Auto insurance guru's, step in..PLEASE - Drinks on me tonight

Okie dokes


Looking for some input on our current situation..



Rewind.. Back to the morning of 1-16-16. Exactly 1 month and 1 week from today.

My Fiance is on her way to Peoria IL from Champaign IL to visit her Mother.
We live in Champaign and her Mom lives in Peoria.

Rachel, my Fiance.. Wakes up early.. Says good bye to me, blah blah and leaves.
Hits the road, road trip. Peoria is a decent little drive.. About an hour and a half.
So.. She leaves, she gets gas before attempting to get on the interstate.

She's heading North on Prospect Ave in Champaign and is attempting to turn
Left at a green arrow to cross oncoming traffic to enter I-74.
The light is red currently.. Green arrow lights up, her left blinker is on... She turns
left. Well..She's turning left. Here comes "Kelsey R. Sloan", Kelsey is heading South
on prospect.. Blows the red light. Boom!

Wacks Rachel. No injuries, no one was hurt.
Cops came, Our car was considered not driveable via the Champaign Police.
Car got towed.. (What a huge nitemare that was.. Thats a whole nother' story there)

Insurance was exchanged.. We have full coverage with Allstate.. Kelsey has State Farm.
Kelsey's car suffered just a few scratches and a few dents. Ours....Totaled. Literally. Toast.

So.. Here we go.
This happened on a Saturday morning, by Saturday afternoon we had a rental.

Ok, so our car got totaled via damage cost vs car value.
Our car booked for $10,700 and the damage estimate stopped at $9800.
Body shop didnt even finish the estimate so who knows what it could of climbed too.

So here we are today. A month and a week later..
Our Insurance only covers a rental for 30 days, our insurance wont pay off our car loan,
we still owe an additional $7k on top of what the insurance company cut a check for to our
auto loan company.
We have about $10k give or take invested in this car..

Does someone owe me $10k or am i not thinking correctly here?

RACHEL was struck by Kelsey after Kelsey had ran a red light.
Car was fine before this, we had a car, everything was cool cool.
Kelsey comes along, is trying to eat her breakfast and drive and runs into my car..
Totals it.. Now its gone. $10k in car payments, $7k left on the loan, Allstate has zero,
and i mean ZERO answers for us. We have been with them for about 8 years now, i believe.


Do i get an attorney?

Someone owes me $10,000 right?
The $10k that i have invested in that car, that is now scrap metal.
This wasnt my fault, this wasnt Rachel's fault.
We didnt wreck our car, This idiot ran into us.


Input, opinions.. I need em'

I go next Tuesday to talk to an Attorney.

 

I'm not a lawyer, and I stayed at my house, and not a Holiday Inn Express, but I see you are getting rear ended here, despite the veedub having front end damage totalling it.

If suggest telling your insurance agent that you expect more or of them, or you'll consult an attorney. U may need to do that anyway.

Good luck brother. We're pulling for you.

 

I'm no insurance expert....
Please don't shoot the messenger.
If I understand this right- The car booked for $10,700. Is that about what they cut the check for, plus rental cost? I don't think they'll pay more than that. They don't concern themselves with the fact that the cars resale value tanked or that you are upside down. They pay on book value only (and that's sketchy too).
Insurance companies are all while you hand them $$ for years, then when you want a little of your $$ back, they're not so friendly.

 

OK, not a lawyer or an expert... But you are owed the value of the car, nothing more and nothing less. What you owe or what you paid for the car unfortunately has no bearing on it. Your job now is to prove the car is worth more than what you have received. Start with Edmunds.com and kbb.com, look on CL, and work up a good case for what you think it is worth. That is what you need to pursue.

 

Allstate sent Capital One AutoFiance a check for $9500. Deducting my deductible from the check.
Thats for what the car books for.
This has nothing to do with the remaining car loan.
What i am concerned about is what i have paid on the car loan.

You cant tell me that the $10,000 that i have paid on the car, is just gone.



Remember... This accident was not our fault.
We did not get ticketed.
We would still have this car today if this careless driver hadn't ran into us.

 

Sorry to say that I think this will not work the way you are hoping. I hope I am wrong.

Yes you would have the car, but you would also have the loan. It is a wash financially.

 

Did Kelsey get ticketed? I would of thought her Ins company would be the one that paid the book value of the car not yours

as was already said, Ins companies pay on what the car is currently worth, not what it cost you to buy ( depreciation)

I am insured with allstate as well and my wife was recently involved in a accident that was not her fault, and other driver was not insured. i was very happy with the end results
here is a thread on it if you care to read it. not that its going to help you with your situation as they are totally different
Got in a accident with a non insured driver | Firewood Hoarders Club

 

If you were paid the value of the car and you agree that is a fair value which it sounds like you do then that is all you should receive. If I understand this right you are thinking that you have paid out 10k since the inception of the loan and you think you should get that on top of the value of the vehicle. Sorry that is not correct. Cars depreciate so that would be like you thinking you bought a car for 20k and paid 30k by the time you got done paying for it and the interest, then be able to sell the car for 30k.....no

 

Im not after the cars value.
That has already been paid for, why would i pursue that twice?


Maybe...Re read what is posted above.

 

I'll type this out again i guess..



This wasnt our fault.
We didnt wreck the car, i didnt run a red light, Rachel didnt run a red light.
We didnt get ran into by something invisible.


Red means stop.
Eat your food at the table.
Not while driving.

 

Yep it stinks, sorry it happened.

 

I understand this quite well and I also understand your feelings but if you were paid the fair value for your vehicle. The only other thing you are owed is your deductible amount from the other party.

 

Yes we understand!! It was the other drivers fault. other drivers insurance company should be cutting a check for the value of your car. i am actually surprised your ins company cut the check. But bottom line you are only going to collect what the car was actually worth at time of accident. Yes I agree that sucks!!

 

Unfortunately all the guys are correct on this. The insurance company will only pay what the car is worth. If your wife was hurt in any way, then there's more to it.

Cars lose value, insurance companies are in the business of making money, death and taxes are inevitable.

 

Let me say this another way....you buy a car for 20k and get a loan for 5 years. You pay on that loan for 3 years, still owe 10k. Decide I really want something newer, the car has depreciated which starts the day you drive it off the lot. You check the book value and it is worth 10k, so the process starts over, you have no equity built up.

 

I once owned a car with no loan on it. It was used, I didn't carry colision. We got hit by a truck driver driving his own rig. He didn't have insurance. What a h##l of a mess that turned into. It isn't fair it seems but it is the way it is. Always some risks. Now, I always buy that upside dowe insurance on the loan because as soon as you drive off the car lot, it has already lost a few grand in value.

 

Glad your fiancee is ok.

Sounds like you were upside down 7k on the car. I believe you should have received the full value of the car 10k & not have had to pay a deductible.

 

It shouldn't take a suit. He needs his agent to do their job.