How do I get the largest settlement possible from my auto insurance?
I have no experience in negotiating an accident claim where I was at fault. A witness reported that I did not stop at the stop sign and hit a SUV. However, I don't know what actually happened because the airbag deployed and I saw nothing until I climbed out of the car.
Allstate, my insurer, has alreadty paid the driver of the other car $2500, even though he did not go to the emergency room and his car only had a small dent in the door.
Allstate's claims adjuster declared my car totaled. The first offer from Allstate was around $4500. The next offer was $5350, which I also ejected because my car was a top-of-the line model with less than 50,000 miles on the odometer and a body with no dents or scratches. Before the accident, I had planned to keep this car for another five years or about 75,000 additional miles.
Since their last offer, Allstate has bombarded us with calls and letters requesting the car's title because the state of Virginia wants it. These letters and calls are distressful to my 87 year old husband who does not understand that it is possible to negotiate with Allstate. So even if I had the title, I would not give it to Allstate because I perceive the title as the only leverage I have. I also suspect that Allstate employees are probably evaluated on the rate they settle claims and the amount paid out.
But no matter what the the final settlement is, I will have little leftover after paying off my car loan. But I do want to get as much as possible from Allstate.
I have negotiated settlements when the other driver was at fault, but never when I was at fault. Thus I need advice on how to increase the amount offered by Allstate for my totaled car. Can anyone help me?
Thank you!
6 Answers
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BUT if car is still at body shop, pls clearly find out if there is a storage charge happening. If a settlement tended & rejected, shop may be charging you as owner a daily fee. Some shops have charity that will come & get car & you leave title for that to happen. If it’s at a salvage yard - in my experience as our kid has totaled more than 1 car while at college past 4 years - have no sense of humor abt storage & charge the daily max allowed. We overnighted that title to stop the daily fee and they resold car to one of those cheapo weekly pay car lots & car resurfaced months later as in another accident with claim filed for damage that mirrored the damage from kids accident. It was good we overnighted title cause we had proof it was transferred.
But I digress.... I ask you to think about car needs from different angle.... right now you’re at home but likelihood is hubs at 87 w/dementia will need higher level of care beyond you can do solo. So hubs eventually goes into a facility (& imho get him into NH so he’s moved once & stays there). But you will be ok, able to stay in your home as a CS aka Community Spouse. With that as backstory, what can you do now & forward to position yourself best for him getting eligible for LTC Medicaid and you to maximize your future CS situation?
Your biz leases a car. You get to write it off as biz expense AND as a lease it is NOT an asset. There’s pretty good deals on ‘19 as ‘20 hit dealers in early Fall. You may not get to be choosy but get something that works budget wise for biz to pay. 3 yrs/ 12-15k miles per year under $350 even under $275 a mo are out there. It’ll be new, fully integrated for phone, etc. plus hands free open & close if SUV.
important part, as it’s a lease = it’s not an asset, it doesn’t count for Medicaid application. But Medicaid allows for you all to have 1 car. You buy a car right before he applies that is within whatever is the Medicaid max for autos & apply for a waiver to have some of his required copay or SOC (share of cost) of his income (like his SS$) to be waived to go to you to offset & pay that monthly purchased car payment. It’s all a part of how to best plan for how you can afford to live & stay at home as a Community Spouse. CS should not find themselves impoverished, it’s only NH spouse that needs to be so. Keep in mind as a CS, your income not a factor for his Medicaid, only your joint assets are. If your biz is not an Inc or LLC, I’d suggest you get it into one ASAP as it’s easier to show biz expenses & profit as independent & not you. Self proprietor is sticky imo to thread out from your jointly filed taxes. Inc & llc file by 3/15 and if any profit (lol) it flows over to your joint taxes. If biz makes $ & pays you a wage, that monthly income not a factor for his Medicaid. If you spend your salary/income all within the mo., then there’s nothing to flow over to become an asset. Assets are joint, so count for Medicaid.
State will have an CS asset max (savings or investments) for Medicaid. For most it’s 120k. You need to find out what max is for your state to see if you are under it or over it as things are currently. If it’s way over, like 100+k over, you imho are best off by meeting with a NAELA or CELA level of elder law attorney to see how to structure income & assets so that they work for you as a CS and work beyond his lifetime. For younger & healthier spouse, a SPIA (single premium immediate annuity) may be a great thing to do. I don’t say this lightly as I kinda hate, hate annuities as they are sold at loco terms to fearful susceptible elders, but SPIAs are a pretty unique creature good for CS. These are speciality underwriting, maybe 1/2 dz firms that do their underwriting. Not done by your friendly nephew with an insurance license.
Really perhaps use car predicament to do a fresh look at your situation.
It all comes down to the car's insured market value, according to what was stated on the policy. If that's vague, though I can't imagine how it would be, then you can go to Glass's Guide and look it up there. They're not going to give you what the car was worth to you, unfortunately, because that it always going to be more than its cash value.
The demand for the title is presumably related to the state's vehicle registration regulations. Allstate have told Virginia that the car has been written off, which equates to Allstate's having "bought" the car from you. They certainly can't demand it until they've agreed your claim. Where are the car's remains now, do you know?
Of course claims department employees are evaluated on the size of settlements - what would you expect? - though it's more in the hands of the loss adjuster before it ever gets to them. But they're not usually in more of a hurry than the customer is to settle.
How long is it since the last offer, and what have you done about it since?
The fault shouldn't make any difference to the validity of your claim (though check your policy). Your cover covered you for such and such a loss, and you have sustained such and such an insured loss, and it doesn't matter if it was you or the other car or a runaway horse that was to blame. Don't worry! - they'll skin you alive when it comes to your next premium instead, they won't lose out. But they do take a very dim view of people who foolishly admit liability, or appear to agree with uncorroborated witnesses, or say anything at all except "here are my insurance details." You didn't, did you?
https://www.nolo.com/legal-encyclopedia/negotiating-with-insurance-company-29765.html
The settlement negotiation is separate from a complaint about the harassment - unintentional, but that's what you're doing when you repeatedly call an 87 year old who has nothing to do with the claim - which you should deal with immediately. Allstate must have some kind of helpline, I'll go and have a look, back in a sec....