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 Posted: Wed Jun 17, 2009 2:20 pm Post subject: How to get fair claim settlement for totalled/near totalled |
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| I have a 2008 Kia optima with less than 8000 miles that was hit at a stopped light by a driver not seeing the red light and smashing me into the car in front of me. We were at a dead stop, not slowing, not moving, 4 lanes, nowhere to go to avoid oncoming fast moving car in rear view mirror. The driver and all witnesses are in agreement and the driver at fault has insurance and my vehicle has been taken to dealership body shop. My concern is, with owning the car less than a year, I believe I am going to incure a large financial loss weather the car is totaled or repaired. I put money down so gap coverage is not the issue, but if they total it, and I have to buy a new one, I pay taxes again - basically, my 10 months of paymenst have paid taxes and interest and depreciation - the car still has new car smell - perfect condition. Is there anyway to negotiate cost of having pay taxes on the new vehicle I must purchase. I should not incure expenses to replace vehicle and I will. If they fix the vehicle, the trade value will be greatly reduced and I won't be able to sell outright because of carfax and an accident with such high repairs. The body shop is disassembling now and says it is border line if it will be totalled to much damage to make quote until dissassembled. Of course, I am receiving numerous lawyer letters everyday, but I not seeking extra benifits, just wanting to come out even. Any suggestions on how not to lose thousands on this situation, that was no fault of my own |
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syancey727
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| Posted: Wed Jun 17, 2009 6:27 pm Post subject: |
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| When a vehicle is a total loss the insurance company includes taxes based on the value of the vehicle as part of the settlement. They should also included other expenses (registration title, etc) that are incurred due to the purchased of the vehicle. |
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tcope
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| Posted: Thu Jun 18, 2009 8:40 am Post subject: |
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Syancey727,
Have you heard yet from the other driver's carrier? What is their call? |
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simon
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| Posted: Thu Jun 18, 2009 10:25 am Post subject: |
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Syancey727,
| Quote: | | The body shop is disassembling now and says it is border line if it will be totalled to much damage to make quote until dissassembled. |
If the repair costs are so high it's bound to get totaled. Again following tcope's explanation you don't seem to have much reason to worry about. Did anyone ask you to consult an attorney?
Steven |
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steven
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| Posted: Thu Jun 18, 2009 11:51 am Post subject: |
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syancey727
Each state handles their sales tax differently some pay it (cash)...others have to issue a sales tax affidavit (like a credit or voucher)...either way, you will get your sales tax on your vehicles ACV (actual cash value)...not on the value of it when you paid the sales tax...
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Lori
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| Posted: Thu Jun 18, 2009 12:25 pm Post subject: |
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syancey727,
THIS IS NOT LEGAL ADVICE.... & .... I AM NOT A LAWYER. But to the best of my limited understanding.......
You are the victim of another's reckless action. Its my understanding that your Settlement is not restricted by any Insurance... Policy , regulations, guidelines, etc.. The governing body of this Settlement would be that of the States "Tort" rules, regulations, laws.
Its also my understanding that the _Person_ who damaged your auto... not his/her insurer, but the person, is responsible for any and all necessary and reasonable expenses that you incur until you are back to where you where before the accident. AND that person's insurer is obligated to reimburse their insured up to his/her policy limits.
Just my thoughts.
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That's my 2¢ worth for now. ( maybe ± a couple ¢ ) 
FK, |
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FK
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| Posted: Thu Jun 18, 2009 10:29 pm Post subject: |
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| Quote: | | Its my understanding that your Settlement is not restricted by any Insurance... Policy , regulations, guidelines, |
I agree with most of your post Fred, however, there are regulations and guidelines, that the OP can not usurp ... ie how the sales tax is paid, etc...those are state regulations not carrier specific
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Lori
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| Posted: Thu Jun 18, 2009 10:43 pm Post subject: |
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| Quote: | | AND that person's insurer is obligated to reimburse their insured up to his/her policy limits. |
This part is incorrect as well. The insured only has to pay for what the insured's was legally obligated to pay. It's also subject to reasonable charges.
Lastly a condition of the insured's policy is that the insured cannot make any payments or make any obligations unless at the insured's expense (or some wording to that nature). |
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tcope
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| Posted: Fri Jun 19, 2009 6:05 am Post subject: |
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| Quote: | | AND that person's insurer is obligated to reimburse their insured up to his/her policy limits. |
No, the insurer is obligated to pay only upto the amount of loss that has been caused by their insured. They wouldn't always release the limit.
FK, how about you getting into an accident of minor nature but your insurer decides to release the limit to the other driver, quite obviously you wouldn't be very happy about their decision, right? |
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JeremyHolter
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| Posted: Fri Jun 19, 2009 8:32 am Post subject: |
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Hi Lori..
| Quote: | | ie how the sales tax is paid, etc...those are state regulations not carrier specific |
Are there any online sources wherein I might get to know about these state-specific regulations?
Steven |
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steven
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| Posted: Fri Jun 19, 2009 10:25 am Post subject: |
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| Quote: | | Are there any online sources wherein I might get to know about these state-specific regulations? |
That's a good questions Steven, I honestly don't know...when I get a total loss from out of my own state, I always call that states claims dept and ask how the sales tax is handled...Let me do some checking and I'll see if I can find something... | Quote: | | AND that person's insurer is obligated to reimburse their insured up to his/her policy limits. |
sorry guys, I let that one blow right past me...   Fred, that's incorrect...if what you mean is that the insurer owes up to their limit for damages for what they would be legally liable for ok, but the insured cannot plop down their limit, because someone requested it, and expect their carrier to reimburse them....they can't pay anything without their carriers ok, or they breach their insurance contract as well..
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Lori
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| Posted: Fri Jun 19, 2009 12:17 pm Post subject: |
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Lori, as far as conflicting rules about Sales Tax, I guess that might depend on whether the Judicial system lets Consumer Protection Laws trump Insurer Protection Laws, or not??
Lori, tcope and others...
| Quote: | | the person, is responsible for any and all necessary and reasonable expenses that you incur until you are back to where you where before the accident. AND that person's insurer is obligated to reimburse their insured up to his/her policy limits. |
I thought this statement would be self-explanatory.... but.... I'll add clarification.
1 - surely your not implying that "necessary and reasonable expenses" could be excluded from what is owed the Victim by the _at fault_ driver.
2 - Nor am I implying that if those expenses were more than the Policy Limits of the _at fault_ driver that his insurer would automatically be required to pay more than the Policy Limits. (although I vaguely remember reading of a few court cases where the _at fault insurer_ has been forced to pay more). I'm not sure if those cases were property damage or personal injury.
3 - I think if you all re-read my original comments you will find the answers to _your_ comments.
4 - If not.... let me know and I will do my best to re-explain my thoughts.
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That's my 2¢ worth for now. ( maybe ± a couple ¢ )
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FK
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| Posted: Fri Jun 19, 2009 4:42 pm Post subject: |
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| Quote: | | surely your not implying that "necessary and reasonable expenses" could be excluded from what is owed the Victim by the _at fault_ driver. |
What I'm pointing out is that the policy specifically states that the insured cannot commit the carrier to paying anything. That is, the insured is prevented from making a payment that obligates anyone except himself. So according to the policy the insured cannot look for reimbursement just because he/she made a payment on the loss. Your statement implies that the insured can simply pay the claim as they see fit and then seek recovery from their insured. The amount paid and/or the amount the carrier owes is not anything I'm speaking about. I'm pointing out that the insured making _any_ payment for _any_ reason is a _very_ bad idea. Insured's don't know what laws apply to their claim (after 20 years, I probably don't know 1/2 of them). If the insured makes a payment this could obligate the insured to a much larger liability. So it's more then just seeking reimbursement from the insurer for the amount paid by the insured... it's all the liability that is attached to that payment. This could be assumed by the insured directly and not something that could be transfered to the carrier.
In all, it's not a good idea (and specifically addressed by the policy) for the insurer to be making payments on a claim and then thinking that they can simply get paid back by the carrier. |
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tcope
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| Posted: Mon Jun 22, 2009 11:32 am Post subject: |
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(Sorry about the late reply, Its been a busy week or so.)
MY COMMENTS in BOLD Print
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Quote: FK, states...
""surely your not implying that "necessary and reasonable expenses" could be excluded from what is owed the Victim by the _at fault_ driver.""
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tcope states...
""What I'm pointing out is that the policy specifically states that the insured cannot commit the carrier to paying anything. That is, the insured is prevented from making a payment that obligates anyone except himself. So according to the policy the insured cannot look for reimbursement just because he/she made a payment on the loss.""
Yep..! I believe your right...! The at-fault driver can certainly get _short paid_ (reimburse) by his/her insurer... but that is the _at-fault_ drivers problem, not the Victims problem. Just because the _at-fault_ drivers insurer refuses to pay the "Necessary & Reasonable" expenses doesn't automatically mean the _at-fault_ driver somehow doesn't still owe the Victim for ALL "Necessary & Reasonable" expenses.
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tcope states...
"" Your statement implies that the insured can simply pay the claim as they see fit and then seek recovery from their insured. ""
Really..?? I don't see where I've implied that at all.
Unless your thinking that "Necessary & Reasonable" would include the Victim stating they feel they should also receive an extra $10,000.oo_ Just Cuz_, as being "Necessary & Reasonable"..??
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tcope states...
""The amount paid and/or the amount the carrier owes is not anything I'm speaking about. "" but.. that's all my comments have been about??
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tcope states...
""I'm pointing out that the insured making _any_ payment for _any_ reason is a _very_ bad idea.
Who said they should..????? Or even implied they should?? These Posts have been about and too the Victim, not the _at fault_ driver.
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tcope states...
""Insured's don't know what laws apply to their claim (after 20 years, I probably don't know 1/2 of them). If the insured makes a payment this could obligate the insured to a much larger liability. So it's more then just seeking reimbursement from the insurer for the amount paid by the insured... it's all the liability that is attached to that payment. This could be assumed by the insured directly and not something that could be transfered to the carrier.
In all, it's not a good idea (and specifically addressed by the policy) for the insurer to be making payments on a claim and then thinking that they can simply get paid back by the carrier. ""
Again... I don't see how a problem between the _at fault_ driver and the _at fault_ driver's insurance Co. would change the amount of the "Necessary & Reasonable" expenses that are owed by the _at fault_ driver to the Victim.
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That's my 2¢ worth for now. ( maybe ± a couple ¢ )
FK, |
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FK
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| Posted: Mon Jun 22, 2009 12:54 pm Post subject: |
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| Quote: | tcope states...
"" Your statement implies that the insured can simply pay the claim as they see fit and then seek recovery from their insured. ""
Really..?? I don't see where I've implied that at all. |
Here is your post: | Quote: | | Its also my understanding that the _Person_ who damaged your auto... not his/her insurer, but the person, is responsible for any and all necessary and reasonable expenses that you incur until you are back to where you where before the accident. AND that person's insurer is obligated to reimburse their insured up to his/her policy limits. |
Last word in my initial quote should be "insurer", not "insured" but that should be obvious. |
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tcope
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