What would it take to force you to sell off? (1 Viewer)

Marhault

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Sorry for the long post.

So I've been in an out a lot lately, haven't really slowed down purchasing or acquiring chips just haven't been interested in much here and have been focusing on singles and samples as opposed to sets.

I've often thought on what kind of catalyst it would take to make me sell off my collection. I've been through financial hardship and most everything made it through untouched. I've even went through periods of disinterest in the hobby and still never sold. Unfortunately I may have found my catalyst and it's definitely financial.

I have talked with a few people about this as it's a personal thing but I've been fighting a lawsuit from an auto accident for roughly the last 3 years. Without going into to much detail I was in an accident that was my fault, I fell asleep driving and rear ended someone driving down the highway. Minor collision by all standards I've ever had as well as the police on the scene etc. Either way both the driver and passenger have filed lawsuits against me claiming traumatic injuries that never materialized until the statute of limitations was nearly expired for them to file suit.

My insurance is defending me, as they are required to do by law. Both of the individuals are suing for the limits of my insurance which is $25k. My insurance has offered them a settlement of $15k they are refusing and petitioned for a jury trial. The judge has granted both requests. Unbeknownst to me this presents an issue. I did not know that the jury could find for damages above and beyond what the plaintiffs are asking for, and that because of my insurance limits I would be liable for that money. I'm not sure why my insurance is doing this to me unless they think they can win a settlement of less than 25k when both plaintiff's said they would drop the suit with a payment of 25k. Either way this is where I'm at.

I have consulted with a local attorney that isn't my one appointed to me by my insurance company (at the insurance companies suggestion). This attorney says that it is not likely that a jury finds for more damages but not completely unheard of.

The first of my jury trials in these suits starts in less than 2 weeks and needless to say I'm worried. I know that sums of money like $25k aren't exactly life changing to a lot of people on here but for me it very well could be especially since it could go well above that. So for me I'm afraid that I've found my catalyst. If the damages levied against me exceed my insurance coverage I'm afraid I will have to cut ties with portions of my collection and depending on the size possibly all of it. 20+ years of collecting will be wiped away and sold to the highest bidder essentially with nothing gained by me or my family. I figured this would happen once I was gone or older if my children didn't want to continue to collect, but at the very least they'd gain some financial windfall from it no matter how small it might be.

It's sad honestly. My wife doesn't understand, of course she was quick to point out that I have plenty of things to sell to cover these possible damages but she doesn't understand the mindset of a collector. I've collected different things over the years but the majority are poker chips, gold and silver coins/bullion and trading cards (Magic the gathering, Pokemon etc). Since I've never really been "forced" to sell anything I'm not dealing well with it. I guess I kinda thought someone here might understand my pain or have some advice since I've seen others sell large portions of their collections off over the years on here or on CT.
 

Mike mac

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HANG IN THERE ! when ever i have a bad poker night , i sell what i have gathered on top of my main set, and it is painful but it makes me feel better in the end. there are always more chips to buy down the road. my pain is a micro example comparatively speaking to what you are going through but that's what i do. i wish you all the best!! hang in there !!!

MM
 

JWC

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Marhault

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IIRC - If the insurance company has the ability to settle within the limits of the policy, and fails to do so, any judgement beyond the limits of the policy is solely on the insurance company.

Not sure where you live, but see this: https://www.michiganautolaw.com/blo...ccident-settlements-exceed-the-policy-limits/

I would investigate with your own personal attorney.
Part of the problem is there was no "official" counter offer it was something said in the deposition by the plaintiffs. They simply rejected the settlement offer and said they wanted the full 25k. Now I'm not completely certain on whether it's different based on Illinois law or not but my personal attorney hasn't said anything about this, but it's definitely something I will ask her to see for sure. Thanks!
 

Eriks

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Very sorry to hear, sounds terrible. I would feel sick to be forced to sell off my collection. I like a lot of things about the US, but the ability to sue one another left and right (with great potential to be awarded big money for basically nothing), certainly is not one of them. I hope it works out for you so you don’t have to sell. Wish you all the best!
 

tabletalker7

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If they said they would drop it for 25K, and the insurance company is fighting it instead of paying it, that means the insurance company has thought this through and believes the cost of the judgement AND the cost of the lawyers will be less than 25K. I might trust the insurance company here (never EVER thought I would say that).
 

Josh Kifer

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JWC

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Part of the problem is there was no "official" counter offer it was something said in the deposition by the plaintiffs. They simply rejected the settlement offer and said they wanted the full 25k. Now I'm not completely certain on whether it's different based on Illinois law or not but my personal attorney hasn't said anything about this, but it's definitely something I will ask her to see for sure. Thanks!

Ask her specifically about the Illinois Bad Faith Insurance law...
 

JWC

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Very sorry to hear, sounds terrible. I would feel sick to be forced to sell off my collection. I like a lot of things about the US, but the ability to sue one another left and right (with great potential to be awarded big money for basically nothing), certainly is not one of them. I hope it works out for you so you don’t have to sell. Wish you all the best!
@Eriks - I live here, and fully agree with you. Litigation is out of control in many respects.
 

Marhault

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If they said they would drop it for 25K, and the insurance company is fighting it instead of paying it, that means the insurance company has thought this through and believes the cost of the judgement AND the cost of the lawyers will be less than 25K. I might trust the insurance company here (never EVER thought I would say that).
This has definitely been a thought but even a calculated risk like that on their part isn't a drop in the bucket compared to the risk they are essentially forcing me into.
 

Lil Tuna

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Don’t sell your chips. If the insurance company is offering 15k to these folks, it’s probably because they’ve seen situations like this many times and probably know the typical outcomes.

I had a situation years ago where a guy tried to sue me for $150000 because of an auto accident. The insurance company offered the guy $10000 and he refused the offer. Went to court, he lost the case and got NOTHING!

Accident was not my fault and I received no citation from the incident but this dude felt differently and tried to sue anyway.
Wait and see what happens, I’m no expert on any of this but I have a feeling there’s a reason your insurance is only offering what they’re offering.

Shit happens my man, I know this is a frustrating situation but just try to stay positive. Sounds like no one was seriously injured which is the most important thing of all.
 

mnebesny

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Woah, just stumbled across this.

This is such a horrible and stressful situation to be in. We haven't done too much business, but you're definitely one of the great chippers, it would be such a tragedy to see you lose everything.

Really hoping things work out for you...I know it seems dark but just remember insurance companies make their money from taking well calculated risks, and they know what they're doing (as much as I hate having to side with them on this one). It's pretty shitty that they're putting you through this, but there's definitely room for optimism.
 

RainmanTrail

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Thomacetti

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@Eriks - I live here, and fully agree with you. Litigation is out of control in many respects.
Same as Eriks, glad this kind of uncertainty is not a part of daily life in EU.
It beats the purpose of being insured.

Crossing fingerz and sending good karma for next week...and thanks for sharing.
 
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RainmanTrail

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I think you're stressing out because the worst case scenario is pretty shitty. However, I think you're also grossly over estimating the likelihood of that scenario actually playing out. There's a reason the insurance company told them to pound sand. They're happy to fight this in court and they have a TON of experience doing so. Your odds of being on the hook for any additional damages are probably akin to losing with :kh::kd:on a :kc::8d::2s: flop when you're up against :2h::4h:.
 

upNdown

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but the ability to sue one another left and right (with great potential to be awarded big money for basically nothing)
This is a common misconception and it just isn’t true.

@Marhault i had to sell all my chips a few years back - I lost a work contract and eventually needed cash to put food on the table and gas in the car. Granted, my chips were the result of only a few years of collecting, not decades, but the bottom line is they’re only things. In the long run (at least in my mind) these material possessions are merely distractions.
 
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If they said they would drop it for 25K, and the insurance company is fighting it instead of paying it, that means the insurance company has thought this through and believes the cost of the judgement AND the cost of the lawyers will be less than 25K. I might trust the insurance company here (never EVER thought I would say that).
I remember my brother having difficulties with his former insurance company involving a car accident with a fraudster. He dropped them after case was settled. Sometimes you need a good lawyer over and above the insurance company. Me personally, I have a bus pass. I can't compete with the drivers nowadays.
 

toothpic

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Also going back to your original question, I'm not exactly sure either. I think that a major loss of interest in chip collecting as well as poker would definitely need to be the major factors. Maybe if I lost interest in chipping and had a high interest in another expensive hobby it could lead to me selling my chips to pay for something else. Right now nothing comes to mind.
 

buffalojim

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What would it take? Hmm... well, it wouldn't take much. I've already thought about this and I would just need the cash for something like you're going through or need the funds to go towards a house or vehicle, preferably a house. Then I'd probably just go CPC and forget Paulson's exist and sleep well at night.
 

warewulf

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For me, the selloff began when I was building my first Jeep in 2012. I probably sold over $20K in chips to buy Jeep parts. Eventually traded the 2012 Jeep for a 2006 Jeep. So wanting parts for my new hobby had me looking at my chip collection with an evil eye. Do I REALLY need multiple tournament and cash sets? What parts could I buy if I sold THIS set...

The 2012:

Note the King logo on my right. That was originally used as a hot stamp design. One of the few sets I still own.

JKU.jpg



My current 2006. I sold my custom TR King Suicide King set to buy the suspension. Some regret, but I have more fun with the Jeep.

LJ.jpg
 

warewulf

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Wait and see what happens, I’m no expert on any of this but I have a feeling there’s a reason your insurance is only offering what they’re offering.
Agree with this. Ok to start planning 'what if', but don't sell unless you want/need to. Hopefully you get some people on the jury that have been sued. It only takes one to win your case.

IMO, what's the point of having insurance if your co doesn't pay the damages.
 
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