car accident

by Guest » Sun Jan 23, 2011 09:30 pm
Guest

A woman ran a red light going 45 mph and t-boned my son - he was the driver. she was sighted. the car, registered in my name was a total loss. my son met with an attorney on Wed. they said they would handle the property settlement at no charge. on Friday, her adjuster called to say if I did not take the settlement offer of $7000, I would be responsible for storage and towing to move the car. there are 3 claims - property damage, my son, my grandson, who was in the car.

should we try to settle this ourselves. attorney has put in very little work so if we are going to try to handle this ourselves, the time is now. attorney has mailed 3 letters to release medical records, 1 letter to adjuster, at 5:30 on Friday, an assistant called adjuster to get $6500 offer to $7000. He called me back with in 5 minutes with the offer. he was out of town. No one went to view the car from the attorneys office. I am supposed to meet him tomorrow at the towing sight.

should I accept the property damage claim now? car was 05 Mazda Tribute, well maintained, but around 150,000 miles - quite honestly, it saved my son's life. my son is going to have a lot of medical bills which will go on for a while. I was told by adjuster that his injuries, in the state of NC, are covered for 3 years
_________________
Register Now to have your Insurance queries solved.

Total Comments: 4

Posted: Mon Jan 24, 2011 02:01 am Post Subject:

should I accept the property damage claim now?

Do you feel that the amount is fair and do you have reason to think it's not fair?

Posted: Tue Jan 25, 2011 03:11 am Post Subject:

sorry to hear, best wishes to your family!

if they have accepted liability, they should move the car to a salvage yard to avoid further storage fees. if you are holding up moving the car waiting to settle, they aren't going to continue to pay storage waiting on you. let them take it to the salvage yard if you aren't sure of settling the property damage.

regarding the offer, do your research. ask how did they arrive at the settlement? does it seem fair to you? most companies are very very detailed and accurate and consistant regarding appraising total losses... taking in consideration for paint condition, body condition (prior damage), interior condition, trim, tires, mileage, and service of engine and tranny. Then they compare it against numerous other similar make and model vehicles in your area that are available for sale (or recently sold). They should be able to give you documentation on how they arrived at their figure.

most of the time the property damage is settled fairly quickly, the bodily injury claim can take a while due to the company can't settle until the injured person is released from care. your attorney makes money on the bodily injury and they typically don't put a lot of time (if any) into the property damage portion of the claim.

just an fyi, the 3 years is the statutes of limitation on the claim not how long they will cover him; the settlement is based on reasonable and necessary care and documented thoroughly. since you are represented by an attorney, be sure to go through his firm regarding anything regarding the injury portion of your claim.

Posted: Sat Jan 29, 2011 08:07 am Post Subject:

according to nada book values, there are 4 versions of the 05' mazda tribute. of the 4, the highest value is $6600 (and that's assuming it is clean and in great shape). the other 3 models were valued significantly less (3-5K range).

so if your vehicle was a 4 wheel drive AND a 6 cyllinder, my advice is to take the 7K offer because you're getting a good deal.
if your vehicle was either a 4 cylinder or only had 2 wheel drive, my advice is definitely take the 7K offer because you're getting alot more than it's worth!

just be absolutely sure that the settlement only pertains to the property damage part, and in no way affects the bodily injury claims you will have in the future.

Posted: Sat Jan 29, 2011 03:17 pm Post Subject:

after adjuster does a condition report, most companies are using comparable sales figures these days using a 3rd party company to research dealer ready vehicles for-sale in your area. Your claim rep will make minor adjustments to your vehicle based on it's condition and the value arrived from the sales research. it's much more accurate than going by a NADA, Kelly Blue Book, etc. You are provided a detailed appraisal and list of locations they found cars for sale. Of course if that's all you have to go by, those books make a good guide to give you a range. Keep in mind, vehicles in one area of the country may sell for much more or less on the used car market, depends on supply and demand. NADA may price much higher in one area or very low in another.

In addition, when an insurance appraiser goes through a vehicle, it's very detailed. one 05 mazda may be in very different condition than the next. If yours is clean, it will be adjusted higher value than one that is in poor condition. Conditioning a vehicle is slow process and is done by checking over one area of the car at a time. Paint, bumpers and trim, glass, body panels, interior carpet, seats, headliner, interior trim, wheels, tires, engine, and tranny. each have a rating scale with a point value based on it's condition. (adjusters literally count dings, scratches, burn holes, cracks, etc) This system allows for adjusters to be consistent in their appraisals.

Once the value is found by using the above processes, they add sales tax and title fee. in my experience, the offer is usually a very fair one. However, you can always go through the appraisal and advise if they may have missed something...ie, improvements or upgrades you may have done. Have receipts for documentation though.

Add your comment

Image CAPTCHA
Enter the characters shown in the image.