by Guest » Tue May 13, 2008 06:05 pm
Hello,
I understand that if I file a claim for the damage a storm did to my vehicle, and there is a loss, the insurance company (as long as I have comp coverage) will issue a claims check. And if the vehicle's title is held by a bank, the check will likely include ME AND TEH LIENHOLDER, or ME AND THE BODYSHOP.
Well...what if they issued the check in my name ONLY?
Here are my questions:
1. If I decide to cash the check and use it entirely to pay down my loan balance, could this come back to bite me?
2. If I used this check for a family emergency, or really anything BESIDES the damage of the vehicle, could this come back to bite me somehow?
3. Are there any risks in using the claims check NOT for what it was issued for?
I understand that if I file a claim for the damage a storm did to my vehicle, and there is a loss, the insurance company (as long as I have comp coverage) will issue a claims check. And if the vehicle's title is held by a bank, the check will likely include ME AND TEH LIENHOLDER, or ME AND THE BODYSHOP.
Well...what if they issued the check in my name ONLY?
Here are my questions:
1. If I decide to cash the check and use it entirely to pay down my loan balance, could this come back to bite me?
2. If I used this check for a family emergency, or really anything BESIDES the damage of the vehicle, could this come back to bite me somehow?
3. Are there any risks in using the claims check NOT for what it was issued for?
Posted: Thu Oct 25, 2012 04:33 am Post Subject: Insurance Check
I am the lien holder for a car insured by a friend who borrowed the car for a year and paid part of the car payment. She fell behind and the repo co. came looking to repo the car on 3 different occasions. Needless to say, she ruined my credit and co-bororwer's credit. I gave her an ultimatum and said if by monday she had not cure the default, I would come take the car from her. I live in Chicago and she knew I would not be able to get before the deadline because of my work schedule. Over the weekend she called me and informed me she was involved in a car accident and had total the car. I asked if she was able to get thedrivers info and she said that she had to attempt to prevent the car accident but ended crashing into a tree. I asked for a copy of the police report and she said she did not contact the police department since in TX a police report is not necessary to file a claim. Long story short she wanted me to call her insurance agent to authorize him to send her the balance after the lender was paid off. I refused stating it was my car and I also paid for it and deserved to be refunded since she was the one borrowing it but I was paying for partial payments. Now the progressive agent sent me a check made out to her, myself and the co-borrower. She refuses to sign the check or authorize to cash it and the agent does not want to help. Am I entitle to get the check made out to myself and co-borrower by law if I was the lien holder if she refuses to sign the check? Can I file a complain with the Texas department of insurance if the insurance rep does not want to issue me a check under our names? He insists that her name needs to be on the check because she is the policy holder? What do I have to do to get the check under my name since I am the lien holder and want to get paid?[/url][/code]
Posted: Thu Oct 25, 2012 05:33 am Post Subject:
the agent does not want to help.
Agents are not supposed to be directly involved in the claims process, so I would expect this response.
Am I entitle to get the check made out to myself and co-borrower by law if I was the lien holder if she refuses to sign the check?
The answer to this question is NO, not by law. But there is nothing that prevents the insurance company from doing that. You and the co-signer/co-borrower need to get together and make a call to the insurance company and speak to a claims supervisor. When you get to that person live, then you can explain the situation and ask if they will reissue the check in your name alone or in the names of you and the other legal owner, excluding their insured.
I'm not sure you would get a better response from the TX Dept of Insurance.
Posted: Wed Jan 23, 2013 03:20 am Post Subject: bamks lawyers
My father bought a Toyota tocoma 2002in 2004 was making payments to bank of America! He lives in Oregon well on01/08/06 he was in a head on collusion with a teenage thathat was drivning stidly! My dad was not at fault for this! Anyway he still owed on the truck 2 more years! Who pays the truck off he had full coverage insurance and the other Guy did to! So long story short his. Insurance farmers made 2 checks one for my dad ansbank and another check to my dad alone! Come to find out the attorney he had on his case put a claim in for comp/ or collision and got a settlement one of tgr settlements for 38500 he also paid the bank 22000.00 and the check my dad took them was for about 10500.00 also my dad made 2 years ofpsymements it seems to me like the lawyer and bank screwed him. The bank says their is no more record of the truck and it was never totaled out! On carfax I looked it up! And the bank never released the lien on it! Help please! Unravel this
Posted: Wed Jan 23, 2013 04:51 am Post Subject:
Half of what you've written is illegible. But the fact is that an attorney was involved and your father paid the attorney to do the work for him. If your father has any remaining questions, he needs to ask the attorney. That's was the attorney was paid for.
it seems to me like the lawyer and bank screwed him
That's their job description.
Here's my question:
Why are you suddenly involved in/concerned about this more than six years after the fact?
Posted: Wed May 15, 2013 08:06 am Post Subject: Car accident
I'll keep it short and sweet I have a 2004 Honda accord that I'm still paying on, a couple few days ago I got in an accident, a lady backed into me and messed up my trunk and back bumper. I got a quote from a repair shop my insurance recommend (I have collision insurance btw) and I got another quote from another shop I have actually used before and trust very much. First of all I AM actually wanting to get my car fixed, it's the nicest car I've ever had and it kills me to see it in this condition. My question is, can I get my insurance company to cut me a check made out to my name so I can then chose the repair shop of my choosing?
Posted: Wed May 15, 2013 03:20 pm Post Subject:
You can do that if you want, but it's not the best way to handle this. If the person who backed into you is insured, her insurance company should pay the entire claim. If you file the claim with your insurance company, you have to foot the deductible and hope that your insurance company recovers it for you. If not, then you have to sue the other driver for your deductible.
So the first thing you want to do is file a claim with the other party's insurance company. They could deny the claim based on their insured's statement. If that happens, then you file the claim with your insurance company and sue the at fault party for your deductible.
Posted: Tue Jun 11, 2013 04:56 am Post Subject: help
I got in to a car accident not m my fault but I have a lien holder will the check be made to me or the lien holder
Posted: Tue Jun 11, 2013 11:47 am Post Subject:
Technically, the check should be made to both of you. How it will be made payable . . . you'll just have to wait and see.
Posted: Tue Jun 10, 2014 04:17 am Post Subject:
My brother purchased a farm from my mom. He owes her 10,000 and won't pay her. He made a claim on a side roll. The insurance company made the ck out to her as the policy must not have been out of her name. Can she cash the check as it is made out to her (for what he owes her) and give him the remaining balance? Is this legal?
Posted: Tue Jun 10, 2014 04:50 am Post Subject:
Can she cash the check as it is made out to her (for what he owes her) and give him the remaining balance? Is this legal?
Without a legal judgment that your mother is entitled to enforce, taking the insurance money would be considered "conversion" and is not lawful.On the other hand, she could hold the insurance money hostage until he pays the amount owed. That, too, may be problematic, but it would force the issue into the open and some agreement might be reached.
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