by nailbiter » Tue Mar 11, 2008 09:58 pm
The set-up:
Minnesota
2007 Toyota Tundra
purchased NEW 10/07
<4K miles
The accident:
At work I park in a 2 level parking garage run by a valet service. The valet parks my truck in the basement level. There is a steep 40' ramp that connects the two levels. On the day of the accident, the valet drove my truck up the ramp, stopped at the top of the ramp, threw it in park (he thought), jumped out, and the truck immediately started backing up towards the ramp!!! The truck was in REVERSE! The truck raced down the full length of the ramp, all the way to the bottom where it wrapped the rear end around a 3' wide concrete pillar.
The Parking Garage is taking FULL responsibility, and has turned it over to their insurance company.
Estimate:
Toyota Collision shop estimated repairs at $20,200 (replacing entire frame), and he says it came up as a total loss warning on his system. Now the Parking Garage Insurance adjuster wants to take a look for himself. I have a friend who works for Progressive who gave me a value of $30,900 using their system. 70% = $21,630
My questions:
1) I WANT this totaled. If the insurance adjuster decides not to total it, is there anything I can do?
2) If it is totaled, am I legally entitled to a settlement which puts me back in a BRAND NEW truck, since a similiar model with equal mileage isn't available in my area?
3) If it is totaled, am I legally entitled to a settlement which reimburses me for the aftermarket items (topper and bedliner) which I have reciepts for?
4) If it is totaled, am I legally entitled to a settlement which reimburses me for the difference between the old truck payoff, and the new truck financed (assuming its an equal truck)? Meaning, regardless of current financing rates, my payments would be the same and for the same number of remaining months.
Thanks for any advice!
NB
Minnesota
2007 Toyota Tundra
purchased NEW 10/07
<4K miles
The accident:
At work I park in a 2 level parking garage run by a valet service. The valet parks my truck in the basement level. There is a steep 40' ramp that connects the two levels. On the day of the accident, the valet drove my truck up the ramp, stopped at the top of the ramp, threw it in park (he thought), jumped out, and the truck immediately started backing up towards the ramp!!! The truck was in REVERSE! The truck raced down the full length of the ramp, all the way to the bottom where it wrapped the rear end around a 3' wide concrete pillar.
The Parking Garage is taking FULL responsibility, and has turned it over to their insurance company.
Estimate:
Toyota Collision shop estimated repairs at $20,200 (replacing entire frame), and he says it came up as a total loss warning on his system. Now the Parking Garage Insurance adjuster wants to take a look for himself. I have a friend who works for Progressive who gave me a value of $30,900 using their system. 70% = $21,630
My questions:
1) I WANT this totaled. If the insurance adjuster decides not to total it, is there anything I can do?
2) If it is totaled, am I legally entitled to a settlement which puts me back in a BRAND NEW truck, since a similiar model with equal mileage isn't available in my area?
3) If it is totaled, am I legally entitled to a settlement which reimburses me for the aftermarket items (topper and bedliner) which I have reciepts for?
4) If it is totaled, am I legally entitled to a settlement which reimburses me for the difference between the old truck payoff, and the new truck financed (assuming its an equal truck)? Meaning, regardless of current financing rates, my payments would be the same and for the same number of remaining months.
Thanks for any advice!
NB
Posted: Wed Apr 02, 2008 12:28 am Post Subject:
update:
after I refused the low offer from the parking garages insurance co, I worked my way up the chain of mgmt at the garage. Finally got a VP to call their Insurance Co and authorize my request for payoff+aftermarket stuff. Cool. I accepted it.
But in the mean time I had my Insurance Co, State Farm, working on a claim. They called today with their offer and its about $900 more than the garages ins co's offer. Problem is, I already signed a "claim release" from the garages ins co, and dropped it in the mail.
State Farm tells me it doesnt matter since I havent released the truck title to them?!
I called the garages ins co back and left a vmail asking them to match StateFarms offer.
Think I have a chance?
Posted: Wed Apr 02, 2008 01:18 am Post Subject:
Perhaps. It's possible that they might tear up the release but it _is_ a legally binding contract that they could hold you to. If I was the adjuster I might be suspicious and think twice about letting you out of the contract. On one hand I have a settled claim. On the other hand I have an open claim and who knows if the other carrier is going to accept my lower payment so they may file arbitration. Then I even _more_ work.
When they call you, I'd have some good reason thought up on why you don't want to settle the claim right now.
BTW - Who ever told you that not releasing your vehicle would automatically negate the release was not giving out good information. You probably have a verbal agreement with the other carrier to turn over the title for which they agreed to issue payment to you for the amount in the release. A verbal contract is binding (though rarely is enforced). SF seems to be telling you its okay to break a verbal contract. Better that they not become involved and let you handle the situation how you see fit.
Posted: Wed Apr 02, 2008 01:25 am Post Subject:
Thanks tcope ($5 coming your way)
So legally I ight be screwed? Does that mean if I dont give them my truck, dont cash their check, and DO accept SF offer....I could be in trouble?
I got the impression that SF would subrogate and get their $ back?
Posted: Wed Apr 02, 2008 02:26 am Post Subject:
It was always my understanding that the signed release was worthless and the settlement was not final until the check was cashed.
Posted: Wed Apr 02, 2008 10:32 am Post Subject:
BTW - Who ever told you that not releasing your vehicle would automatically negate the release was not giving out good information.
I agree this is bogus information.... :? If you want to go with State Farms evaluation, and really who can blame you? 900 bucks is 900 bucks....I'd call the other carrier, and say, 'listen, i signed the release, and mailed it before I talked to my company, and I shouldn't have I'm withdrawing that release, and am going to allow my carrier to pay me for the loss, and they can then subrogate you, or if you can match their offer (which if I was that adjuster I'd have to see in writing)...I'll accept yours...Sorry to be a pain your butt, but hey 900 is 900 after all!" Just be honest about it....as far as the other company paying state farm back the total amount (additional 900) that's state farms problem not yours....Whatever you do, call and TALK to the adjuster today...before they move your truck...Posted: Wed Apr 02, 2008 08:57 pm Post Subject:
The garages Ins Co agreed to match State Farms offer!!!
I signed a new notarized "claim release" and mailed it to them today!!!
When alls said and done, this truck will have cost us $700 to own for 4 months. VERY REASONABLE!
This was one of the most stressful things I've ever been through (right next to making wedding plans), and I never want to go through it again. But thanks to tons of good advice from folks like you, and from family and friends, I came out OK.
Thank you Everyone!
Posted: Thu Apr 03, 2008 03:04 am Post Subject:
Yup, I don't remember if you mentioned who the carrier was but I think they were very reasonable. I agree, $700 for 4 months appears to be very reasonable!
But yes, the release was binding as long as the carrier issues the payment within a reasonable time frame (usually 30 days). But there was a verbal part that went along with that... securing the title to the vehicle. Details won't matter at this point but the verbal agreement that went along with the release was binding but probably not easily enforced. So if you kept the title the carrier would have three choices. File suit against you for the title (would have never happened), not issue their payment and negating the contract as you were in breach of the verbal agreement or they could have issued payment without securing the title and called it a day. There would have been a good chance that the company in possession of your vehicle could have applied a lien on the vehicle and eventually sold it anyway (which is probably what would have taken place).
But the way it turned out was much better! :) SWEET!
It was really that stressful? Understood.
Posted: Thu Apr 03, 2008 09:25 am Post Subject:
When alls said and done, this truck will have cost us $700 to own for 4 months. VERY REASONABLE!
I don't think anyone could argue with that...We're all I'm sure very glad it worked out for you and delighted we could be of assistance to you during this time of stress....CONGRATS!ps...got a new truck picked out?
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