car totaled insurance offers less than value of car

layzie30 · #1 02-22-2005, 05:39 PM

What is the name of your state?Pennsylvania
my car was parked and someone hit it(totaled!) along with two other vehicles.
i have no insurance because i was selling the car and it was'nt being driven. i got a copy of the appraisal and release form. his insurance tells me that they cannot give me the value of the car because the damages exceed what his policy covers. how can i get a fair amount? i dont want to settle for less than the car is worth.who should pay? will i have to go to court? who is responsible the driver or the insurance company? i hate how insurance companies like these prey on people like me. please help me. this is really unfair. all advice will be greatly appreciated.

#2 02-22-2005, 06:03 PM

Q: his insurance tells me that they cannot give me the value of the car because the damages exceed what his policy covers. how can i get a fair amount?

A: They will pay you up to the limits of the policy. This is not preying on you, this is giving you money. If you still need more money, you will have to sue the person who hit you.

layzie30 · #3 02-22-2005, 06:51 PM

but the copy of the release states that i would be releasing the right to sue the insurance company and the policy holder or any of their affiliates. and they said that when i sign the release is when i'll get reimbursed by them. so if i sign i cant sue but if i dont sign i dont get anything. it looks like a lose lose situation to me.

#4 02-22-2005, 07:44 PM

Quote:

Originally Posted by layzie30

but the copy of the release states that i would be releasing the right to sue the insurance company and the policy holder or any of their affiliates. and they said that when i sign the release is when i'll get reimbursed by them. so if i sign i cant sue but if i dont sign i dont get anything. it looks like a lose lose situation to me.

You're right; sorry, I had forgotten that's what those releases say.

Okay, so NOW the choice is SOME money or NO money.

What is your choice?

I don't sell car insurance but I have to tell you that if the insurance carrier is paying its limit, that is all it's required to do.

Stand by for insurance people to comment on this.

stephenk · #5 02-22-2005, 10:38 PM

if you believe the other party has assets above what his insurance policy will cover, you may want to sue the driver for the full amount of damages.

Remember, he hit two other cars. His carrier will have to divide up his property damage coverage with you and two other people.

Lynx 36 · #6 02-23-2005, 08:09 AM

Quote:

Originally Posted by layzie30

What is the name of your state?Pennsylvania
my car was parked and someone hit it(totaled!) along with two other vehicles.
i have no insurance because i was selling the car and it was'nt being driven. i got a copy of the appraisal and release form. his insurance tells me that they cannot give me the value of the car because the damages exceed what his policy covers. how can i get a fair amount? i dont want to settle for less than the car is worth.who should pay? will i have to go to court? who is responsible the driver or the insurance company? i hate how insurance companies like these prey on people like me. please help me. this is really unfair. all advice will be greatly appreciated.

You will have to decline their offer and sue the driver f/ 100% of the damages. The insurance co. is paying f/ 3 cars here. They are only required to pay up to the policy limits of the driver. The insurance co. is not preying on your, nor are they doing anything wrong. That money has to be divided 3 ways, and w/ the low policy limit you're probably not the only one who didn't get their full loss paid. You have to decide if it's worth it to sue or take the money.

layzie30 · #7 02-23-2005, 08:56 AM

thanks for the advice guys. i think i'm going to have to sue the driver then. the fraction that his insurance offered was a little less than half. i cant take that. so basically dont sign the release and take the driver to court- got it. thanks again.

#8 02-23-2005, 09:06 AM

Quote:

Originally Posted by layzie30

thanks for the advice guys. i think i'm going to have to sue the driver then. the fraction that his insurance offered was a little less than half. i cant take that. so basically dont sign the release and take the driver to court- got it. thanks again.

Make sure the guy has the dough to pay you BEFORE you sue him.

layzie30 · #9 02-23-2005, 09:07 AM

how do i do that?

#10 02-23-2005, 09:29 AM

Quote:

Originally Posted by layzie30

how do i do that?

Hire a private detective, I guess.

Anyway, what I told you earlier is still true: bird in the hand stuff.

If you get a judgment against this guy and he cannot or will not pay, you will have zero dollars. If you take what the insurance company wants to give you, then you will have some dollars.

It's your choice.

layzie30 · #11 02-23-2005, 09:34 AM

but would'nt a bank pay and then he would have to pay the bank?

#12 02-23-2005, 09:38 AM

Quote:

Originally Posted by layzie30

but would'nt a bank pay and then he would have to pay the bank?

What bank? What are you talking about?

layzie30 · #13 02-23-2005, 09:43 AM

i thought that if he didnt have the money to pay the bank would pay, but seize his things that are of equal value if he didnt pay his debt with them. am i wrong?

#14 02-23-2005, 09:49 AM

Quote:

Originally Posted by layzie30

i thought that if he didnt have the money to pay the bank would pay, but seize his things that are of equal value if he didnt pay his debt with them. am i wrong?

I don't know if you are wrong or not because I do not know what you are talking about.

What bank?

layzie30 · #15 02-23-2005, 09:53 AM

a bank any bank. like him taking a loan from a bank to pay for the damages, and then his debt would be with that bank not me. i could be wrong, but i thought thats what he would have to do.