should I claim on my insurance if its other partys fault

by Guest » Thu Nov 24, 2011 06:16 pm
Guest

I got into a car accident. The other party admitted liability and her insurance agreed to pay a 'total loss' amount. The insurance agent suggested I also file a claim with my company to see if the amount offered would be better. Is this normal and/or legitimate?

Also, I have received an offer. Is it safe to assume all offers are low-ball figures?

This is my first accident and I'm heading in blind.
Thanks in advance for your help!

Total Comments: 4

Posted: Thu Nov 24, 2011 08:25 pm Post Subject:

Is this normal and/or legitimate?

You are not asking to get paid twice... only asking your carrier what they would pay. You can then decide who to file the claim with. Personally, I'd go with the carrier that would going to pay more. I recommend the same thing as it's simply a recommendation. Its up to the person if they want to do it. Different carriers determine the value of a vehicle differently. The carrier I work for now takes the 4 values listed on NADA and averages them. The carrier I worked for before just uses the retail value. BIG difference.

Is it safe to assume all offers are low-ball figures?

No. See above. But you can always negotiate... just be prepared to back up your demand.

Posted: Fri Nov 25, 2011 10:59 am Post Subject:

You can always report the accident to your own insurance company. Claiming is a matter to consider, but you can check on how much your insurance would pay in such a situation, so that you can base your claim amount on that. The accident didn't occur because of your fault, so you don't have the fear of your rates being increased anyway.

Posted: Fri Nov 25, 2011 07:59 pm Post Subject:

You certainly have more contractual rights with your company. And you have recourse with them if they fail to properly and fully indemnify you for your loss. On the other hand the at fault party only has to pay you once you have legally proved your loss. Since it costs money to legally prove your loss in court, they will most likely offer you the least amount they feel you may agree to in order to settle on the damages to avoid litigation. They also have time on their side. "He who holds the gold controls the game" is the way many approach the loss on third party claims from my experience. Use your company, if the amount they paid for your loss is insufficient, there are methods to reopen most claims to dispute them. Simply as for the undisputed amount.

Posted: Fri Nov 25, 2011 08:01 pm Post Subject:

Simply ask for the undisputed amount.

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