Parking Lot Accident

[STEPHAN]

The other parties insurance sent me a text:

We still have not been able to get in touch with our insured. I have sent out a reservation of rights to my supervisor for review and we will be sending it out to our insured, she has 15 days to respond and if she does not we will have to go off of what we have. I apologize for the delay but I thank you for your patience.

I asked: Did the witness not help?

They helped yes but we still have to follow procedure with our insured

Now what does "reservation of rights" mean in this case?

 

[quincy]

The other parties insurance sent me a text:


I asked: Did the witness not help?


Now what does "reservation of rights" mean in this case?

The insurance company is saying that they are not denying the claim but they reserve the right to deny the claim if their investigation into the accident supports a denial - in your case, if their investigation shows you were more than 50% at fault.

 

[zddoodah]

"sent out a reservation of rights" means sending a letter to the insured in which the insurer explains the importance of the insured cooperating in the investigation and the obligation under the policy to cooperate, and lets the insured know that, if he/she doesn't cooperate in the investigation, the insurer has the right under the policy and the applicable law to determine the claim based on information collected from sources other than the insured.

 

[STEPHAN]

Progressive called today. They spoke to the insured and they will cover our damage. They have a network they use for repairs and have also set up a rental car.

 

[quincy]

Progressive called today. They spoke to the insured and they will cover our damage. They have a network they use for repairs and have also set up a rental car.

Interesting. Thanks for the update.

 

[STEPHAN]

You have no idea how happy I am that I left my wife behind so she could find the witness after she came back from shopping.

Do you get any exchange for the less valuable car because it was in and accident?

 

[quincy]

You have no idea how happy I am that I left my wife behind so she could find the witness after she came back from shopping.

Do you get any exchange for the less valuable car because it was in and accident?

A car that has been in an accident has a reduced value.

 

[Bali Hai Again]

You have no idea how happy I am that I left my wife behind so she could find the witness after she came back from shopping.

Do you get any exchange for the less valuable car because it was in and accident?

From what I have read you may be able to recover 10% of the before accident worth of the car as diminished value from the insurance company if you file a claim.

Always good to have a witness who was at the scene.

 

[STEPHAN]

Update: The other party's insurance (Progressive) suggested a repair shop that we agreed to. The repairs have been done. It was only $1500. They also paid for a rental car.

Is every repair recorded in the car's history?

If so, should I ask the insurance for compensation for the diminished value?

 

[adjusterjack]

Is every repair recorded in the car's history?

Likely.

If so, should I ask the insurance for compensation for the diminished value?

Definitely.

Be sure to have a dollar figure in mind and justification as to how and why you picked that number.

One option is the 17c formula.

How To Calculate Diminished Value

You can also google diminished value calculator for other methods.

Or find comparables that also have an accident history or salvage title to get an idea of what your DV might be.

 

[STEPHAN]

One option is the 17c formula.

Thank you!!

Today my wife was stopped at a red light and another car hit the back of our car. It is the same area ... just a little damage. I guess $500. It is a close friend, 80+ years old.

 

[Zigner]

Thank you!!

Today my wife was stopped at a red light and another car hit the back of our car. It is the same area ... just a little damage. I guess $500. It is a close friend, 80+ years old.

The car is a close friend and 80+ years old?

 

[STEPHAN]

The car is a close friend and 80+ years old?