Reimbursement For Lost Resale Value

[AMYMARIE]

I was in an auto accident in 2006 and was not at-fault. When the at-fault drivers carrier (Progressive) came to estimate the damages on my vehicle, I received 2 checks. One for the body shop to get the car repaired and a 2nd one for the re-sale value depreciation due to the car being in an accident and it being reported to 'carfax'. That check was written to me personally.

With that said, both me and my husband were in an accident just yesterday and again, to no-fault of ours. The at-fault drivers carrier is, again, Progressive. The Progressive adjuster is going to call me Monday to hopefully set up a time to come out and give and estimate so I can get the car in the body shop (and the car is brand new and we have had it for only 2 months). When he calls me, should I tell him I am expecting 2 checks? One for the cost of repairs and the other one written out to the car owner (my husband) for the depreciation of the car's resale value due to it now being reported as being in an accident? I am also going to tell the adjuster that I bought that car with "GENUINE" parts and want it fixed with "GENUINE" parts, not aftermarket.

All replies are appreciated
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WOW..no posts or responses? I was told I should have no problems getting advice on this site but maybe I was misled?

 

[AMYMARIE]

Using Full Tort Option In Pennsylvania

The insurance adjuster from the at-fault driver who hit me and my husband has offered only $400 for pain and suffering.

My husband went to the ER to get checked out due to neck and head pain. He is ok THANK GOD but on meds. Once he told the adjuster that he was doing well "BUT THERE MAY BE AFTER EFFECTS IN THE WEEKS TO COME", the adjuster offered that amount.

The adjuster knows that my husband has full tort on his policy which allows us to sue for pain and suffering. It seems to me $400 is low-balling and is a sad amount to try to stop a lawsuit. If we settle for $400, that means it is "settled" and we cannot use our full tort option.

Should we call the adjuster back telling him that settling for $400 for pain & suffering would not be at our best interest because once settled, we cannot use our full tort option to sue? And that if he can come up with a higher figure then maybe we (me and my husband) can then make a decision on what our next step will be?

 

[STIBROKER]

{This post approved by STIBROKER}

 

[djs]

The answer to your questions probably varies a lot from state to state. Because of this, I can't give specific answers.

First, if your new car is totaled, it probably will be replaced. Most carriers do this for the first year of the car. Ask the adjuster, but this only applies if they are going to total the car.

If it is minor damage, they will pay to fix the car. I have NEVER heard of a carrier offering to pay for 'lost resale' value due to being in an accident. How do you define this value? It will change over time, depending on the severity of the accident and when the car is sold. If it is minor damage, there probably isn't much lost resale value if it is fixed correctly.

Replacement parts are based on how your policy reads. You can want new parts (and on new cars, that is usually all that is available), but on most cars, the parts that were damaged were used, and as such, they only have to replace them with similar parts. If YOUR policy has OEM replacement parts coverage, you will get OEM replacement parts.

Pain and suffering: I will stay out of this one. My advise is if he has lost significant work due to the accident then wait till everything is back to normal to get a check. If he hasn't lost significant work (or been incapacitated in some manner), then there probably won't be a significant settlement for this. Either way, I would wait at least a month, unless there is some clause (usually is) that the settlement can be reopened.

Dan
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By the way, I meant to add that the second check you received from the prior accident was PROBABLY for your loss of use of the vehicle, basically to reimburse you for your transportation expenses. I say probably, simply because you are not in California, I don't know how things work outside of California. And yes, they vary drastically.


Dan

 

[AMYMARIE]

No, he has not missed any work "BUT" according to the ER doctor, there might be delayed reactions to the accident because the human body is a funny thing. His shoulder might start hurting next week, migraines, etc. and it is common for something like that to pop-up.

I guess we will go along and contact the adjuster and go along with our original plan to ask for a higher settlement amount and if he says no, then we will wait for a while, see if my husband has anymore future symptoms from the accident and then take it from there (either use our full tort option which allows us to sue or approach the adjuster one last time). Sound like a plan?

 

[djs]

I would wait, even if they offer more money. Why be in a hurry to settle if you think there may be more ongoing problems?

If you think everything is done, then you have to pick a number you are comfortable with and ask for that. Be prepared for them to say 'No'. But then, nothing asked, nothing gained.

Dan

P.S. The PA full tort option seems strange to me. In CA, we don't have that as an option on our auto policies. But then, like I said, states are different.

 

[AMYMARIE]

Thanks for the info. but the only thing we have here to go by is what the ER doctor told us. He said with his neck hurting him (muscular, no skeletal injury) and having dizzy spells and his head hurting, we only have that to fall back on. Future problems can include muscualr neck pain and severe migraines (which then will cause possible loss of work).

My husand did call and left the adjuster a message last night that the $400 settlement is not to our best interest, especially if we settle and future problems occur within the next couple weeks and then using our full tort option is null & void. Wether he can come up with a higher settlement amount will determine what our next step shall be.

With that said, we will wait maybe another 2 weeks to see how he is feelling unless there is some clause (sometimes is) that the settlement can be re-opened.

Does that sound like a plan?

 

[djs]

I certainly hope your husband feels better soon.

If you are looking for a plan, I would consult an attorney, not a public insurance forum. Nobody here can give you legal advice, just insurance advice.

My only advice is to wait till your husband is better to worry about any settlement. Don't try to get a higher settlement today, take care of it after he is better.

Dan

 

[AMYMARIE]

General Scenerio

What if my husband has a pre-existing condition? Lets say he fell at work and hurt his neck and he has a plate in his neck? The auto accident re-injured or aggrevated his pre-existing condition...? If they offer us a settlement and then find out he had a pre-existing condition, can they go back on their word and not cover any of the pain & suffering?

 

[djs]

This is definitely a question to consult an attorney on. Aggravated pre-existing conditions are still an issue, but I now understand your concerns a bit more.

Settlements for pain and suffering vary so widely from state to state, that it is impossible for me to give any real help on this. From what I have seen, they usually won't pay more because of a situation that is made worse due to a pre-existing condition, but they probably won't pay less either. They look at what the accident actually caused. The simplest way to do this is what impact would it have on an average person.

Truth is, I don't see to many pain and suffering payouts, but then, like I said, every state is different.

Dan