $300,000.00. Consider what you would do if someone had a judgment against you for $300,000.00. You would file bankruptcy. That is exactly what the Defendant would do in this case. You would be left holding a worthless piece of paper after you spent at least $15,000 in legal fees and costs. If your insurance limits are the same as the Defendant's, you get zero. If you're underinsurance coverage is $50,000.00 and the Defendant's coverage is $25,000.00, you could get $25,000.00 from your own insurance policy but that must be carefully coordinated with your insurance. Remember, that you cannot get any of the money from the Defendant's insurance without signing a release. Once you sign the release, you lose your right to sue. In this case, that right is probably not worth anything but you need to be careful because your own insurance company has the right to sue the Defendant if they wish. If you take away that right, they can lawfully refuse to pay you the underinsurance monies. If you are handling this on your own, a certain that you coordinate any action with your own insurance adjuster. Unfortunately, the most likely scenario here is that your recovery will be limited to the limits of the Defendant's policy and any underinsurance which you may have. It's too late for this accident but this is a good opportunity for you to see how important it is to carry more bodily injury insurance. This is the cheapest part of your insurance. The difference between carrying $50,000 worth of insurance and $500,000 worth of insurance is probably less than $500 per year in premiums.