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 Posted: Tue Apr 14, 2009 9:35 am Post subject: |
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Hi Lori,
What could be the possibilities when you default on the loan, the lender repossesses and the carrier needs to pay for the claim again? What happens to you then? Does that lead you to a lawsuit?
Steven |
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steven
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| Posted: Tue Apr 14, 2009 9:47 am Post subject: |
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| Quote: | | Fk, how the insurance contract can limit the options available to the policy holder? |
The answers are in your insurance policy. Read it and you will find them.
From what I've read so far it seems the insurer made an error when they issued the check, But just because the insurer made an error does not change the automobile owner's obligation to meet the terms of the Loan contract.
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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: Tue Apr 14, 2009 1:28 pm Post subject: |
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| Quote: | | But if we presume it’s a 1st party claim where the insured has claimed under his policy, isn't the insurer required to involve the lienholder automatically in the claim check, which hasn’t happened in this case? |
absolutely, and 110% correct...the carrier clearly screwed up or the insured did not name the leinholder when the polilcy was purchased.. | Quote: | Hi Lori,
What could be the possibilities when you default on the loan, the lender repossesses and the carrier needs to pay for the claim again? What happens to you then? Does that lead you to a lawsuit?
Steven |
Well it would lead to a lawsuit if the insured didn't pay the insurance company back immediately or make arrangements to make payments (if it was re-po'd and claim was paid again)...and yes, I have seen this happen a handful of times in my career...the insured would be sent a demand, (after the carrier paid it the second time)...then if the insured doesn't respond positively the carrier would quickly get a judgement and collect on that judgement in whatever way is allowed by that particular state.
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Lori
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| Posted: Thu Apr 16, 2009 11:46 pm Post subject: What if I own my car |
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I got rear ended and there was cosmetic damage to my car. The guy who hit me isn't contesting it. I own my car, and want to avoid the whole body shop tango. The last time this happened on another car, my car was in the shop for a week, and I wound up paying hundreds in rental car fees. I reported it to the guy's insurance company, and they're sending out an adjuster. Can I just ask if I can get an estimate, then have him write me a check made out to me, and I can then decide if I want to get it fixed or use the money to cover other bills? I own my car, and realize that if I were to sell it, the value would go down. But right now, the money would come in handy.
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Harry
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| Posted: Fri Apr 17, 2009 12:40 am Post subject: |
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| Quote: | | Can I just ask if I can get an estimate, then have him write me a check made out to me, and I can then decide if I want to get it fixed or use the money to cover other bills? I own my car, and realize that if I were to sell it, the value would go down. But right now, the money would come in handy. |
ABSOLUTELY Harry ! You are what we refer to as a 'third party claimant' his carrier has no obligation to protect your lien holder (if you have one)...just tell him or her to please issue payment directly to you and you will let them know if and when you put it in the shop and will require a rental car...but right now you doubt you will be repairing for several months...
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Lori
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| Posted: Fri Apr 17, 2009 1:10 am Post subject: Is this something I can be direct about? |
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The adjuster is coming in a couple of days. Can I just say this to him, or do I have to pretend I'm going to get it fixed. I guess my question is, does the insurance company really care what I do with the money if I own my car? Also, will a body shop do an estimate without trying to get the insurance company information from you, just so they can put pressure on you not to walk off with their estimate. Do they ever charge you for the estimate then credit you if you have your car fixed there?
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Harry
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| Posted: Fri Apr 17, 2009 2:13 am Post subject: |
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| Quote: | | I guess my question is, does the insurance company really care what I do with the money if I own my car? |
They (3rd party carrier) shouldn't but frankly some are kinda wierd about it.. | Quote: | | Also, will a body shop do an estimate without trying to get the insurance company information from you, just so they can put pressure on you not to walk off with their estimate. |
Some will some won't what I'm assuming what you're after is to find a shop to repair it for less than the adjusters estimate/payment right? Get your car fixed and pocket a couple of bucks in the bargain right? No big deal happens all the time...After you get the estimate AND the money then just go to a couple of shops and when they ask (and they will) tell them it is a 'self' pay...that you are paying it out of pocket which you are in fact doing... | Quote: | | Do they ever charge you for the estimate then credit you if you have your car fixed there? |
I supposed there are some of these shops around, I hear of one ever so often, personally I'd walk out the door of a shop like that...also from your discription this would be a quick sheet to write anyway. | Quote: | | Can I just say this to him, or do I have to pretend I'm going to get it fixed. |
Kind of depends on the person...but you would be truthful in saying, 'i'm just not sure when i will be repairing it'...right? 
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Last edited by Lori on Fri Apr 17, 2009 2:27 am |
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Lori
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| Posted: Fri Apr 17, 2009 2:26 am Post subject: Thanks, Lori |
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Very good advice. Thanks.
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Harry
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| Posted: Fri Apr 17, 2009 5:36 am Post subject: |
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You can get away with it if you are trying to get the money and get paid. Most of the time the insurance company will only make the check out to the lien holder and you, to avoid situations like this. Nobody would ever get their car fixed, they all would just cash the checks and drive around with damage on their vehicles. The lien holder wants the check to go to them to protect their investment (your vehicle). This is why they require full coverage insurance in the first place. I bet if you don't get your car fixed with the money now, you will not ever get the damaged repaired. Trust me, been there and done that.
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justong
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| Posted: Fri Apr 17, 2009 10:34 am Post subject: |
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Justong this is true if a first party claim however, ''harry'' is third party and the draft can be issued to him directly. The 'other' insurance company has zero interest in the leinholder nor are they contractual bound to protect them...Obviously this is different in the case of a total loss, but this one is not.
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Lori
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| Posted: Tue Aug 18, 2009 10:00 pm Post subject: |
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I'm running into this problem. What if i can get the car fixed for less than what the check is for? Will my lien holder refund the balance to the insurance company? Will i get to pocket it and just pay taxes on it? Thanks for replies.
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Sasu
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