by shundakodi » Wed Nov 11, 2009 12:10 am
My automobile was involved in a hit and run accident. The automobile was financed at an in-house company and they are trying to give us the run around on the payoff. They were not listed as the loss payee on the insurance policy. The vehicle was considered a total loss and a title was requested. At this point, we stated that we would have to pay the vehicle off with the funds we received. The adjuster then stated that he could not issue me a check. he would have to speak with finance company.
Posted: Wed Nov 11, 2009 12:30 am Post Subject:
The adjuster is right...He/She cannot issue payment for a total loss, without the title, and you cannot give them a clear (lein free) title. So the adjuster will contact the lein holder get a guarantee of title release, then the adjuster will issue payment to the lein holder, if there is some left over after the pay off you will get that. If the ACV (actual cash value) of your vehicle is less than the pay off then you will owe that balance, without having a car, unles you have GAP insurance.
Where is it in this process that you feel you are getting the run around?
Posted: Wed Nov 11, 2009 01:21 am Post Subject:
With the finance company. It was some type of in-house financing and they are not being very co-operative with providing payoff information.
Posted: Wed Nov 11, 2009 01:33 am Post Subject:
It was some type of in-house financing and they are not being very co-operative with providing payoff information.
Is it one of those 'buy here, pay here' or 'we tote the note' car lots? If so I've had trouble with them too..but they won't (most likely) give the adjuster any trouble, they know they have to produce or they won't get their money :shock:Do you understand now then, that the adjuster HAS to pay the leinholder, in order to get the title released? Do you have any other questions about your claim?
Posted: Wed Nov 11, 2009 01:36 am Post Subject:
No. I understand now. Thanks for your help.
Posted: Wed Nov 11, 2009 01:56 am Post Subject:
Sadly it's often only at claim time that people find out what the cover they have paid for is really worth.
Hopefully shundakodi will look a little deeper at the next vehicle insurance policy offered.
Posted: Wed Nov 11, 2009 11:15 am Post Subject:
Hopefully shundakodi will look a little deeper at the next vehicle insurance policy offered.
For what? He clearly had the coverage he needed.. :?Posted: Wed Nov 11, 2009 08:13 pm Post Subject:
Are there not policies which offer replacement cover or agreed value rather than acv? This seems to be more along the lines of what shundakodi had in mind.
If he had such a policy through another provider, rather than an ACV one, the result at claim time would have been much closer to his expectations.
Posted: Thu Nov 12, 2009 01:09 am Post Subject:
Are there not policies which offer replacement cover or agreed value rather than acv?
I personally have not seen an auto policy like that in 22 (plus) years in the field, even stated amount policys are the ACV, the stated amount is the max. that can be paid. Now I suppose there could be some kind of rouge Lloyds of London policy that maybe a person could get. But I don't know anyone that has them, nor have I seen them..ESPECIALLY on a daily driver, with a lein..This seems to be more along the lines of what shundakodi had in mind.
I think he wanted the payment to him without the lein holder... :wink:If he had such a policy through another provider, rather than an ACV one, the result at claim time would have been much closer to his expectations.
I don't see how..There isn't a dispute about the ACV..or doesn't seem to be..looks to me like the only problem he/she has is the lein holder releasing the pay off..Posted: Thu Nov 12, 2009 01:55 am Post Subject:
Hi Lori,
Really? agreed value policies are commonplace in Australia and new zealand - and in the UK I believe, but I guess the USA is an entirely different environment. I personally have an agreed value policy on my vehicle. Premium is based on sum insured at purchase and remains the same (indexed yearly), as does the benefit in the event of a total loss. No if or buts, not appraisals (except at inception)
"I think he wanted the payment to him without the lein holder... Wink"
Probably, but in the initial comment didn't he say he wanted the vehicle replaced? Hold on, I've just re read the OP and I'm wrong - must have been thinking of a similar post.
must have my Wires a little crossed - apologies
Posted: Thu Nov 12, 2009 01:58 am Post Subject:
as a complete side issue, Lori - if that's your actual photo in the "ask community experts" box, I'm really surprised you have been working int he industry for 20+ years! you only look about 25!
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