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 Posted: Sun Feb 01, 2009 3:53 pm Post subject: kinda sounds shady |
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| We all know how expensive transmissions can be. minimul body damage and a damaged transmission may raise some eye brows. Deductibles must always be paid before the Insurer does anything. Although raising your deductible when you get a quote will lower your rates, this is the drawback of a high deductible. |
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roberts8040
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| Posted: Tue Feb 03, 2009 2:37 am Post subject: |
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| If the garage though agrees to payments from the insured then why would that have to be paid completely up front before the insurance company would pay? They (the insurance company) would have paid what they were responsible for leaving the insured to finish paying it off...it would not be a loss out of anyones pocket except for the garage owners. I do not get why they would not pay up before the deductible was met. |
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fireyone
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| Posted: Tue Feb 03, 2009 5:10 am Post subject: |
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Firey, the insurance company may expect the insured to pay the deductibles upfront when there is a lien in place. The insurance company is responsible for safeguarding the interest of the lien holder, and, therefore, may insist that the car get repaired properly.
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anonymous 12
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| Posted: Tue Feb 03, 2009 6:13 am Post subject: |
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Hi,
| Quote: | | I do not get why they would not pay up before the deductible was met. |
This is about the coverage agreement between an insurance company and the insured. This agreement is based on other important factors which have been considered while arriving at the risk associated with the insured.
Don't forget that even the rate of premiums that have been paid by the insured for so long has been dependent on this risk factor. More the risk, more would be the premium. By opting for a greater deductible the insured is actually sharing more of the risk burden and thus achieving a lesser rate from his carrier. Now all of these could be followed through a legal agreement where the insured would promise to share his own loss along with his carrier.
Fatman |
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fatman
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| Posted: Tue Feb 03, 2009 11:34 am Post subject: |
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| Quote: | | Deductibles must always be paid before the Insurer does anything. |
Sorry Roberts, this is incorrect information, | Quote: | | I do not get why they would not pay up before the deductible was met. |
You don't get it because it is incorrect...you are right Fire..
The DAMAGE has to exceed the deductible..meaning the total cost of repair/replacement cannot be below the deductible...but once the damage cost has eclipsed the deductible the carrier wil pay the claim...the carrier does not EVER have to wait for the deductible to actually be paid (to whomever it's due) to issue payment..In fact to do so I'm sure would violate the fair claims practices. That (deductible) is between the insured and the vendor (if there is one)... | Quote: | | Firey, the insurance company may expect the insured to pay the deductibles upfront when there is a lien in place |
Nope..lein holders have nothing to do with deductibles. | Quote: | | The insurance company is responsible for safeguarding the interest of the lien holder, |
Correct and that is done by way of issueing the draft in payment of the loss to the insured and the lein holder or the insured and a shop... | Quote: | | and, therefore, may insist that the car get repaired properly |
NO one can do that either...the carrier is bound to protect the leinholder and the insured ... has zero to do with the quality of repair (the owner picks the shop). | Quote: | | Now all of these could be followed through a legal agreement where the insured would promise to share his own loss along with his carrier. |
Agreed Fatman but this has nothing to do with the insured having to cough up a deductible prior to the carrier issueing payment for the claim (any monies above the deductible).
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Lori
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| Posted: Tue Feb 03, 2009 11:36 am Post subject: |
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Fatman, I've a question...according to the OP the bodyshop owner has agreed to set-up a payment plan for him to pay the deductible later on.
| Quote: | | I just want to clarify teh guy who does the body work here will let me pay later, I just assumed the insurance got the deductible. So all is good. |
Isn't it violating the contract drawn between the insured and the insurance company? Can the insurer take steps against the policy holder for not contributing his part on time? Wouldn't it affect the claim of the OP? |
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simon
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| Posted: Tue Feb 03, 2009 12:56 pm Post subject: |
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Thx for all the info, I dont have to pay the deductible either. I guess I have a great insurance company. The damage was minimum, about $1800, thats compared to the $4000 I had thought.
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Rodney
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| Posted: Tue Feb 03, 2009 1:59 pm Post subject: |
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| Quote: | | Isn't it violating the contract drawn between the insured and the insurance company? |
Absolutely not.. | Quote: | | Can the insurer take steps against the policy holder for not contributing his part on time? Wouldn't it affect the claim of the OP?[ |
again ABSOLUTELY NOT[/quote]
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"Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr. |
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Lori
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| Posted: Wed Feb 04, 2009 12:20 am Post subject: |
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| Thast what I thought. With holding the payment would be unfair and the owner of the vehicle would have the right to the insurance payment after the deductible was subtracted. Is it still up to the owner if he or she wants to even repair the car beyond the tranny? It would be his loss not the insurance companies since his car would lose the value. |
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fireyone
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