According to the lawsuit, Wells Fargo Southeast -- which provided insurance for the Hogan family -- only paid $250,000 to John Graziano, who is severely disabled -- the result of the Nick Hogan car crash.
Hulk claims the $250,000 policy limit exposed him to personal liability in settling the case.
Hulk's beef -- insurance company reps never advised him his policies needed to be reevaluated given that he had teenage drivers who posed a greater financial risk.
Hulk's lawsuit does not disclose how much he personally paid to settle with the Grazianos.
Hulk is suing for unspecified damages.