Insurance Questions...

[Vic]

Originally posted by: SampSon
Ok, you're wrong.
It's called "gap insurance". It covers the immediate depreciation of the car when you drive it off the lot.

Gap insurance only covers the difference in negative equity that the insured has in the car, not actual depreciation. For example, if the vehicle was worth $15k but you owe $20k at time of loss, then gap insurance will cover that extra $5k.
That's it. It does not cover the "immediate depreciation". Gap insurance is basically the mortgage insurance of the auto world. It insures the lender for auto buyers who pay too much and put too little down.

 

Originally posted by: Vic

Originally posted by: SampSon
Ok, you're wrong.
It's called "gap insurance". It covers the immediate depreciation of the car when you drive it off the lot.

Gap insurance only covers the difference in negative equity that the insured has in the car, not actual depreciation. For example, if the vehicle was worth $15k but you owe $20k at time of loss, then gap insurance will cover that extra $5k.
That's it. It does not cover the "immediate depreciation". Gap insurance is basically the mortgage insurance of the auto world. It insures the lender for auto buyers who pay too much and put too little down.

Ah yes, that's more accurate. It was explained poorly by my agent.

 

[Zysoclaplem]

The adjustor called up and tried to tell me my car was totalled. They don't go by KBB, they go by NADA and Autotrader. I told him to check again. They ARE NOT gonna total my car. I am mad. :|

 

[FoBoT]

it won't take as long to cut you a check as it will to repair it

 

[Zysoclaplem]

Originally posted by: FoBoT
it won't take as long to cut you a check as it will to repair it

He put it in as an SE, and it's a GT. He will look again. :roll:
He is a nice guy, but he has my Vin number.

 

[aidanjm]

Originally posted by: Zysoclaplem

Originally posted by: Skoorb
Did you ask them how long it normally takes and express concern at the fact that your vehicle is broken NOW? What did they say?

I am going to call them this morning and try to get a claim number so I can take it to the best body shop in town and get a quote. The thing is, how long does it take to get all this sh!t together? I mean, the police report was filed last wednesday, the insurance company got all the info, and the adjustor guy came out and did his thing friday, and contacted them with the info same day. There should be no problem giving me a claim number so I can take it to the body shop and have them fix my car.

aren't they supposed to pay for a taxi, or offer you a rental car, until your car is fixed?

 

[SynthDude2001]

Originally posted by: Zysoclaplem

Originally posted by: FoBoT
it won't take as long to cut you a check as it will to repair it

He put it in as an SE, and it's a GT. He will look again. :roll:
He is a nice guy, but he has my Vin number.

I hope everything works out for you. At least the other guy has insurance. When I was hit, I wasn't even sure that the other guy had valid insurance at the time. Luckily he actually did turn out to be on a current policy...otherwise I'd have been screwed, even though the car I replaced it with was "only" $2000...

 

[aidanjm]

Originally posted by: Zysoclaplem
The adjustor called up and tried to tell me my car was totalled. They don't go by KBB, they go by NADA and Autotrader. I told him to check again. They ARE NOT gonna total my car. I am mad. :|

Good luck..

 

[Zysoclaplem]

Originally posted by: aidanjm

Originally posted by: Zysoclaplem

Originally posted by: Skoorb
Did you ask them how long it normally takes and express concern at the fact that your vehicle is broken NOW? What did they say?

I am going to call them this morning and try to get a claim number so I can take it to the best body shop in town and get a quote. The thing is, how long does it take to get all this sh!t together? I mean, the police report was filed last wednesday, the insurance company got all the info, and the adjustor guy came out and did his thing friday, and contacted them with the info same day. There should be no problem giving me a claim number so I can take it to the body shop and have them fix my car.

aren't they supposed to pay for a taxi, or offer you a rental car, until your car is fixed?

The car is drivable. It's just making some weird clunking noises and it badly damaged on the back quarter panel. I am trying to be nice by not getting a rental. I don't need one. They starting fvcking around with me, well, oh..oh man...my neck is really bothering me. Oh, I'm in alot of pain...

 

[jemcam]

The car is drivable. It's just making some weird clunking noises and it badly damaged on the back quarter panel. I am trying to be nice by not getting a rental. I don't need one. They starting fvcking around with me, well, oh..oh man...my neck is really bothering me. Oh, I'm in alot of pain...

So insurance fraud, a second degree felony is acceptable to you? Go ahead and start your tricks, do you think no one has ever tried this with an insurance company before? The chances of you getting caught are pretty good. Insurance companies routinely get surveillance videos of people wearing "dollar collars", thinking that they hitting the fvcking jackpot when they have an insurance claim. Your neck is sore and you have permanent disability you say? Well Mr. Zysoclaplem, we have a video we are giving to the DA that has several hours of you playing basketball, riding your bike, mowing your yard, etc. Your claim is denied until your criminal case is done.

When insurance companies pay out big bucks, don't think for a second that they don't do very expensive investigations on the litigants.

 

[Spencer278]

Originally posted by: Zysoclaplem
The adjustor called up and tried to tell me my car was totalled. They don't go by KBB, they go by NADA and Autotrader. I told him to check again. They ARE NOT gonna total my car. I am mad. :|

If an isurance company wishes to total a car you have the right to either buy it back or you can find a place to repair the car for less then the 80% of the value of a car and they can not declare it a total lose.

 

[jemcam]

Originally posted by: Spencer278

Originally posted by: Zysoclaplem
The adjustor called up and tried to tell me my car was totalled. They don't go by KBB, they go by NADA and Autotrader. I told him to check again. They ARE NOT gonna total my car. I am mad. :|

If an isurance company wishes to total a car you have the right to either buy it back or you can find a place to repair the car for less then the 80% of the value of a car and they can not declare it a total lose.

This is different by state. Most states say that if cost of repairs + salvage value meet or exceed ACV, the car is a total loss. If the car is a total loss, most states also require a non-rebuildable salvage title so the car can never be registered and driven again. In other words, it's only good for parts unless the car is rebuilt, inspected by the state and has a new rebuilt salvage title and VIN assigned.

 

[Zysoclaplem]

Okay, he called back, and said that the damage was about $2700.00. That's the insurance company's quote on the damage. Does that mean, that I can't get my bodywork done at any shop that charges more than $2700?

 

[jemcam]

Originally posted by: Zysoclaplem
Okay, he called back, and said that the damage was about $2700.00. That's the insurance company's quote on the damage. Does that mean, that I can't get my bodywork done at any shop that charges more than $2700?

No, that's an estimate only. If the shop finds additional damage that is not on the estimate, the shop will call for a supplement. You can take it to any shop you want. What company are you dealing with?

 

[Zysoclaplem]

Originally posted by: jemcam

Originally posted by: Zysoclaplem
Okay, he called back, and said that the damage was about $2700.00. That's the insurance company's quote on the damage. Does that mean, that I can't get my bodywork done at any shop that charges more than $2700?

No, that's an estimate only. If the shop finds additional damage that is not on the estimate, the shop will call for a supplment. You can take it to any shop you want. What company are you dealing with?

Chubb Group of Insurance Companies

 

[SynthDude2001]

What kind of car (and year) is it?

When I was rear-ended, my damage was estimated at $6200. My car was worth ~$2600. :roll:

 

[Zysoclaplem]

Originally posted by: SynthDude2001
What kind of car (and year) is it?

When I was rear-ended, my damage was estimated at $6200. My car was worth ~$2600. :roll:

It's a 1997 Pontiac Sunfire GT. It wasn't rear ended dead on, he sorta hit the side of me, but in the back passenger area.

 

[SynthDude2001]

Originally posted by: Zysoclaplem

Originally posted by: SynthDude2001
What kind of car (and year) is it?

When I was rear-ended, my damage was estimated at $6200. My car was worth ~$2600. :roll:

It's a 1997 Pontiac Sunfire GT. It wasn't rear ended dead on, he sorta hit the side of me, but in the back passenger area.

Ah, I see. Yeah, I was hit directly from behind, and at 30+mph too (I was stopped). Completely fvcked up my rear suspension, among other things (I noticed upon getting out of the car that the rear end was sitting several inches lower than normal...). Oh, and they were pretty sure it had frame damage as well. Good times.

pic

 

[Zysoclaplem]

Originally posted by: SynthDude2001

Originally posted by: Zysoclaplem

Originally posted by: SynthDude2001
What kind of car (and year) is it?

When I was rear-ended, my damage was estimated at $6200. My car was worth ~$2600. :roll:

It's a 1997 Pontiac Sunfire GT. It wasn't rear ended dead on, he sorta hit the side of me, but in the back passenger area.

Ah, I see. Yeah, I was hit directly from behind, and at 30+mph too (I was stopped). Completely fvcked up my rear suspension, among other things (I noticed upon getting out of the car that the rear end was sitting several inches lower than normal...). Oh, and they were pretty sure it had frame damage as well. Good times.

pic

Oh no no, it's not as bad as that. Although I have heard some weird noises coming from the back, it's nothing near that bad.

 

[SynthDude2001]

Well I'm glad that yours wasn't (that) major. Hopefully the insurance company won't waste too much of your time, lol..

 

[Zysoclaplem]

Insurance company quoted me at $2700. Bodyshop quoted me at $3154. I don't see this going well. Plus 1 and 1/2 weeks of a rental car.

 

[Zysoclaplem]

Well the lady in charge of my insurance claim finally called me back. She said she hasn't recieved the info from the adjustor, who is contracted by them, and that I will just have to wait until she gets that info. She will call me back when she gets it.

The adjustor said he sent it to the lady in charge of my insurance claim, and it's out of his hands.

And the lady who answered the phones for the insurance company said they had received the info from the adjustor, and police report problems are holding them up.

Who do I believe?