Dealing with Insurance Companies..
Just seeking suggestions and/or advice... This week my Immaculate Truck was attacked and severly damaged by a logging truck on the interstate. No injuries thank goodness. I have been in contact with ...
Forum Discussion
"Your agent" is really not working in your best interests. They are either hired or contractually obligated to promote the best interests of the company. You, are the cash generator. That being said... there are good agents out there who will take it to the mat for insureds. But don't count on it.
Insurance companies do not like to pay claims. That's a cost. If you are dealing with the other insurance company... you are not costing your insuror anything. Yet.
The logging co's agency is duty bound to pay the least amount of money you will accept. That's their job. In order for you to get more "value" you have to be able to prove that your truck was better than the average book. You can get "dealer price opinions" as to what they would have put your vehicle on the lot for. DPO's mean something, but are not everything.
Go back to your company. Check to see if you have under insured coverage etc. Technically, your agent/company doesn't have to get involved untill you file a claim with them.
Is your vehicle totalled? Another thing to consider... sometimes physical injuries don't show up untill a few days to a few weeks after the accident. I hope you have not signed any medical releases. It would be a very good idea if you were to go see your doctor and have yourself thoroughly checked out. YOUR agency or the other should pay for this under the terms of the policy.
As for "diminished value"... regardless how perfect the body shop does the work, the mere fact that the vehicle was in an accident does diminish the value in a buyers mind. If you are out shopping for a vehicle... and you see two identical nice looking vehicles... and one of them had been in an accident.. which would you choose? That's where the "diminished value" comes in. Both trucks may in fact be perfect. But most buyers will mentally downgrade the previously wrecked one.
Something to consider... if your vehicle has been totalled... you can get a check for the loss minus salvage value. You can then have it repaired but will have to get a salvage title. That will reduce the value of the truck...and you most likely will not be able to insure it for anything other than liability. Just depends on your state and insurance company.
Good luck. Been there done that.
Insurance companies do not like to pay claims. That's a cost. If you are dealing with the other insurance company... you are not costing your insuror anything. Yet.
The logging co's agency is duty bound to pay the least amount of money you will accept. That's their job. In order for you to get more "value" you have to be able to prove that your truck was better than the average book. You can get "dealer price opinions" as to what they would have put your vehicle on the lot for. DPO's mean something, but are not everything.
Go back to your company. Check to see if you have under insured coverage etc. Technically, your agent/company doesn't have to get involved untill you file a claim with them.
Is your vehicle totalled? Another thing to consider... sometimes physical injuries don't show up untill a few days to a few weeks after the accident. I hope you have not signed any medical releases. It would be a very good idea if you were to go see your doctor and have yourself thoroughly checked out. YOUR agency or the other should pay for this under the terms of the policy.
As for "diminished value"... regardless how perfect the body shop does the work, the mere fact that the vehicle was in an accident does diminish the value in a buyers mind. If you are out shopping for a vehicle... and you see two identical nice looking vehicles... and one of them had been in an accident.. which would you choose? That's where the "diminished value" comes in. Both trucks may in fact be perfect. But most buyers will mentally downgrade the previously wrecked one.
Something to consider... if your vehicle has been totalled... you can get a check for the loss minus salvage value. You can then have it repaired but will have to get a salvage title. That will reduce the value of the truck...and you most likely will not be able to insure it for anything other than liability. Just depends on your state and insurance company.
Good luck. Been there done that.
