Wreck

[swampratt]

I had an insurance company tell me they would only give me so much for my car after their guy hit me and said they would sent a wrecker to get my car.

Not happening I am taking that same amount of money and keeping my car and I did just that.

I fixed my car for 60 bucks.

I see a rearend with leafs and shackles possibly and a bed.. not a hard fix.

Take the money and keep the vehicle if you can.
Fix it and drive it.
If it drives doglegged a bit that is an easy fix.

 

[SlugSlinger]

You’ve got to stand your ground if you had not agreed to the offer. If you had verbally agreed to the offer then there is nothing to do it appears.

A tornado hit my house in 2016 and I received an insurance settlement for the repairs that we’re completed. When I went to deposit the check, that was around $70,000, the credit union teller told me the check would go towards mortgage loan balance on the house. I laughed at her and told her to give me the check back and I went to a different branch, talked to the branch manager and deposited the check into my account to pay the company I used for the work.

Don’t ever take a employee of a company for their word without verifying the process or the laws.

They will take advantage of the weak or ignorant.

 

[OKCBird]

It’s probably time to get your insurance company involved to fight them. Or hire an attorney. Also don’t forget, they don’t just owe you the value of your vehicle, but also the out of pocket costs of buying a similar replacement vehicle, such as tax, title and fees.

 

[SlugSlinger]

It’s probably time to get your insurance company involved to fight them. Or hire an attorney. Also don’t forget, they don’t just owe you the value of your vehicle, but also the out of pocket costs of buying a similar replacement vehicle, such as tax, title and fees.

Good points. Also loss of use and rental car expenses.

 

[SoonerP226]

The insurance company "owes" you whatever you can negotiate out of them up to the limits on the policy; beyond that, you'll have to sue the driver. F'rinstance, if the driver was only carrying $25K in liability, even if you can convince the insurance company that your truck is worth $30K, you're still only going to get $25K out of them because that's the limit of their liability; you'd have to sue the driver to recover the rest.

 

[SlugSlinger]

I had a very bad experience with a no name insurance company. They didn’t “receive” any of the medical documents I emailed them. There were 2 others in the car I was riding in who were experiencing the same lack of concern or action from the insurance company, in fact a completely different situation was going on with someone else in my office with the same insurance co. I finally had enough and got a great attorney involved.
You are right about having to sue the driver, but in my case, after a successful jury trial, I received 10 times the policy limit and the insurance paid a couple months later Otherwise the driver was going to sue his insurance for 50 times the policy limit for failure to provide their fiduciary responsibility to the driver / policy owner.
It was a bad situation all around and took a couple years for the trial, but persistence paid off and ended up covering all my expenses plus some.

 

[leemozoid]

I’m no expert but I would think since the vehicle technically belongs to the bank the bank would have some say in the settlement.

This isn't true. The vehicle never has been "owned" by the bank. They have a lien interest and that is all.

 

[leemozoid]

It is the guy that hit me. It’s his insurance.

This was done by him then. You need to file with your insurance. If they will pay a higher amount you will be able to collect it and they will recover it from Geico. This is called subrogation. And no, filing with your insurance won't ding you because you are not the at-fault party.

 

[TerryMiller]

This isn't true. The vehicle never has been "owned" by the bank. They have a lien interest and that is all.

And just what do you think a "lien interest" is? I've heard of mechanics having a lien on a vehicle and being allowed to confiscate the vehicle.

 

[SoonerP226]

And just what do you think a "lien interest" is? I've heard of mechanics having a lien on a vehicle and being allowed to confiscate the vehicle.

The lien doesn’t transfer ownership; the lien holder still has to go through a legal process to take ownership of the property.