Car accident advice

[ctchandler]

Not true. The insurance company doesn't owe your bank any favors.

BBates,
I had hail damage of $6,800 to my car August, 2013 and I still had a loan on it at BOK, and State Farm wrote a check to me and BOK and BOK wouldn't endorse it till the repairs were done. Not a problem with me, I wanted it repaired. I don't know about other insurance companies but that's how it worked for me. Interestingly, I had $24,000 damage to my house in the same storm and State Farm wrote me a check (less depreciation) and to get the full amount, I had to provide repair receipts, but if I didn't, I could have just pocketed the depreciated amount. Again, I had the repairs done (new roof mainly) and they sent me a second check that when added to the first one equaled the replacement value.
C. T.

[Laramie]

Get the GAP insurance when you purchase your next vehicle.

GAP insurance is the difference between the actual cash value of a vehicle and the balance still owed on the financing (car loan, lease, etc.).

If someone hits your car, the GAP insurance will cover what the other person's insurance doesn't cover. Most insurance companies will total your car and they will only reimburse you for the amount that it would cost to have repairs made. If you purchased your car through a dealership; get an estimate from the dealership. Most insurance companies have their own appraisers; therefore, get your own appraisal. If you have problems with the insurance company--retain an attorney and let them handle it from there.

You're left to pay off the loan (if any) and search for another vehicle.

Don't expect to get most of your money from repairs; it's the personal injuries you incur where your attorneys are able to get money for your pain & suffering (if any) and treatment/physical therapy necessary to get you back on your feet.

If you have an automobile accident involving a minor injury--especially one that's not your fault; go to the hospital immediately to get checked out. Sometimes most injuries don't show up until days later. You have 10 days to fill out an accident report; you can obtain these forms from your local police department in case law enforcement wasn't dispatched at the time of an accident.

Police will not handle accidents on private property unless it involves personal injury; therefore, don't be talked into working with the individual involved; take pictures of the accident & damage with your cellphone.

Believe me, most insurance companies do not have your interest at heart--they are concerned about their bottom line.

[ctchandler]

Believe me, most insurance companies do not have your interest at heart--they are concerned about their bottom line.

Laramie,
I totally agree, but isn't that the case with most "for profit" companies? I don't care if they have my interest at heart or not, as long as I am taken care of according to my policy. And in my (too) many years of experience, I have found that a good agent will make a difference (within the restrictions/limits of the policy of course).
C. T.

[Laramie]

Laramie,
I totally agree, but isn't that the case with most "for profit" companies? I don't care if they have my interest at heart or not, as long as I am taken care of according to my policy. And in my (too) many years of experience, I have found that a good agent will make a difference (within the restrictions/limits of the policy of course).
C. T.

Totally agree C. T.

My reference had a lot to do with the person's insurance who is at fault that's not paying your premiums.

Most for profit companies do care about their bottom line; however, there are a few who know that good business long-term is treating customers right.

Liberty Mutual is a company that I've been with for decades. They have always shown empathy for my situation. Now, I have no idea what happens when they have to deal with customers of other insurance companies (Liability).

[Goon]

Interesting, but its NEVER happened that way with me, my wife's or my son's cars.

We were always given the check to do with what we will.

Which, in the case of my leased vehicle meant I had to keep in in good condition because I returned it a year later. So, it was fixed right away.

I do see where you could have an issue with someone smashing up their car to get a total payout and then walking away from the note. I'm actually trying to find a car now that was involved in a wreck and is being 'hidden' by the other party.

I do find that link - and others like it interesting. Naturally my opinion is based on my experience and my experience has never followed that course. In fact the last car I made payments on I sold damaged just to pay off the note.

You are an outlier...in most every other case in which the car is owned (read: lien is held) by someone other than you, that person's name will be on the check. As another poster stated, that assures that you will go to the lienholder and get their signature before cashing said check. In most all cases, the bank who holds your lien won't sign off unless they see a final invoice or some document confirming you made the stated repairs.

That said, I had a similar experience as another poster. I had less than 4k damage done to my wife's car when someone wrecked into her and had to take it to the bank to be co-signed. Same year (and same insurance co.) I had a tornado damage claim for over 50k that was made out solely to me. I chalked it up to being an oversignt by the catatstrophe team's claim processing, but it is interesting two people on a message board had similar experiences.

In all, you're right that you can only draw from your personal story. For everyone else, know that if you get into an accident and you aren't the sole lienholder on the vehicle, anyone else who is listed will need to most likely sign off on the check.

[ctchandler]

Totally agree C. T.

My reference had a lot to do with the person's insurance who is at fault that's not paying your premiums.

Most for profit companies do care about their bottom line; however, there are a few who know that good business long-term is treating customers right.

Liberty Mutual is a company that I've been with for decades. They have always shown empathy for my situation. Now, I have no idea what happens when they have to deal with customers of other insurance companies (Liability).

Laramie,
Gotcha, glad you have found a good company. I have been with State Farm since 1972 and I have been treated well for all of those years.
C. T.