What is the best way to settle debt with car insurance companies? Should I get a lawyer? ?
- 12 Comment
I recently got in a car accident and my insurance company did not cover the extent of the accident. The insurance company is calling and asking for an outrageous amount. I s there a way I can negotiate a lower price and or payment plan?
The outrageous amount is 15 grand and the poor person I hit owns a Mercedes.
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the grimey said:
lol, yeh right.
the reason the insurance wants you paying for it is so they dont have to.
the fact that youre even asking this question should answer it for you, get a lawyer.
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0February 4th, 2010 at 1:13 pm -
hammer said:
You should be able to work out a payment plan. It is illegal for a debt collector to refuse a payment, no matter how small.
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0 0February 4th, 2010 at 1:13 pm -
Giselle C said:
change your insurance company to century 21
my whole family has it and theyve never had problems
about the rest… i dont knowLike or Dislike:
0 0February 4th, 2010 at 1:13 pm -
Jarod O said:
If you didn’t have any insurance you could be in trouble. If I were you I wouldn’t pay anything if it’s too outrageous. Let them sue you first and put a judgment against you. Then go ahead and file bankruptcy. It’s you safest bet.
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0 0February 4th, 2010 at 1:13 pm -
wizbangs said:
It comes down to what the fine print on your insurance policy claims it will and will not cover.
If you are not aware of what this information is, then perhaps you should consult a lawyer who can determine what is and is not covered.
It’s hard to tell if the insurance company has a legitimate claim (in short paying) or if they’re just trying to stiff you. Paying "an outrageous amount" sounds like a deductible.
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0 0February 4th, 2010 at 1:13 pm -
onandonandonanon said:
No there isn’t! It’s up to you to make sure you have enough coverage, you didn’t, so now you pay! Accident your fault, then you owe what they’re asking! Do you realize how much your accident has affected the poor people you hit? Do what’s right and pay what you owe and for God’s sakes be more careful!
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0 0February 4th, 2010 at 1:13 pm -
ESME-Q said:
Yes. If you want to do this on your own and you don’t care about your credit for now. Let it go into collections and when they call , you can negotiate with them. The insurance company will not help at all. Or if you have some money get a lawyer. No matter what the accident will be on your record for 3yrs. or 5 depending on the state you live in. Good luck!
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0 0February 4th, 2010 at 1:13 pm -
yellow_buger said:
I work for an insurance company in their recovery department…it might be me calling you??? Just kidding, but it might be. I am assuming that you are referring to having a low limits policy where your carrier paid their limits and now the other company is coming after you for the rest. Most companies will offer payment plans and settlements in full (at usually about 60-80% of what you owe). The fact of the matter is that unless you have A LOT of money or assets that they can attach to, it is probably not cost feasible for them to sue you, but they can affect your ability to legally drive by having your license pulled and invalidating your vehicle registrations…it is your best bet to talk to them and try to work something out or you will be at the short end of the stick… A Lawyer will only charge you for making this settlement, they will not be afraid of your attorney. Insurance companies have attorneys too.
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0 0February 4th, 2010 at 1:13 pm -
Bart M said:
Speak to your insurance agent, that’s why you ahve insurance
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0 0February 4th, 2010 at 1:13 pm -
jimb.riley said:
1) Is what they are asking your deductible?
If so then that’s your agreement with them.
If it’s beyond your Deductible could it be the
cost of repairs after the payout limit has been
reached in your Policy -if so negotiate a
payment plan.
2) They are asking for the amount because
you were late often in your payments? but
was still within the permissible window
required by law for them to continue
coverage if so you have made a bad
reputation with the insurance company and
they are just trying to ‘balance’ out the risks
factor vs payout.
3) if your rate increased due to the accident
maybe it’s time to move on to another
insurance company (you can always cancel
policies -at times there are processing fees
etc.)
4) Read your Policy Contract -if you cannot
understand all of it you can go to a legal
aide in your city (there’s a lot that does this
as part of their required ‘community service’
in order to maintain/ acquire practice license.
5) if you do OWE the Insurance Co. Just
negotiate a payment plan until you get it
paid off -also maybe change carriers while
maintaing paying them off. As long as it is a
plan that you can afford to pay and be
consistent with in payment they will have to
accept.
6) What kind of Insurance company Policy did
you get yourself into? -Policies generally
cover the cost of damages minus your
agreed deductible and policy limit which you
will pay. Anything else is ???
7) Is the Ins. Co. that’s demanding payment
from the Other Persons’ if so the adjuster
from your carrier assigned to this claim
should be the one handling all these -unless
your Policy has Specifically written in it
otherwise. Or was you Policy dropped by
your carrier prior to the accident or they
have determined they are not liable by some
form of breach of contract?Before you buy & sign the policy always know exactly what is in the contract -what’s excluded & what is included…
Ask the Agent to explain the policy -that’s what they get paid for- don’t let them make you feel like you’re encrouching on their time because you are the purchaser and have the right to have as complete of an understanding of the contract.If you cannot get this settled seek advice from a free legal aide first before spending all the money on a full-on Atty. Most Adjuster only ‘throw’ the implication of lawyers and court as a form of intimedation/ scare tactic (which is not right but most often they get away with)
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0 0February 4th, 2010 at 1:13 pm -
tinsink5 said:
How much is your coverage they will only cover up to the lemet of your policy If ou hit a Mercedes itn not cheap to fix and they have the wright to go to and place they wont to take it to. depending on the damages and your coverage your stuck. for the bill above what the Insurance will pay Call the Ins. and work out a payment plan This is a perfect exampel of why we pay large preums They will pay to have the car fixed the they the Insurance company has to wait for you to pay them guss where they get the money for the other driver Insured by them.
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0 0February 4th, 2010 at 1:13 pm -
Peter Quinn said:
Hi. I am a long time reader. I wanted to say that I like your blog and the layout.
Peter Quinn
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0 0February 4th, 2010 at 1:59 pm
