4rnr

x a billion

Thats exactly the kind of thing the ins comp is hoping for. It is a get out of jail free card for them. BC you will happily choose no money over jail time

CyMoN

that sucks I hope you get what it is worth back also I would not tell them you where planning on selling it,if you haven't all ready

tc

Making stuff up is fraud and unnecessary.

Accurately accounting for all items in the truck that were not/could not be recovered is not only legal, it's very smart.

Erich_870

Not to mention the fact that car insurance does not cover that stuff. You'd have to file a second claim with your home owners insurance.

Erich

toy_tek

Hank, do you have any independent reference for this info? Is this strickly auto or all aspects of insurance? I'm not calling you out, I just find it hard to believe. Maybe if you include health insurance...

For myself and the people I know, the majority would agree that we will never recoup what we've paid in auto premiums... required by the state. And I've never filed any kind of auto claim under my insurance in 18 years. Separate discussion, but it is why I ask my first question.

Whitey13

In a nutshell...Insurance companies collect premiums from hundreds of thousands of customers. They then pay out benefits to those customers you make claims. If they collect more premium than they make payments, then they make what is called an underwriting profit. Some insurance companies manage an underwriting profit, some don't. Many insurance companies make their profit on what is called the float. This means that they invest the premiums they collect. Since, with some types of insurance, premiums are typically collected many years before they have to pay out benefits, the insurance company can have ample time to make significant investment returns on the premium money. If the insurance company is good at investing, this can be where they make the majority of their profit.

HairyTheWombat

.... .... so if they are not using th premium for straight profit.... why must they make it so G%$#@mned hard to get your benefit?
I realize that there are a lot of people out there that would scam them right out of business but the large majority of us just went through some sort of traumatic experience and are just trying to cash in on the 'guarantee' supposedly provided by the Insurance we are required to have. Why must they treat everybody like they are trying to get away with something??
The last accident I was in, my Ins. told me I had to pay for the repairs and then give them the info and they would go after the other guys ins. to get the money back and if the other ins paid, then and only then would I get my money back!
Ridiculous!

Whitey13

Quite simply, you need to find a new ins. company. I've made a few claims in my years driving (I'm 29) and I've never been given the run-around like you described.

toy_tek

Poor dude lost his truck now he's losing his thread.

I understand all that... and your post (Whitey 13) illustrates what infuriates me about insurance as a whole. Its REQUIRED by law. If they're allowed to make profit on my money, and I'm required to pay, I should be able to (at least) write off my premiums as a tax deduction. So I pay $xxxx.xx per year and never see a dime of benefit. If we just use $1000 a year as an example (auto) where could I be investment wise over 18 years? Instead I'm out $18 grand (using my example) and all I have to show for it is a Christmas card.

Now, I still want to see third party independent source info about them paying out more than they take in.

jfreisner

I'm not going to blame the shop for anything, I know accidents happen. I always took my 4Runner there because they do the best work for the best price. They are a connection through people at church and I dont want to burn any bridges. I haven't seen the 4Runner yet because of the busy day, but I'll probably take pics tomorrow. So far I've priced my lift, tires, wheels, bumper, and some other stuff. I just hope I can get $4,000-4,500 from insurance....crossing my fingers.

jfreisner

We got a quote for $4,900 from the insurance company, but we're trying to get more. I'm happy with the price, but my parents think we should shoot for $5,500...who knows what will happen.

HairyTheWombat

sounds awesome. glad they got a quote to you so fast!
not sure if I want to see the pics or not....

4rnr

Weather its true or not it doesnt help his original point.

Even if it isnt their source of income it is still a cost and they will anything to minimize it. Which brings us back to the original point that the insurance company will try to screw you! their priorities lie with the stock holders. Good or bad its just the nature

Matt16

I got rear ended by a dump truck after a land slide came down in front of me on BC's Sea to Sky highway to Squamish. The accident bent up the frame of Volkswagen I was driving. My parents had bought the vehicle for $25 000 a couple years previous. At first they offered $12 000 or a repair, so we said they had to repair it ***BUT*** we would only accept it back IF the frame dimensions were exactly the same as factory. All the fuel line, brake line and wiring was guarenteed, the suspension was certified and on... They soon after gave us $23 000.

I figure they were being generous as they heard about the injuries sustained. I nearly severed my spine when a disc popped out a lot and then back in again. I also acquired symptomatic multiple sclerosis 4 days after the impact. Likely the MS was there before, but in remission. It seems a little strange that it should coincidentally appear 4 days after the impact.

My advice: don't take their first offer and just sit and wait. Let them come to you. Time is money to them, they want to settle fast.

tc

I would believe that Sarbanes-Oxley would require them to list any claims as a liability, so it would make sense that it is best for them to settle it in a timely fashion - ESPECIALLY before the close of a quarter (like we're coming up on)

toy_tek

Try? They're already screwing all of us, claims or not. Read all my posts. Thats MY point.

Whitey13

I don't want to further hijack the thread and I'm glad you got a descent quote (jfreisner) for your troubles, but since it was asked I'd like to quickly address this request.

The idea that insurance companies don't make $$ off our payments is a bit of a misnomer. There are certainly companies out there that pay out more in claims than they take in, but it is a far cry from the majority. Most do make a "profit" from our unused policies and use investments to increase their margins.

Snipes4ever

Are you going to try and buy the runner back? My roomate just got t-boned by a fullsize pickup in his Plymouth Laser awd w/ turbo (same as Eagle Talon tsi) and they gave him $3500 for the car and he was able to buy it back for $150! I couldn't believe it. Might be worth it to use as something on the trail or part it out.

jfreisner

I'd love to have a trail rig, but I'm on a college budget right now and I dont have anything to tow it around with. Parting it out is too time consuming right now. I think the best thing to do is wait and let the insurance company come to me with more money.

Whitey13

This is not sound advice. They owe him $5000. You're telling him to make them wait???? This makes no sense. The idea that "I'll show them, I'll let them keep my money and continue to earn interest on it" Doesn't exactly back them into a corner...