by Guest » Sat Feb 07, 2009 02:19 pm
hi!...my car was stolen 4 weeks ago in san diego and found in mexico 2 weeks after, the insurance agent tell me that the car was involve in a accident and that they are investigating, my question is: how long do i have to wait to get my car back and repair or get a check
Posted: Sat Feb 07, 2009 02:19 pm Post Subject:
how long do i have to wait to get my car back and repair or get a check
Thefts take a little longer to handle, typcially there are credit checks to run etc..is your vehicle repairable or are they totalling it? Ask you adjuster where they are in their investigation, they should be able to tell you pretty acruately if everything looks good or additional investigation time is warranted.
Posted: Tue Feb 17, 2009 10:04 pm Post Subject: Stolen Car
Marya, I am in almost the exact same position. My car was stolen sometime in late December/early January and it was found in Mexico about 4 weeks later. It has now been over 6 weeks and i still dont have my car or a settlement! Every time i talk to my insurance company they just tell me there is a lot of red tape in bringing a stolen car back to the states. I am still making payments, but it is getting ridiculous. They cant confirm the condition, but say they've heard that it only has minor damage/parts missing. Is there anything requiring an insurance company to offer a settlement within a period of time? How long can this go on for?
Posted: Wed Feb 18, 2009 04:34 pm Post Subject:
Is there anything requiring an insurance company to offer a settlement within a period of time?
yes and no...state dependentHow long can this go on for?
i guess in 'theory' forever as long as they keep notifying you that they need additional time to investigate...however your's is a unique situation...were I you i'd contact my states Dept of Ins..immediately....and ask what your state statutes say about this...actually read your policy too (comprehensive coverage part) there should be some information at total thefts and recovery.Posted: Wed Feb 18, 2009 07:23 pm Post Subject:
What does the person do in the meantime for transportation? Does the insurance cover it or do you have to have rental on your policy?
I imagine there would be a lot of red tape and credit checks. Believe it or not everyone is not as honest as we are and the insurance company would have to do all they can to make sure the validity of this claim before paying. It can be stressful to the victim but imagine our rates if they just straight out paid every claim. Hope you both get this taken care of soon. Good luck.
Posted: Wed Feb 18, 2009 08:10 pm Post Subject:
What does the person do in the meantime for transportation? Does the insurance cover it or do you have to have rental on your policy?
most policys even if you do not have rental coverage or rental reimbursment, under comp peril of total vehicle theft there is UP to 30days rental...now maybe all policys don't say this, maybe it's just MO i only know that it is that way in the state I handle the majority of my claims in. y problem with this particular claim is : two weeks had pasted since it was recovered, and the OP still didn't know where they stand...mexico, or "zim-bobby-way"...i don't care, there could've been a decision made in that amount of time, assuming of course that coverage is clear, and no further investigation of the 'insured' is needed.Posted: Wed Feb 18, 2009 08:20 pm Post Subject:
I recently heard that insurance companies are fighting hard to keep money in the companies pocket and sometimes claims are being delayed as long as possible or the company is hard to deal with. They fought mine everyday for about two weeks before giving in and that was only after threatened with court. Is there any truth to that or a completely different situation?
Posted: Wed Feb 18, 2009 08:26 pm Post Subject:
I recently heard that insurance companies are fighting hard to keep money in the companies pocket and sometimes claims are being delayed as long as possible or the company is hard to deal with.
You know this is something that surfaces every once in awhile..that if the carrier holds on to that money one more week they would've made 'x' amount more...it's b.s....the thing is every company when a claim is reported must set an average reserve immediately...so lets say the 'average' collision reserve is 2k...ok you turn in a coll claim...immediately that 2k reserve is set up..(think of it like 2k of the ins companys money just got moved to a special account to pay that claim, they can't use that money) but the damage is only 500.00 well if they hold up a claim settlement that is 1500 they tied up for no reason...They fought mine everyday for about two weeks before giving in and that was only after threatened with court.
I don't understand what you mean Fire, you mean your damage to your vehicle?Is there any truth to that or a completely different situation?
not really much truth to it...now that being said, i have seen a low character agent or two hold up reporting claims because they didn't want that reserve on that month or some such thing.Posted: Sun Jun 21, 2009 05:59 am Post Subject: No Limit Langauge in Insurance Coverage
What happens if the insurange policy does not specifically state: "No payment will be made for any claim or loss resulting from vehicle being stolen in Mexico or Canada?" On the other hand cars that are leased in the United States specifically state: "Leased car CANNOT be driven outside of the United States and into Mexico." Based on this information I would think that Federal Truth in Lending Laws laws would require notice by both the financial institution and the insurance company to the customer financing the vehicle that the vehicle cannot be driven outside of the United States into Mexico or Canada without any additional insurance coverage? Why are "lease agreement" vehicle notices different from traditional "purchase agreement" vehicle notices. Double standard?
Posted: Mon Jun 22, 2009 02:06 am Post Subject:
cars that are leased in the United States specifically state: "Leased car CANNOT be driven outside of the United States and into Mexico." Based on this information I would think that Federal Truth in Lending Laws laws would require notice by both the financial institution and the insurance company to the customer financing the vehicle that the vehicle cannot be driven outside of the United States into Mexico or Canada without any additional insurance coverage? Why are "lease agreement" vehicle notices different from traditional "purchase agreement" vehicle notices. Double standard?
This is an interesting topic. Technically, a lease agreement (consumer lease agreements specifically) are not held to the same standards as a traditional financing arrangement (under the Federal Truth in Lending Act). When you finance a vehicle, you are paying off the loan that you used to purchase the vehicle. You may have a lien on the title (a lienholder), but when your 48 months or whatever other term is up...you own the vehicle.
In a lease, you are simply renting the car for an extended period of time. You are paying for the depreciation and the use of the car, but never actually build up any equity or get any closer to ownership. Sure you have the option to buy the vehicle after your lease is up, but if you don't...they sure don't give you any money back!
There are other things you are not theoretically supposed to do with a leased vehicle. The first few that come to my mind are no aftermarket parts and following the manufacturer's service recommendations. You also are limited as to the miles you can drive, and you are even penalized if you do not keep the car in good condition.
From an automaker / dealer standpoint, think of a leased vehicle as a loaned vehicle. They stand to be impacted negatively by the loss of such a vehicle...if you have financed it...they've gotten their check and they're done!
Posted: Tue Jun 30, 2009 06:36 am Post Subject:
"I recently heard that insurance companies are fighting hard to keep money in the companies pocket and sometimes claims are being delayed as long as possible or the company is hard to deal with. They fought mine everyday for about two weeks before giving in and that was only after threatened with court. Is there any truth to that or a completely different situation?"
It happens but it is not the case with all the companies, if you have chosen insurance form good insurance company then you will not ever face this problem
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