by thetnmurfs » Wed Nov 05, 2008 02:07 am
I live in Tennessee and was recently rear ended. The person responsible has state farm insurance and they have accepted responsibility. They faxed me a written offer yesterday which I believe is approx $600 too low. They have not asked me to sign for agreement yet. I also have medical expenses that I have not even received the bills from yet (ambulance, hospital, xrays, etc).
1. Shouldn't they be asking me for a signature that I accept the amount, or do they just send a check?
2. If I need to sign something, how quickly do I need to contact them with my concerns.
3. I had some pretty major car repairs done to this vehicle 2 weeks prior to the accident ($925). What is the insurance companies responsibility concerning this? I just received the bill today. How do I approach this subject with them?
3. They told me in their offer letter that I had to turn in the rental car five days from the offer notification. Is this typical? We haven't come to an agreement yet.
1. Shouldn't they be asking me for a signature that I accept the amount, or do they just send a check?
2. If I need to sign something, how quickly do I need to contact them with my concerns.
3. I had some pretty major car repairs done to this vehicle 2 weeks prior to the accident ($925). What is the insurance companies responsibility concerning this? I just received the bill today. How do I approach this subject with them?
3. They told me in their offer letter that I had to turn in the rental car five days from the offer notification. Is this typical? We haven't come to an agreement yet.
Posted: Wed Nov 05, 2008 04:28 am Post Subject:
What is the written offer for? If it's for the vehicle, are the considering it a total loss?
I'm guessing from your post that the check is for the vehicle as a total loss.
Most carriers won't require you to sign a property damage release.
Why do you think the offer was $600 too low? Did they send you their evaluation on the vehicle for your review? I'd recommend you review the information they they used to arrive at their value to make sure it's correct/accurate.
What repairs were done? They should not consider any repairs made to address wear and tear as those repairs maintain the value of the vehicle, they don't increase it. You state that they were "repairs" so I'm assuming that this might be the case.
Giving you 5 days after they make the offer is typical and "fair". Yes, it sucks royally, I agree... but it's all that they owe (many carriers only give 3 days, 5 is on the high end). If you can show the carrier that their information is incorrect, then they _might_ be willing to extend the rental a few days but this is not likely. You should review their offer information and supply them with any additional information that they should be considering and also looking for replacement vehicles at this time. Don't wait for the check to start looking.
The insurance company will probably want the title to the vehicle (if they are going to take it) before they release 100% of the settlement amount. In most cases, if there is no lien, they will be willing to issue an 80% payment before they have the title and the remaining 20% once they have it in their possession. You will need to discuss this with the adjuster.
Again, I agree... cutting off the rental sucks but it's legal and normal.
Your injuries are handled as a seperate matter.
Posted: Wed Nov 05, 2008 04:57 am Post Subject:
I guess they have made the initial offer only, if you feel that the amount is lower than the expected value you are required to contact the adjuster and discuss the issue with him/her. Many of the insurers allow negotiation on the value of the vehicle after the initial offer is made. However, you may have to gather supporting documents in favor of your claim for the higher value.
Read the letter carefully and ask the adjuster for any ambiguity. You are not required to settle for the medical expenses until you receive all the bills.
Posted: Wed Nov 05, 2008 01:50 pm Post Subject:
You will need to prove WHY you think it's 600 low, and not just 'because', you'll need hard data...as T said the rental thing is normal...contact the adjuster go over the figures, you might be able to wiggle a little more if you can prove your value.
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