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 Posted: Wed Feb 11, 2009 4:33 pm Post subject: payoff time stolen vehicle |
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how much time do the insurance company have to pay you if your vehicle hasnt been recovered
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leo woman
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| Posted: Wed Feb 11, 2009 5:58 pm Post subject: |
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| I am sure they may have to wait until a full investigation is done but I would think more than a few months is pushing it. |
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fireyone
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| Posted: Thu Feb 12, 2009 1:48 am Post subject: |
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leo, check your states dept of ins but most settle within 30 days, unless something is throwing up red flags, if so your carrier should advise you in writing that they require additional time to investigat...that can run another 60 days or so, but you should be getting updates atleast every 30 days.
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Lori
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| Posted: Thu Feb 12, 2009 7:16 am Post subject: |
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| Quote: | | how much time do the insurance company have to pay you if your vehicle hasnt been recovered |
All claims must get settled within the time of one month but at times an investigation of the issue might take longer. Has the insurance company suggested any reason for this delay in claim settlement? |
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simon
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| Posted: Thu Feb 12, 2009 12:45 pm Post subject: |
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hey simon
| Quote: | | All claims must get settled within the time of one month |
just small query regarding this; is this the case with all the states or majority
of the states?  
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amit
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| Posted: Thu Feb 12, 2009 2:30 pm Post subject: |
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Not sure there amit. Lori will be out for a couple days.
If they take longer to settle a claim like this what does a person do in the meantime for transportation especially when they may have a job to get back and forth to? Also if you have rental coverage can you use that coverage until they release you a check? |
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fireyone
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| Posted: Fri Feb 13, 2009 5:17 am Post subject: |
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| Quote: | | Lori will be out for a couple days. |
I'm sure Lori would be back very soon. But till that time we could surely try out helping others. Lori has pointed out that you'll be updated regarding the status of the claim during the investigation process. I'd believe that it is usually the same for all the states, but I'm sure it would not be easy to comment on the course of the investigation at this point of time.
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anonymous00
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| Posted: Mon Feb 16, 2009 3:02 pm Post subject: |
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All claims do NOT have to be settled in 30days...all the carrier has to do to extend that time period is send their insured a letter that says they need longer to investigate and why....
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Lori
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| Posted: Mon Feb 16, 2009 7:01 pm Post subject: |
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| Thats sounds reasonable. I would imagine in a case of a stolen vehicle it would take some time to get all the facts. They also may want to wait just a bit to see if the vehicle is recovered before paying off the claim. This would seem like a wise move on the insurance companies part. Why pay a claim in a few weeks and then the vehicle gets recovered with little or no damage. It would be cheaper to pay for the vehicle to be fixed then for the whole vehicle itself. |
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fireyone
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| Posted: Tue Feb 17, 2009 4:59 am Post subject: |
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| Quote: | | All claims do NOT have to be settled in 30days...all the carrier has to do to extend that time period is send their insured a letter that says they need longer to investigate and why.... |
I presume that during the period of investigation the claimant would continue to receive the rental car facility from the insurer.
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anonymous 12
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| Posted: Tue Feb 17, 2009 10:27 am Post subject: |
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| Quote: | | I presume that during the period of investigation the claimant would continue to receive the rental car facility from the insurer. |
I don't think it would be the same for all instances. I suppose it would quite depend on the cause of the delay. Investigations could be delayed due to lack of information or data, or it may simply be delayed due to non-cooperation from either or both the parties. In my eyes, the rental car option would sometimes be dependent on these factors.
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anonymous00
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| Posted: Wed Feb 18, 2009 4:05 pm Post subject: |
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| Quote: | | I presume that during the period of investigation the claimant would continue to receive the rental car facility from the insurer. |
Most basic policys (in my area anyway) will pay up to 30days rental for an entire vehicle theft (w/o having to have rental car coverage)...then of course there is some discretion on the carriers part of extending this.
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Lori
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| Posted: Wed Feb 18, 2009 7:35 pm Post subject: |
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| Thats good to know. I asked this on another post. I would be wary of living near Mexico. Seems like a lot of vehicles end up there and then it complicates matters. I wonder if they steal them for the fun or maybe getting money from the parts. |
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fireyone
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| Posted: Wed Feb 18, 2009 8:12 pm Post subject: |
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| Quote: | | I wonder if they steal them for the fun or maybe getting money from the parts |
HUGE blackmarket in Mexico, for stolen cars...HUGE
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Lori
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| Posted: Wed Feb 18, 2009 8:25 pm Post subject: |
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| I guess there are crooks everywhere. I always associated Mexico with drugs...guess you learn something new everyday. What do they do sell them back to black market dealers in the U.S? I also imagine the closer you live to the border the higher the rates. |
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fireyone
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