Insurance Question

[crash001]

It was recommended by a friend, that speaks highly of the knowledge base in Beyond, to come in and ask for some advice.

So here it goes.....go easy on me....lol

Last Thursday a 17 yr old decided to run a red light in the intersection I happened to be going through. Fortunately neither one of us were seriously hurt. He took 100% responsibility and will be charged.

I found out today that my car is being written off as total loss. I was smart enough to have 43 L on my insurance. This, as I understand is a waiver of depreciation. So I get the full value of my car the day I paid for it.

So, If I paid $24,000 for the car and I still owe $16,000, what happens with the $8,000. It would seem to good to be true if they cut me a cheque for this. I know insurance companies don't fully explain everything in hopes that a person doesn't question them.

Any thoughts on this would be appreciated.

Cheers!

[guessboi]

Not sure who you are insured with but read that endorsement...

You do get approx $8,000 if your loan is only 16,000 now.

SEF 43 - Some company offers it 24 months, some 30...etc. TDMM I know is only 24 months.

[crash001]

Thanks!

Mine was for 30 months, which will be up Nov. 30th. So if I was going to be in a total write off situation, now was the time.

[tom_9109]

Nothin better than a total loss with a 43 R. You're riiiich boitch.

[Masked Bandit]

This really is about as good as it gets in insurance. The company will pay you out the $24,000 for the car, you pay out the loan and pocket the $8000 difference. You basically drove your car for the last 2+ years for free.

PROFIT!

And profit isn't supposed to happen in insurance.

[guessboi]

^ +1 VERY LUCKY BRO!

[crash001]

I was hoping that was the answer. :)

That will make for a decent downpayment on the new car and some play money to upgrade it. (looking at an FJ)

Funny how when the adjuster phoned me he quoted me what my buyout was and then when I explained to him that I had 43L, he went pretty quiet and told me I would hear back from him by Tuesday. Shouldn't he have known I had 43L?

Not complaining, considering the horror stories I have heard about insurance companies, I've been pretty lucky thus far.

Believe it or not....it's AMA I am dealing with and the kid (parents) is with Peace Hills. Here's hoping it continues to go smoothly.

First and only accident in my 20 years of driving so I'm not sure what to expect.

Thanks for taking the time to answer.

[Masked Bandit]

Originally posted by crash001
I was hoping that was the answer. :)

That will make for a decent downpayment on the new car and some play money to upgrade it. (looking at an FJ)

Funny how when the adjuster phoned me he quoted me what my buyout was and then when I explained to him that I had 43L, he went pretty quiet and told me I would hear back from him by Tuesday. Shouldn't he have known I had 43L?

Not complaining, considering the horror stories I have heard about insurance companies, I've been pretty lucky thus far.

Believe it or not....it's AMA I am dealing with and the kid (parents) is with Peace Hills. Here's hoping it continues to go smoothly.

First and only accident in my 20 years of driving so I'm not sure what to expect.

Thanks for taking the time to answer.

You would be surprised at how little policy information adjusters have during the initial stages of a claim.

[Cos]

Just make sure when the adjuster comes you have your BOS showing the $24k purchase price and a copy of your policy stating you have 43L which hasnt expired yet.

Will make it easier on the adjuster and you. Cant argue with those two pieces of paper and he can show his manager that to get the cheque approved.

[250and3]

It's a little diferent, but I have something that TDMM calls "Replacement Cost Solution" which will pay me enought o buy a brand new 2011 Mazda3 if my 5 year old mazda3 gets written off, even if the current retail price has increased.
The Cost of that goes up each year as the current car depreciates though, so it's actually pretty expensive now.

[D'z Nutz]

Originally posted by crash001
Last Thursday a 17 yr old decided to run a red light in the intersection I happened to be going through. Fortunately neither one of us were seriously hurt. He took 100% responsibility and will be charged

I wonder how long until one of our "junior" members comes on and makes a post about hitting a car and asking how to get out of it or where to look for cheaper insurance :rofl:

[A790]

Originally posted by D'z Nutz


I wonder how long until one of our "junior" members comes on and makes a post about hitting a car and asking how to get out of it or where to look for cheaper insurance :rofl:
http://forums.beyond.ca/st/342820/cheapest-place-to-get-200000-auto-insurance/ ?

;)

[Masked Bandit]

Originally posted by A790

http://forums.beyond.ca/st/342820/cheapest-place-to-get-200000-auto-insurance/ ?

;)

Can't be the same guy, he says he's been driving for decades. And obviously that's why he only needs $200,000 liability.

[crash001]

Thanks everyone!

Just heard back from the insurance company and I now have a downpayment on a new car. :) Although it sucks because I just put $600 into it and had a full tank of gas...haha! Now to decide what to get!

I have been told to keep my file open anywhere from 5 months to 5 years. Any thoughts on this?

Cheers!

[Masked Bandit]

I'm not sure what you mean by "keep your file open"?

[redsrt4]

sorry but what does 43L means??

[Dave P]

Originally posted by redsrt4
sorry but what does 43L means??

Limited Waiver of Depreciation Endorsement

[crash001]

I wasn't sure either that's why I was asking. haha

I think from what I was told, to keep it open in case anything else comes up. So if I have a medical claim that is a cause from the accident.

At this point I am receiving chiropractic treatment and massage therapy for my knee and shoulder from bracing from the impact.

Hopefully that makes sense.

[Stealth22]

Glad to hear you weren't hurt and that you had full coverage.

You obviously got full value for your car, but I had the same experience. I had a leased car, some moron ran a red and wrote it off.

Luckily, I had the replacement coverage, so they paid out full value, and Toyota took their buy-out portion, I kept the rest. :)

[crash001]

Stealth...did you have to pay a penalty on the lease for buying out early? I have been told that I may have to penalty for getting out of the lease early.

If this is the case, does the other insurance pay?

Ughhh...I didn't realise there was so much involved. I'm still filling out paperwork. haha

[Stealth22]

Not that I recall, cause it was an accident that wasn't my fault...but it was a while back so I'm not 100% sure.

One thing I do remember though...I gave a statement to the police, as did a family member who was behind me in a separate car, and so did the other driver next to me that got hit. But the guy who was at fault, his insurance was pestering me about a statement. It was my first accident, so maybe thats standard procedure, but I felt it was kind of weird, since the police had everything already.

From what I remember, my family's insurance paid for the car, and was going to hound the other guy's insurance to foot the bill.

[guessboi]

Originally posted by crash001
Thanks everyone!

Just heard back from the insurance company and I now have a downpayment on a new car. :) Although it sucks because I just put $600 into it and had a full tank of gas...haha! Now to decide what to get!

I have been told to keep my file open anywhere from 5 months to 5 years. Any thoughts on this?

Cheers!

Not sure what you mean ny keep your file open...
Congrats! :D
What's your plan for a new car?

[crash001]

Haha....I am seriously struggling with what to buy. I need to keep it in the low 20's. I am all over the place in terms of what I want.

I found a decent deal on an FJ Cruiser. It was a Matrix that was written off. So I can get a 2007FJ for the same price as a 2012 Matrix xrs, but it would be my 3rd one. I like the idea of good gas mileage and am pretty partial to Toyota. Although I found a used Loaded C30 R for a decent price ($22G with 71,000 K) as well, but I am always very nervous about buying privately.

See? All over the place!

[whiskas]

Just buy 10 neons. If one breaks down, take your plate off, leave it where it sits and put your plate on the another neon.

[crash001]

Originally posted by whiskas
Just buy 10 neons. If one breaks down, take your plate off, leave it where it sits and put your plate on the another neon.

But I don't want to be back shopping for a new vehicle in 10 months. :)