Does this sound like insurance?

[Chandler_Racing]

I'm driving to work on December 14th, 2009 and stopped at a red light that has an advanced green turn to Stoney Trail. After the advanced green light has turned on, I proceed into the intersection.

The light had been red going straight through the other direction for a solid minute; however, that was no deterant to the lady who plowed through the light at 50+km/h in her SUV while surely on an important phone call. I understand the conditions were suspect that day, but she made no conscious effort to avoid the collision by either turning or braking - never mind stopping for the solid red!

Needless to say, she caused over $28,000 damage to my car without consideration to the suspension which the body shop did not even consider. Two witnesses, the lady driving the car, and the police officers assessment all pegged the accident as 100% her fault. At this point I figure that I will most likely be driving a loaner Civic around for a few weeks before they decide to make payment on my vehicle for the remaining portion of the lease. All is gravy?

Not quite, as I get a call from the wonderful lady's insurance adjuster. She informs me that they will offer $29,700. Well, after calling to check the balance remaining on the buy-out of the car - I owed $32,000. So, that means that I owe $2,300 out of my own pocket for some dumb broad who is a wrecking ball behind the wheel?

I like to look at things from a principles based approach and to be honest this does not fly with me. I'm curious at this point what others thoughts are on this issue and whether I have a legitimate case or am just getting my panties twisted?

As a side note, it was communicated to me that my insurance "might" have a "34" clause which covers this spread, or the finance company often purchases insurance for this very reason. I am still waiting to hear back with respect to this though.

[ercchry]

the OTHER lady's insurance called YOU? tell her to fuck off and call YOUR insurance company the way she should be doing things... DO NOT sign anything!

[FiveFreshFish]

What her insurance company offers you as a settlement doesn't have anything to do with how much you owe. In fact, if you had an at-fault single vehicle crash, your own insurance company would likely offer you a similar amount.

Insurance companies try to pay the lowest amount they can, but you certainly don't have to accept their first offer. If you can find several for sale ads of a car exactly like or very similar to your car, counter-offer and negotiate for a higher amount. With strong evidence, there's a good chance they'll up the ante. Keep in mind this can delay settlement. As ercchry mentioned, your collision coverage entitles you to have representation from your insurance company. Do all your talking through them.

If you do have a replacement-value clause, then you'll be reimbursed the entire purchase price of your car provided it's not over older than the limit stated in the clause. I believe if this is the case, your insurance makes up the difference between her insurance payout and the purchase price.

[Mibz]

Negotiate that shit man. Insurance first offered me $9,000 for the Neon, I ended up with a cheque for $16,500 -after- my $1,000 deductible.

[dirtsniffer]

Yea it won't be hard for them to up their offer ten or fifteen percent, I've had 2 cars written off and both times they've has to raise the offer, and I'm pretty sure it goes to arbitration after that so you might as well work some extra dough into it

[cancer man]

If it's a lease don't worry about it and tell the other company to f off.
That's what your agents get paid to do and don't sign anything.
Glad your ok.

[SpeedIllusion]

When I was in my first bike accident, the other party's insurance wanted to pay 4G's less than what I paid for, the bike had less than 100KM's on it. I pretty much told the other insurance company to shove it and called my company again and they got me the exact amount I paid :D

Cancer man is right, let your company handle!

[Masked Bandit]

The coverage you should be looking for is something called the SEF 43R. This is the waiver of depreciation. It will get you what you paid for the car assuming:

- You bought it brand new
- You have the 43R on your policy
- The vehicle is less than 30 months old. That's the industry standard. Some companies are 24 months, some are longer, but 30 seems to be the average.
- If you don't qualify for the 43R then what you have owing on your finance doesn't come into play. You should be paid the current market value for your car. Do a little research (Auto-Trader) and see what cars like yours are selling for.

[Kloubek]

Drop the word "lawyer" into the mix, and you'll get full value.

[tom_9109]

Originally posted by Masked Bandit
The coverage you should be looking for is something called the SEF 43R. This is the waiver of depreciation. It will get you what you paid for the car assuming:

- You bought it brand new
- You have the 43R on your policy
- The vehicle is less than 30 months old. That's the industry standard. Some companies are 24 months, some are longer, but 30 seems to be the average.
- If you don't qualify for the 43R then what you have owing on your finance doesn't come into play. You should be paid the current market value for your car. Do a little research (Auto-Trader) and see what cars like yours are selling for.


Ya if you're dealing with a new car ALWAYS be sure to get the 43R.

If your vehicle is a total loss you will be paid either the MSRP of the vehicle or the amount you paid, whichever is lesser. Its the only way to go as you won't get raped by your finance company.

[ExtraSlow]

On my policy, I've got "replacement value" coverage.
Which means, if my car is written off anytime during the coverage (I think I have the first five years) then I'm given enough to buy a new CURRENT YEAR Mazda3 with the same options, even if the MSRP has gone up, and regardless of how much under MSRP I paid originally.
This isn't a part of the basic coverage and it's not the same as that 43R endorsement mentioned above. I had to add it and pay for it separately. However, it does cover me very well if the car is written off. Costs me a five bucks a month I think with TD-MM.

For you, sounds like you have to hope you have the 43R.

[urban.one]

http://www.melochemonnex.com/en/product/5year_replacement_cost

I had a car written off under this coverage and it was a smooth process in getting the claim settled. I wanted the car replaced with the same model and Meloche did the leg work in finding a dealer with the car I wanted, they negotiated the price and cut me a cheque in that amount, and off I went to replace the car.


Originally posted by ExtraSlow
On my policy, I've got "replacement value" coverage.
Which means, if my car is written off anytime during the coverage (I think I have the first five years) then I'm given enough to buy a new CURRENT YEAR Mazda3 with the same options, even if the MSRP has gone up, and regardless of how much under MSRP I paid originally.
This isn't a part of the basic coverage and it's not the same as that 43R endorsement mentioned above. I had to add it and pay for it separately. However, it does cover me very well if the car is written off. Costs me a five bucks a month I think with TD-MM.

For you, sounds like you have to hope you have the 43R.

[Super_Geo]

Tell them to pay full value, or you might have to go to the doctor's to check up on that sharp, intermittent pain you've been feeling in your neck :rofl:

[Xtrema]

Do not deal with her insurance company until you get everything you want from your own and let your insurance company reclaim from hers.

Once that's settled, then start dealing with other settlements like soft tissue pay out and other out of pocket, lost time expenses that's isn't covered by your insurance policy.

[Dumbass17]

i don't have anything to contribute to this thread, other than A HUGE THANK YOU to the original poster for posting something that was actually understandable and very clear!
It's been a tough road trying to decode people's posts haha.

also, glad to hear you're ok. let us know how it pans out!