Settlement

What is the name of your state? Georgia
I was in an accident Monday, December 2. I was not at fault. The other motorist and I both have State Farm full coverage insurance. The insurance company has agreed to pay $18500 and the payoff on my truck is $20600. I've been told that I can't expect them to pay more than "fair market value." Many people have told me to hold out and they will eventually pay the full amount just to avoid paying out money for car rental and storage for my wrecked truck. My insurance agent has told me to hold off a few days before signing anything. My questions are:

1. Is there a time limit for signing the insurance company's settlement offer?

2. If I don't sign as soon as they would like me to, can they change the settlement to a lower amount?

3. By signing the Georgia Secure Power of Attorney forms that have been mailed, what exactly am I allowing my insurance company to do and will my signature on that mean I have accepted the settlement?

4. Can the insurance company have my truck moved without my permission to avoid storage costs or can the lien holder of the truck give them permission to move the vehicle?

Thanks for any advice.

Rather than just "holding out" why not give them some reasons WHY your vehicle is worth more. You can call dealers and get some quotes, you can find prices in classified ads, you can ask them how they got the figure they are presenting you with..... ask them to fax you a copy of the report. Then make sure the report is accurate. In my case, they left out many extras I had on my vehicle which made the value more than what they offer. I eventually got what I was looking for -- although I had to fight a little bit to get it. Just don't sit back and let them tell you. Be proactive!!!

As for your questions 1) insurance companies need to pay out for property damage in a "reasonable" time, which of course varies. Let's say 30 to 60 days is reasonable where I live (depending on the circumstances). 2) The insurance company can always change or amend their offer. That is why you have to counter their offer with some concrete proof that your vehicle is worth more ... or accept their offer now. 3) Your signature on the Power of Attorney gives the insurance company the right to sign off on the title -- as soon as they receive the title from your lender and after the lender has received the outstanding balance. So yes, if you sign it you are accepting their offer. 4) Unfortunately, the insurance company has 'control' of your vehicle once you enter into contract when you sign the insurance contract. If *they* have totaled your vehicle, they will move the vehicle into storage or salvage place until the settlement takes place.

Hope this helps a little. There are scads of other posts/replies on this board in this subject matter. Do a SEARCH if you want more info.

Good 'luck' to you!

Be careful. Once they make their offer on your truck, they will also set a deadline to accept the offer. Once the deadline passes, they will most likely tell you that your rental charges will no longer be paid by them. so you need to start working fast to resolve your property damage claim.