How Does this Affect my Loss Ratio?

[sam816]

Client is currently with Safeco and was rear ended by someone. The other party is insured and admitted fault to my client and the adjuster. There was no witness, no police report. the car is a 2007 Honda pilot.

Client went to a Safeco authorized shop and got an estimate of ~$1k, he took the car to another shop and they wanted to replace the muffler that was dropped by the impact, replace one tail light and the rear bumper, all of which for about $2600.

I had the 2nd shop submit their estimate to Safeco, what is the likely response from Safeco?

If the other party's insurance pays the $2600, will this case have any impact on my loss ratio?

TIA.

 

[nyc2phi]

Client is currently with Safeco and was rear ended by someone. The other party is insured and admitted fault to my client and the adjuster. There was no witness, no police report. the car is a 2007 Honda pilot. Client went to a Safeco authorized shop and got an estimate of ~$1k, he took the car to another shop and they wanted to replace the muffler that was dropped by the impact, replace one tail light and the rear bumper, all of which for about $2600. I had the 2nd shop submit their estimate to Safeco, what is the likely response from Safeco? If the other party's insurance pays the $2600, will this case have any impact on my loss ratio? TIA.

I wish I still worried about $2600 claims effecting my loss ratio. Now it's the 250K claim from a pharmacy the prescribed the wrong drug or 3 alarm building fire downtown that keep me up at night.

 

[insurance1822]

^holy crap....are those your losses?!?


and ya dude $2,600 isn't big. If it's an incurred loss it will get backed out once they successfully subro against the at fault party's insurance. Keep an eye on those take backs as some can linger & potentially eff you over year end.

 

[BlockO]

it won't affect your loss ratio.

 

[djs]

Likely response from Safeco to the additional charge? They will send an adjuster out to determine if the problem is part of the accident or a pre-existing problem. From there, they will make a determination on what to do.

Most likely they will pay the adjustment or at least part of it. For instance, they might say re-use the muffler, just weld it in, rather then replace it.

Dan

 

[nyc2phi]

^holy crap....are those your losses?!? and ya dude $2,600 isn't big. If it's an incurred loss it will get backed out once they successfully subro against the at fault party's insurance. Keep an eye on those take backs as some can linger & potentially eff you over year end.

Yeah they were two years ago, it was an awful year for my loss ratio. I write enough of the good stuff to off set it but still set me back a while.