subrogation claim

by Guest » Wed Nov 25, 2009 07:34 am
Guest

My van was totaled when two other vehicles collided, and spun out of control and hit my vehicle while it was waiting at a stop sign. It has been 10 months. None of us had enough coverage (10,000). All 3 vehicles were totaled. Even though my vehicle is still drivable, it was still totaled, because it was cheaper for the at-fault driver's insurance to repay the at cost value than for the property damage. I recently found out that the insurance comp. of the 1st victim that was hit still has their claim in subrogation, and are trying to auction off the vehicle. My vehicle sits in my yard because I was told to remove it from the salvage yard to reduce the storage fees. As I am the 2nd vehicle to be hit by the at-fault driver, it seems that the 1st victim's insurance is stretching this case out a long time. The offending driver's insurance has offered me a settlement, and I accepted. I don't understand why I have to wait for the other victim's insurance to settle if they will get the remaining portion of the claim. Basically if I accept 30% and 70% remains shouldn't that resolve the issue since we're talking about splitting a $10,000 policy? I have been spending a lot of time talking with all of our insurance agencies trying to get this issue resolved, and to remind them that I expect my portion. Hope this makes sense. Any information would be helpful. Thanks.

Total Comments: 5

Posted: Wed Nov 25, 2009 11:45 am Post Subject:

I don't understand why I have to wait for the other victim's insurance to settle if they will get the remaining portion of the claim.

You already answered your own question...

None of us had enough coverage (10,000).

When there is a limits issue..then ALL the property damage has to completed...and the total cost KNOWN..they don't know the cost because the other totaled vehicles' salvage hasn't sold yet (which is deducted from that persons ins. company's subro claim)..Otherwise they won't know who to pay and how much.

Apparently you didn't have collision coverage on your vehicle correct? The way these things work (ideally in a non-ideal situation)..Is everyones carriers will pay for their own damage, then after all of these claims are settled (on totals that includes the sale of salvage, on repaired vehicles that includes the repairs finished and back on the road)...then and only then can the at fault carrier look at the numbers and give the pro-portioned amount to each person.

it seems that the 1st victim's insurance is stretching this case out a long time

It's not on purpose, why would they? They want their money too..different carriers dispurse their salvage in different ways that's all..

Basically if I accept 30% and 70% remains shouldn't that resolve the issue since we're talking about splitting a $10,000 policy

No, they can't know that yet..not until that salvage is sold..let's say the other guys damage/total was 7k, but the salvage sells for 2k..then it's back down to 50% (assuming your loss is 5k)...

It would help for you to explain a couple of things..what do you mean by 'none of us' had enough coverage? You weren't at fault right? Was there only one party at fault?
Did you not have any collision coverage? What was the amount of your claim and the other innocents claim? Let me guess you're in MO right?

Posted: Wed Nov 25, 2009 04:05 pm Post Subject:

Life gaurantees a chance NOT a fair shake
**************************************
I'm not Vanna White...but....

Posted: Wed Nov 25, 2009 10:40 pm Post Subject:

I'm not Vanna White...but....

I don't "get it" Dan... :?

Posted: Fri Nov 27, 2009 12:19 pm Post Subject:

Well....I'll try to go slower....I was referring to the broken spellchecker on your machine... mine is GUARANTEED not to malfunction

Posted: Fri Nov 27, 2009 12:39 pm Post Subject:

Oh my gosh, Dan, thanks for the heads up, it was actually a typo and not a spelling error on my part..that's hystercial, it's been on there this long, and I didn't see it..thanks again..

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