Freak accident, need advice
04-18-2011, 09:46 AM
#16
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Can someone help me out further on the diminished value claim? I need to know further details about when to mention it to the Hyundai guy's insurance company, how to file, etc. Thanks!
04-18-2011, 12:16 PM
#17
When I was in this situation years ago, I waited until the car was fixed and then filed it with the other party's insurance company. You may also have to use a 3rd party independent of the situation to get an appraisal of your car after repairs are made. You would use that appraisal versus one for an identical car with no damage and the difference is the finished value claim. Most insurance companies will not offer you this info.
Others here might be able to advise you exactly when to discuss this but do not wait until after everything is settled or it will be too late.
Others here might be able to advise you exactly when to discuss this but do not wait until after everything is settled or it will be too late.
04-18-2011, 06:37 PM
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When I was in this situation years ago, I waited until the car was fixed and then filed it with the other party's insurance company. You may also have to use a 3rd party independent of the situation to get an appraisal of your car after repairs are made. You would use that appraisal versus one for an identical car with no damage and the difference is the finished value claim. Most insurance companies will not offer you this info.
Others here might be able to advise you exactly when to discuss this but do not wait until after everything is settled or it will be too late.
Others here might be able to advise you exactly when to discuss this but do not wait until after everything is settled or it will be too late.
I tried getting in touch with Progressive (Hyundai guy's insurance company) today to find out if they talked to the guy yet (they say they need to talk to him first before they can approve my rental). Left a couple of voicemails and received no calls back. I will call every hour tomorrow if they don't call back.
04-19-2011, 05:46 PM
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Now get this: She says its probably gonna be more than $5,000 and the Hyundai guy only has $5,000 in insurance coverage (supposedly the minimum). She says because of that they can only pay out $5,000.
What do I do?!? If I go through my insurance (NJM), will they make sure Progressive pays out the entire cost? And still not raising my rates?
I need some advice!! This has made me very angry. Thanks!
04-19-2011, 06:05 PM
#21
the hyundai owner is screwed.
do not worry, the 5k limit is his policy,that's going to be his problem if that's all he's covered for.
your policy will cover additional damage.
then your carrier will subrigate the claim.
you are covered under uninsured/underinsured motorist all full coverage has this.
(they will go after his insurance 1st,then him personally)
he is 100% liable for failure to maintain his vehicle.
hopefully this helps you out.
good luck with your claim & go after the diminshed value.
do not worry, the 5k limit is his policy,that's going to be his problem if that's all he's covered for.
your policy will cover additional damage.
then your carrier will subrigate the claim.
you are covered under uninsured/underinsured motorist all full coverage has this.
(they will go after his insurance 1st,then him personally)
he is 100% liable for failure to maintain his vehicle.
hopefully this helps you out.
good luck with your claim & go after the diminshed value.
04-19-2011, 08:49 PM
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I just spoke to the Progessive agent (hyundai guy's insurance company), they had an adjuster out today and he said it's going to be at least $4,000, probably more (because he somehow couldnt get into the vehicle, when all he had to do was ask the towing place for the keys).
Now get this: She says its probably gonna be more than $5,000 and the Hyundai guy only has $5,000 in insurance coverage (supposedly the minimum). She says because of that they can only pay out $5,000.
What do I do?!? If I go through my insurance (NJM), will they make sure Progressive pays out the entire cost? And still not raising my rates?
I need some advice!! This has made me very angry. Thanks!
Now get this: She says its probably gonna be more than $5,000 and the Hyundai guy only has $5,000 in insurance coverage (supposedly the minimum). She says because of that they can only pay out $5,000.
What do I do?!? If I go through my insurance (NJM), will they make sure Progressive pays out the entire cost? And still not raising my rates?
I need some advice!! This has made me very angry. Thanks!
Also, speaking from experience, when you are working the rental car with the insurance company, tell them you need an upgrade to a premium car because you use your vehicle for meeting with clients. If they don't have a reaon to upgrade your rental, they will give you the $15 special with manual windows.
04-22-2011, 10:46 AM
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the hyundai owner is screwed.
do not worry, the 5k limit is his policy,that's going to be his problem if that's all he's covered for.
your policy will cover additional damage.
then your carrier will subrigate the claim.
you are covered under uninsured/underinsured motorist all full coverage has this.
(they will go after his insurance 1st,then him personally)
he is 100% liable for failure to maintain his vehicle.
hopefully this helps you out.
good luck with your claim & go after the diminshed value.
do not worry, the 5k limit is his policy,that's going to be his problem if that's all he's covered for.
your policy will cover additional damage.
then your carrier will subrigate the claim.
you are covered under uninsured/underinsured motorist all full coverage has this.
(they will go after his insurance 1st,then him personally)
he is 100% liable for failure to maintain his vehicle.
hopefully this helps you out.
good luck with your claim & go after the diminshed value.
Your insurance will cover the difference and shouldn't raise your rates - it wasn't your fault.
Also, speaking from experience, when you are working the rental car with the insurance company, tell them you need an upgrade to a premium car because you use your vehicle for meeting with clients. If they don't have a reaon to upgrade your rental, they will give you the $15 special with manual windows.
Also, speaking from experience, when you are working the rental car with the insurance company, tell them you need an upgrade to a premium car because you use your vehicle for meeting with clients. If they don't have a reaon to upgrade your rental, they will give you the $15 special with manual windows.
Thanks for the advice guys. They have towed my car to a NJM recommended body shop (Rahway Auto Body in Rahway, NJ). I told NJM to let them know to use OEM parts, and I also called Rahway Auto Body myself to tell them to use OEM parts and to call me before ordering anything (want to make sure they don't use aftermarket).
NJM has not mentioned anything yet regarding the process for what they are going to do on the entire claim. Hopefully it is the same process some of you have mentioned.
Edit: Body shop has said the repairs will cost $5800.
Last edited by pippen; 04-22-2011 at 10:53 AM. Reason: got quote
04-22-2011, 12:55 PM
#26
Might want to keep in mind that it gets a little tricky since it wasn't his car that hit you, just a part of it. I think you're ok since the wheel was still moving when it hit. If it was sitting in the road after falling off, I think it would fall under your collision coverage.
Also, keep in mind that insurance varies state to state.
Also, keep in mind that insurance varies state to state.
04-24-2011, 09:36 PM
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Might want to keep in mind that it gets a little tricky since it wasn't his car that hit you, just a part of it. I think you're ok since the wheel was still moving when it hit. If it was sitting in the road after falling off, I think it would fall under your collision coverage.
Also, keep in mind that insurance varies state to state.
Also, keep in mind that insurance varies state to state.
Told the body shop to order the sport bumper instead of the regular. Just to confirm, it is a direct fit right?
05-13-2011, 11:18 AM
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Just a quick update. I am going to pick up the car tomorrow, hope they fixed it up perfectly!
The body shop was giving me trouble about the sport bumper being extra $ and having to switch out parts, etc. I decided not to deal with that hassle and put the regular X one on.
I also contacted Collision Claim Associates for the diminished value claim. The service costs $395, but I think it should be worth it. Their preliminary analysis indicates I should receive $3,000-$4,000. Has anyone used this company before? They said I have to file the diminished value claim with my own insurance company since the other guy is underinsured.
The body shop was giving me trouble about the sport bumper being extra $ and having to switch out parts, etc. I decided not to deal with that hassle and put the regular X one on.
I also contacted Collision Claim Associates for the diminished value claim. The service costs $395, but I think it should be worth it. Their preliminary analysis indicates I should receive $3,000-$4,000. Has anyone used this company before? They said I have to file the diminished value claim with my own insurance company since the other guy is underinsured.
05-13-2011, 02:18 PM
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Just a quick update. I am going to pick up the car tomorrow, hope they fixed it up perfectly!
The body shop was giving me trouble about the sport bumper being extra $ and having to switch out parts, etc. I decided not to deal with that hassle and put the regular X one on.
I also contacted Collision Claim Associates for the diminished value claim. The service costs $395, but I think it should be worth it. Their preliminary analysis indicates I should receive $3,000-$4,000. Has anyone used this company before? They said I have to file the diminished value claim with my own insurance company since the other guy is underinsured.
The body shop was giving me trouble about the sport bumper being extra $ and having to switch out parts, etc. I decided not to deal with that hassle and put the regular X one on.
I also contacted Collision Claim Associates for the diminished value claim. The service costs $395, but I think it should be worth it. Their preliminary analysis indicates I should receive $3,000-$4,000. Has anyone used this company before? They said I have to file the diminished value claim with my own insurance company since the other guy is underinsured.