Comcommittal
Junior Member
What is the name of your state (only U.S. law)? New Hampshire
I was involved in a car accident. I filed a claim with the other driver's insurance company and they offered me a settlement placing 80% of the fault on their driver and paying 80% of my damages. My car was declared a total loss and the insurance company valued it at $3200, which I accepted. So they are paying me 80% of that, $2560. The insurance company has sent me documents to finalize the settlement, including a combined Bill of Sale / Power of Attorney.
The Bill of Sale part of the document states:
The Power of Attorney part reads:
I was involved in a car accident. I filed a claim with the other driver's insurance company and they offered me a settlement placing 80% of the fault on their driver and paying 80% of my damages. My car was declared a total loss and the insurance company valued it at $3200, which I accepted. So they are paying me 80% of that, $2560. The insurance company has sent me documents to finalize the settlement, including a combined Bill of Sale / Power of Attorney.
The Bill of Sale part of the document states:
Should the Bill of Sale say $3200 although I'm only getting 80% of that, $2560?{Owner}
Hereby transfer(s) to {Insurance Company}, the following:
{Car Description}
VIN #: {VIN #}
in consideration of actual cash value of 3200.00
The Power of Attorney part reads:
Is this a normal assignment to make in this situation? Is there any hidden danger to signing this document that I might not understand from reading it? Does it do anything other than facilitate transfer of the title / ownership of the vehicle to the insurance company, or expose me to any kind of financial or other liability?POWER OF ATTORNEY
I hereby make, constitute and appoint {Insurance Company}, and any of its agents, as my lawful Attorney-in-any matter pertaining to the transferring the motor vehicle described above, and for said purpose(s) to sign my name and do all things necessary to this appointment.
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