Nick Hogan, Hulk Hogan

Courtesy Hard Rock

Hulk Hogan's got his bandana in a knot over this.

The pro-wrestling legend is taking on his family's insurance company, Wells Fargo Southeast, after the firm only paid out $250,000 as part of a settlement with John Graziano, the young man who suffered permanent brain damage in the 2007 street-racing car crash caused by former best buddy Nick Hogan.

According to the complaint, the Hulkster believes he shouldn't have had to dig into his own pockets to pay a bigger chunk of the settlement.

Nick pleaded no contest to felony reckless driving, served five months in a Florida jail and is currently serving out a five-year probation. The Hogans subsequently settled a civil suit for an undisclosed sum with the family of Graziano, who will require lifelong medical care.

Per court documents, Hulk (real name: Terry Bollea) claims he had to pay the Grazianos out of his own pocket because Wells Fargo failed to properly cover him despite collecting tens of thousands of dollars in premiums.

Hogan's attorney, Will Florin, tells E! News that the insurer should have advised Hulk to obtain an "umbrella" policy to cover any unexpected events that would require more than the $250,000 covered by his basic plan.

"They dropped the ball," Florin says. "He had a primary insurance policy for $250,000, but it ended there. Anything over that, you need an umbrella policy. It's one policy that acts as an umbrella to cover anything and everything if somebody sues you. They were aware that he had teenage drivers in the household and that he didn't have an umbrella policy."

The Hogan Knows Best dad, whose earnings topped $30 million at the time of the accident, is suing for an undisclosed amount.

But according to his lawyer, it was Wells Fargo's responsibility to fully advise Hogan of his options, not the other way around.

"They were aware...that his income was substantial," Florin said. "You need to watch out for the best interests of your client. We've got a guy that doesn't have any kind of excess coverage in the event that something goes wrong. The biggest risk he faced to losing his assets was if one of his teenage drivers had an automobile accident."

A lawyer for the Wells Fargo could not be reached for comment.


Hulk Hogan's got a new lady in his life. Read about her here.

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