I was on my way to work one morning (in Washington) and was slowing to a complete stop when the lights went out! Seems as though I was rearended by a driver going roughly 45 MPH.... right in front of an unmarked STATE PATROL CAR radaring the area! I was taken by ambulance to a nearby emergency room and was released. The doctor told me that I couldn't return to work (I really didn't feel like it anyway of course) but since I have been released and have had my employers sign a lost wages statement for the period of my absence due to the accident.
My car was totalled since he shoved me into the car in front of me and I was sandwiched between them. I have payed for all the meds and doctors out of my pocket (with reciepts) and am wondering how they go about settling my claims "pain and suffering" reward... Will I be reimbersed for my bills and lost items in the vehicle (my iPod I havent seen since, and I have reciepts for this too to prove ownership) and how do the insurance companies calculate these types of losses?
This is really a cut and dry case if I took it to court since there was a police offficer witnessing it (gave the driver a negligent driving ticket) so I'm just wondering if this is a real easy thing to settle out of court for the insurance co. to do with this type of claim.
How much is it worth?
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10-26-2006, 11:48 AMnewrigelHow much is it worth?
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10-29-2006, 12:45 PMMr. KnowitallRe: How much is it worth?
The insurance company will offer you the lowest amount that it believes might resolve the case, and will resist upward negotiation from that initial offer.
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11-04-2006, 08:03 AMnewrigelRe: How much is it worth?
What % do they multiply the medical bills by to come up with an amount for pain and suffering... 2X-3X what? I tell ya... insurance is a SCAM! I'll probably just end up sueing them because I found out that I owe $500 to pay the loan off...(I already had two-thirds of the cars blue book payed for that's gone... POOF!) WHO's protected? "The auto dealers and banks" and WE have to pay them for a false sense of security that in the bitter end... is in the banks and dealers intrest, not ours!:wallbang: :wallbang: :wallbang: :wallbang:
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11-04-2006, 07:10 PMmoburkesRe: How much is it worth?
They are not responsible for your loan payment, regardless of the fault. If you owe more than the fair market value of your vehicle, then THAT, unfortunately, is your fault. GAP insurance would have covered that.
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11-05-2006, 11:14 PMnewrigelRe: How much is it worth?If their not responsible then why does the law require full coverage on a lien holder?Quote:
Quoting moburkes
Seems like a liability policy would do the same thing without the high price of full coverage premiums... If I'm not a responsible driver then hey, I'll have to pay for it.
Plus, It would be nice to know that your insurance company would @ least inform you of these types of coverage extras (GAP). By law you have to have full coverage on a lien. Common sense dictates that since the law requires it, the insurance company should make sure the bank gets their money to pay the lien in full.. so really this is TOTALLY misleading! If insurance doesn't cover the lien, then what the hell do I need to have full coverage for! It's really a misleading scam... actually, it just protects the dealers and banks interest... the policy holders get screwed period!!!! We end up with NO equity that we have in the vehicles! The law shouldn't make it mandatory if they won't cover the lien man! If it weren't for us everyone would just go broke and guess what... I will NEVER finance a car again because it's truly a waste of money because there's too many retards out there that can't drive and we have to loose our property to these low-lifes and really it not fair to people that put out thousands of dollars on a stupid car and pay exuberant amounts of $$ to the insurance companies just to have some ahole come and run into it and total it! -
11-06-2006, 06:16 AMmoburkesRe: How much is it worth?There is no LAW that requires you to purchase comprehensive and collision on your vehicle. However, your agreement with your LENDER who loaned you money requires that you purchase both coverages. Think about it. If your vehicle was stolen, and you didn't have comprehensive coverage, would you 1. continue to pay for the month payments until your loan was over AND 2. still be able to afford to buy another vehicle to get you back and forth to work? Most people can't afford to do both. They would use the moeny to get another vehicle, and stop paying for the stolen vehicle. Where does that leave the finance company that gave you the original loan?Quote:
If their not responsible then why does the law require full coverage on a lien holder?
Believe me, the goverment does not care if, when in an accident, you fix your vehicle.
Again, its not a law. Again, think about it. Is it the insurance company's fault that, for example, you owe $19k on a vehicel that is worth $11k? No, that's your fault. You either 1. got a bad deal, 2. got a bad interest rate, or 3. have negative equity.Quote:
By law you have to have full coverage on a lien.
So, without collision coverage on your vehicle (which certainly doesn't cost as much as your car costs), then you won't be able to get a loan, regardless of your financial situation.
Also, all insurance companies do not offer GAP insurance. Some people buy it from the dealership at the time of the purchase of the vehicle.
You, as the consumer, have the right to be an INFORMED consumer. Unfortunately for you, you didn't choose to be an informed consumer by asking for all of the available options from your insurance agent, checking your state's dept of insurance website for information on how insurance works, asking your friends/family, etc. I'm guessing that you may have been informed about gap coverage, but since you decided that your insurance is too expensive as it was, you chose to decline any additional coverages. Good luck. -
11-06-2006, 08:39 AMnewrigelRe: How much is it worth?EXACLY... it's in the banks and dealers intrest... not the policy holders! You just said it!Quote:
Quoting moburkes
We'll just let the readers on the forum read this and figure it out!! Plus... the insurance companies aren't going to tell you anything that's in the POLICY HOLDERS intrest... having to inquire upon it shows you that they are scammers and they SHOULD INFORM the police holder of these things... but of couse you have to ASK for it because they are misleading, plus, they loose $$.... Isn't that the JOB of an insurance company... to INSURE the policy holders INTREST!
I still think and always will think insurance is a scam the banks came up with to make them $$$.
Katrina victims will support me @ that! -
11-06-2006, 08:59 AMmoburkesRe: How much is it worth?
I don't understand how I put my foot into my mouth. If you don't want to insure that the lender who loaned you money is protected for laoning you the money, then don't take out the loan. Its the same when buying a house or a car, or anything that you purchase using other people's money.
Would you loan money for a car, not knowing if (using my example above), when the vehicle is stolen or totalled, you will not get repaid?
Explain to me what I'm missing.
Insurance companies are in business to make money. So is the grocery store that you visit, the doctor that you visit, etc. -
11-06-2006, 09:17 AMnewrigelRe: How much is it worth?
You must work for an insurance company, bank, or car dealer hehe...
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11-06-2006, 09:33 AMmoburkesRe: How much is it worth?Close, but not quite. I did, however, read my very first insurance policy that I ever purchased from cover to cover, so that I would understand exactly what it covers and doesn't cover. I chose to be an informed consumer.Quote:
Quoting newrigel
You, however, besides pointing fingers, have not responded to any question or statement that I have asked.