Power of Attorney before having a check issued?

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Posted: Thu Jan 14, 2010 12:03 am Post subject: Power of Attorney before having a check issued?

Recently my car was totaled while sitting on the street. The other drivers insurance company has made an offer but wants us to sign the Power of Attorney before the check is issued. Is this normal? We didnt think we should let the vehicle go before we are paid. Any insight you could provide would be great. Thanks!

natep

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Joined: 13 Jan 2010
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Posted: Fri Jan 15, 2010 11:35 am Post subject:

Quote:

The other drivers insurance company has made an offer but wants us to sign the Power of Attorney before the check is issued.

I don't think you'd need to do anything like that right now. Have you informed your own carrier regarding the mishap?
Don't be in a hurry since this is just an offer and you have lots of scope to negotiate it.

steven

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Posted: Sat Jan 16, 2010 1:24 pm Post subject:

Natep, Most of the time, there is an 'exchange' you sign the poa's (or title) and in return you get the draft in payment. Have you agree upon an amount? I'm betting they are having to do this thru the mail, no adjusters in the area is that correct? What company is this? If the company doesn't have any adjusters local, do they have some agents? If so they could send the poa's along with the draft to the agent you could go to the agents office, sign the poa's and pick up the drafts at the same time. I'm in agreement, although there most likely wouldn't be a problem..I would'nt (in effect) sell my car to ANYONE without having the money in hand. _________________ "Never, never be afraid to do what's right, especially if the well being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way." Martin Luther King Jr.

Lori

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Posted: Sat Jan 16, 2010 2:12 pm Post subject: insurance

(Just my '2 cents' here..) I think this was something like I had to do with my vehicle, when it was totaled (back in the summer). I had to sign over the Title to the other drivers Insurance Co to get the money that was paid to me.