by darrinerbert2 » Thu May 01, 2008 04:35 pm
What if your deductible is 500. You have hail damage and the insurance adjuster estimates the damages at 4000, which means they will pay 3500 to get it fixed. Now lets say you found a body shop that will fix it for 3500. Do you still have to pay the deductible even though the insurance company already declared they would pay 3500 towards the repairs from the insurance adjusters evaluation?
Posted: Mon Oct 13, 2008 08:18 pm Post Subject:
yes sir you would still have to pay your ded. you are under contract with your insurance company where u are required to pay your ded. before your insurance carrier issues any payment...if u find someone to repair your veh for 3500, you would pay 500 and your ins co would pay 3000
Sunshine...you don't actually have to PAY your deductible to the insurer...they simply cut your check for the ACV minus the deductible. You don't actually pay the insurance company anything. After the insurer cuts your check (again, minus the deductible), it is up to the insured to make up the deductible difference with the body shop. There is no requirement that the insured pay the deductible prior to the insurance company writing the insured a check for the damages @ ACV - deductible.
InsTeacher 8)
Posted: Mon Oct 13, 2008 08:23 pm Post Subject:
Beat me on that one Ins. I know anytime I was cut a check for a vehicle (which hasn't been often) whether it was deer damage or what the always sent what was left after the deductible. Can't blame them...why send the insured all the oney and then wait for them to return a portian.
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