Archive for July, 2010

Driver at fault liabilities

Monday, July 26th, 2010

My son was recently rear ended where the other driver was ticketed. He took the car to where her insurance company wanted and had them look at it. Now they say the damage is more than the car is worth and want to pay for the value of his car. My son is a full time student and works full time and won’t be able to buy another car in as good as shape from what they may offer. What are his options?

OK – This is when having a clever agent comes in handy – See if your agent will call the at fault company and ask them to find a similar car, buy it for him and settle the claim by exchanging titles. If your agent is unwilling to call then call the company and/or the adjuster and ask them yourself.

I have done this TWICE in my 30 year career and both times the has been a positive result, the AT FAULT carrier may ask you to sign off that they do not in any way warrant the new car, but at least your son will have a set of wheels.

This also can be done if there is a bank or a lien holder, it is called Substitute Collateral.

Tags: Florida Auto Insurance, Substitute Collateral
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