He also asked if there is a leinholder, and what the payoff is.

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PostPosted: Tue Mar 18, 2008 12:22 am   Post subject:   

Got a call today. Apparently the adjuster totaled it also. When the Insurance Co heard this, they passed my case onto another group of people to determine the settlement. Do Insurance Co's have Insurance Co's?



The guy I talked to today, just wanted to let me know the truck was totaled, and the case had been transfered to his office. He said the gal he was assigning my case to is on vacation til tomorrow, but I should expect to hear from her in the next day or two. He also asked if there is a leinholder, and what the payoff is. I gave him the payoff amount before I even thought about it. Was this dumb? I'm wondering if I should have left that out of it for now. Too late now.

I also asked him if I would be reimbursed for the topper and liner...he said to get my receipts together so I can fax them in. He didnt specifically say I'd be reimbursed...but it sounded promising?!



At this point, I'd settle for loan payoff + topper + liner. But of course I'd like as much as possible.

Anyone have any advice to prepare me for what lies ahead?

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PostPosted: Tue Mar 18, 2008 1:10 am   Post subject:   

Many insurance companies have specific units that handle nothing but total losses as they take a little longer to settle. This is where your file is going. They only want to know how much you owe to get an idea if there is going to be any money left over after they pay your lien holder. They get this information from the lien holder anyway and it's not considered when they determine the amount payable on the vehicle. They should pay you for the items you mentioned as they would add value to the vehicle. It might not be much, though (liners don't add too much, esp if they are the plastic ones... you can't give those away).

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PostPosted: Tue Mar 18, 2008 10:41 am   Post subject:   

Quote:
Do Insurance Co's have Insurance Co's?
yes, they do! but that is not in play in your case (called re-insurance)....



As tcope mentioned the guy was just wondering, (also if you were upside down, or if you needed to start a gap claim if you have that coverage)...sounds like hurdle one is over (they totaled it! Very Happy )...let us know if we can be of further assistance, she should be calling you soon...


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PostPosted: Tue Mar 18, 2008 2:39 pm   Post subject:   

I'm wondering...

Since there are NO trucks comparable to mine (wih low miles) within a 500 mi radius, can I use the selling price of NEW trucks minus depreciation for the miles I had on my truck? If so, what is the going rate of depreciation for mileage?

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PostPosted: Tue Mar 18, 2008 4:01 pm   Post subject:   

Quote:
Since there are NO trucks comparable to mine (wih low miles) within a 500 mi radius, can I use the selling price of NEW trucks minus depreciation for the miles I had on my truck? If so, what is the going rate of depreciation for mileage?
That would not work, as you'd then have the price of a _new_ truck with mileage... not a _used_ truck with mileage. That is, once a vehicle goes from new to used, it instantly looses value.
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PostPosted: Tue Mar 25, 2008 6:31 pm   Post subject:   

update:

As of last Friday, the parking garage's insurance, ESIS, gave me their final offer:



ACV (including ttl) - $31,300

Full reimbursement for topper and liner



Since this is about $900 shy of my payoff, I decided to refuse their offer and run it through my Insurance, State Farm, to see if I get a better offer. I'm not optimistic, but its worth a shot.

Hopefully this will be settled one way or another by the end of the week.



What have I learned?.....

Buy the GAP INSURANCE next time!!!!



Thanks for all your help!

I'll post again when its all done.

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PostPosted: Tue Mar 25, 2008 7:08 pm   Post subject:   

Running it by SF is a good idea in my opinion. I agree, their offer is probably going to be close to the same amount but you never know. It could be more. Might as well find out.

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PostPosted: Tue Mar 25, 2008 11:47 pm   Post subject:   

You are a smart cookie there nailbiter! I agree good call ! Let us know...



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PostPosted: 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?

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PostPosted: Wed Apr 02, 2008 1:18 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.

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PostPosted: Wed Apr 02, 2008 1:25 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?

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PostPosted: Wed Apr 02, 2008 2:26 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.

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PostPosted: Wed Apr 02, 2008 10:32 am   Post subject:   

Quote:
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.... Confused 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...


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PostPosted: Wed Apr 02, 2008 8:57 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!

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PostPosted: Thu Apr 03, 2008 3:04 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! Smile SWEET!



It was really that stressful? Understood.

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