Charley B

I guess "your fair share" sounded a little judgemental didn't it? I'm not sure if i was being judgemental or just jealous.

WH928

i think you wife is throwin up in the pic , also sweet garage and cars!!!!!

Greg Z

OK, Got a call a few minutes ago from the Ins. Rep.
She says that she thinks that my S4 has a fair market value of 10.6!!!!
The insured had a 10-20-10 policy. But, she says I have to share the 10K with the other vehicle in the accident.. there damage was aprox. 3K so I would get the remainder! My wife got the call so that is all I know at the moment. Any advice

Richard S

You're probably going to have to sue the person responsible for the amount you want. He paid his insurance company for a specific amount of coverage, so his insurance is now paying out that amount. Plain and simple, he didn't want to pay for more coverage and now he is responsible for an accident in excess of his covered amount. The rest comes out of his pocket. At least that's how I see it. After my accidents, I made sure I had enough coverage if I were ever at fault. Each time the damage to my vehicle was in excess of the at-fault party's insurance coverage. Imagine if you only have $5,000 limit (the minimum in Ca.) and you hit a new Lexus.....plan on getting sued.

Sorry to hear all this, sounds like you have an uphill battle ahead of you.

Rich

nosnow

if it goes above the limits go through your insurance. think about it..... if they don't have the assets that require higher limits they aren't going to have the assets to pay you even if you get a judgement. let your insurance company write off the damage as bad debt.

Greg Z

Yes I agree with you and "Richard S".
This was a very oun woman who cause the accident and I'm sure I will never see a dime.
I have now talked to the Ins. Rep. myself and she says she will pro-rate the damages to each of us. Meaning pay us the same percentage but based on the value of our claims. I told her she was off base with the 10.6 and she had no problem with that. She told me to gather info showing the true value and I would get a percentage of that figure instead of the 10.6.
but of course total paid out to the 2 of us will not exceed 10K.
I have also contacted my Ins and she said she will pay the difference but based off what I payed for the car, not its current worth. I am OK with that because I bought it from a private indivudual and paid what its worth.

Imo000

So its time to make a new bill of sale?

Jim bailey - 928 International

someone asked ..."I am interested in seeing how the fact that he is a dealer and this car was being driven/displayed with dealer tags affects his right to recover for losses sustained through no fault of his own. PLEASE EDUCATE ME." OK I believe here is the answer .."I have also contacted my Ins and she said she will pay the difference but based off what I payed for the car, not its current worth. ...." Business insurance treats loss of INVENTORY differently. They do not wish to allow you to make a profit on a sale to them on the theory that until you sell it the market value is speculative what you paid for it is real and theoretically is replacement value for a dealer which should be near wholesale. So it appears you will incur no major financial loss which is a good thing still too bad about the car.

Greg Z

No, I'm sorry, you're still off base Jim. The question before and all info supplied was based off the insured vehicle that was at fault. The young lady driving the Toyota Avalon was at fault. Her insurance is Liable for the claim on the S10 and the S4. Being HER(which I believe I've already covered this!) Insurance they have to pay what the vehicle is WORTH, with NO consideration as to how much I payed for it. BUT, heres the BUT, Her Insurance is maxed at 10K. End of Story. That is all they will pay. If she had 100-300-100 I would get full value of my car(per conversation with her Ins. claim Rep. today). But seeing how all she had was 10K coverage if I am to collect anymore it has to be from MY Insurance which YES, at that point I am subject to a different set of rules. I have previously already stated this!
Remember when I stated this quote in Post # 64?

"Quote"Thats probally correct when its MY Insurance paying the claim on MY inventory, but I don't think THEY have that luxury.Quote"

My Ins Rep told me today to show title that I own it and state how much I paid for it, oh and get the police report and the other my claim number from the other insured and the company I am with like to pay claims fast, so we should have no problem. We'll See!!!!!

Courtshark

You can sue her personally for any amount you feel you are owed beyond what you collect out of the insurance. Or your insurance company can pay you and "subrogate" your claim, i.e. stand in your shoes as having paid you off and therefore the liable party owes your insurance company what it paid you. If you are going to have any sort of hassle from your insurance company, then I'd not even bother trying to get them to pay you and sue her personally. You'd be going after whatever assets she has. Someone with only 10k insurance coverage probably doesn't have that many assets to grab, though.

Which reminds me... carrying higher coverage is very cheap, so up your limits! No, I am not an insurance salesman. The difference between having 50/100 coverage and 100/300 is probably $50 per year.

PS: Was the S10 driver injured at all? That alone could eat up all of her insurance.

Jim bailey - 928 International

As I said I hope it turns out well for you sounds like it should. Since neither insurance company is paying for the car alone who takes title to the salvage ? That could work to your advantage as well . I recently bumped my coverage WAY UP after following a new BIG A Martin coupe down the 55 FWY ! Around here there are no exotic cars .....because they are everywhere ! The possibility of collecting two or three in a single accident ...

Greg Z

Jim, you bring up a good point. I've been discussing this with my attorney( which owns a very high end Porsche) and he has asked me what the Ins is doing about possession of the S4 and the status of the title. Its IMO that if the "at fault" Ins. Co. was to pay that I was going to get to keep my car with a clean title, IMO! Now that my Ins. is involved in the game I'm worried they will salvage the car and I'll have to buy it back. But at this point it has not been mentioned and I don't plan on bringing it up!

nosnow

usually you settle with one insurance company and that insurance company then goes after the responsible party/insurance to recover what they can. In your case I would assume you would settle with your insurance company for your purchase price and your insurance company would then attempt to get reimbursed from the other persons insurance. You would then purchase the salvage from your insurance and they would deduct that from what they are trying to collect from the other party.

The salvage price is usually determined by proir insurance auction sales of simular vehicles, which in the case of our beloved 928 can work in your favor. If the salvage price is too high show the adjuster some quotes from local Porsche wrecking yards. A lot of times they will accept those quotes over the auction.... at least they use to in Cali.

Good luck and be thankful you are not dealing with an injury on a low limit policy!

Greg Z

OK, yeah, I'm embarrassed I didn't realize that is how it would play out. But now that you say it like that it makes perfect sense.

Courtshark

This is correct. My advice was based on not yet having filed a claim with your own insurance company. That's the safe play: to file a claim with your own insurance for whatever the at fault driver's policy does not cover. That's only a safe play, though, assuming they pay you in full (which as you know, Sterling, they might not do to your satisfaction). That opens another can of worms, which has been beat to death in the thread about your car.

My suggestion that one could sue the at fault driver directly is based on the idea that the claimant has not yet filed a claim with his own insurance company.