owner operator

[nwalt]

What is the name of your state?
We live in Ga.

My Father in Law bought a truck for my brother in law for $65000 .
The truck was in my Father in laws name. He had ins on the truck for 65000 . The company my brother in law was driving for also had ins on the truck.

2 months ago my brother in law was involved in an accident and was killed. He was the only one involved in the accident and the there was no drugs or alcohol in his system.

My father in law is still paying 1500/month truck payments on the truck. His insurance says that the trucking company needs to cover the truck, which was totaled. The trucking company says it will only pay 25000 on the truck. The truck was purchased only one month before the accident for 65000.

any advice ???

 

[HomeGuru]

What is the name of your state?
We live in Ga.

My Father in Law bought a truck for my brother in law for $65000 .
The truck was in my Father in laws name. He had ins on the truck for 65000 . The company my brother in law was driving for also had ins on the truck.

2 months ago my brother in law was involved in an accident and was killed. He was the only one involved in the accident and the there was no drugs or alcohol in his system.

My father in law is still paying 1500/month truck payments on the truck. His insurance says that the trucking company needs to cover the truck, which was totaled. The trucking company says it will only pay 25000 on the truck. The truck was purchased only one month before the accident for 65000.

any advice ???

**A: have him hire an attorney as there is too much money at stake to be lost here.

 

[JETX]

"His insurance says that the trucking company needs to cover the truck, which was totaled."
*** Why is his insurance company denying the claim??

"The trucking company says it will only pay 25000 on the truck. The truck was purchased only one month before the accident for 65000."
*** The insurance companies coverage is NOT determined by the price paid, but solely on the value of the vehicle immediately prior to the accident. If you have independent evidence (and not the purchase price) that the vehicle was worth more than the offered amount, present that evidence to the insurance company and ask them to review it. If they still refuse to raise their valuation, then your only option is to file a lawsuit.

"The truck was purchased only one month before the accident for 65000."
*** That 'close relationship' purchase cannot be used to set the value of the vehicle. Simply, it is NOT an 'arms length' sale. You are going to need to get other estimates of its fair market value.

 

[lwpat]

I am assuming that the truck was purchased from a dealer or other unrelated party. If that is the case your father in law needs to demand from his insurance company that they pay the full value of the truck. The fact that it was bought and financed for the 65000 is evidence of the value. However, you should also get comparison values of similar trucks in your area to present to the insurance company.

Tell them that it is their responsibility to deal with the other insurance carrier. If you continue to have problems contact the state office that oversees insurance companies and file a complaint. There should be a link on the GA state website.

If they continue to stall retain an attorney on an hourly basis to assist you. I own a trucking company so if you need futher assistance please send me an email.