main0stage
New Member
- Jurisdiction
- California
I was t-boned by a careless driver, who then ran/drove away from accident site. She was flagged down few hundred yards away by witnesses and cops that happened to be driving past. All this is detailed in police report.
Her insurance company immediately accepted full liability. Total repair cost was 25k (100k worth car) but the girl had only 10k insurance. My insurance company (GEICO) stepped forward to cover the remainder of the cost.
Although my car is fully repaired, the dealership has stated they will never help me resell my car since it has 'major accident history'. They have given me a copy of policy form Germany HQ. with help of independent Auto Appraiser, I was able to get a report that shows my car has lost about 11k in it's value ...termed as "Diminished Value".
At-fault driver's insurance company has sent me RELEASE LEtter that offers $4200 for 'loss-of-use' calculated at rate of $60 for 70 days. Remaining amount (10k - 4.2k = 5.8k) is being used for car repair. I have asked them to pay for diminished value, but I was told it is not covered in their policy. I understand there is limits issue and no matter what, they will not pay over 10k. So I advised the other insurance company, instead of paying entire 11k for diminished value, just pay the remaining balance (of 5.8k) as diminished value. Now this will bump up repair costs for GEICO, which my insurance agent has confirmed, they are willing to take this additional hit. GEICO itself will not cover 'diminished value' because it is not in the policy, but according to my agent, at-fault driver's Insurance company should accept it.
I have served the demand letter to other Insurance company (which i hand delivered instead of certified mail). They have not responded in given 1 month. I am now planning to pursue in Small Claims court, which i think, I can only pursue $7500.
My questions...
i) Do i have a legit case to pursue in Small Claims court?
ii) Is there a criteria how insurance company should compensate for loss-of-use? My car in question, costs much more than $60 a day from rental car companies.
iii) Main Question: I will file a claim against driver and car owner. I don't believe the driver has the ability to pay a dime, and i do not want to go after someone and make their lives more miserable... but... is my assumption correct that if i sue the driver, it will be instead her insurance company that will deal with claim monies?
iv) Finally, can other insurance company rescind RELEASE LETTER ($4200 offer) if I pursue for $7500 claim for Diminished Value?
thank you
Her insurance company immediately accepted full liability. Total repair cost was 25k (100k worth car) but the girl had only 10k insurance. My insurance company (GEICO) stepped forward to cover the remainder of the cost.
Although my car is fully repaired, the dealership has stated they will never help me resell my car since it has 'major accident history'. They have given me a copy of policy form Germany HQ. with help of independent Auto Appraiser, I was able to get a report that shows my car has lost about 11k in it's value ...termed as "Diminished Value".
At-fault driver's insurance company has sent me RELEASE LEtter that offers $4200 for 'loss-of-use' calculated at rate of $60 for 70 days. Remaining amount (10k - 4.2k = 5.8k) is being used for car repair. I have asked them to pay for diminished value, but I was told it is not covered in their policy. I understand there is limits issue and no matter what, they will not pay over 10k. So I advised the other insurance company, instead of paying entire 11k for diminished value, just pay the remaining balance (of 5.8k) as diminished value. Now this will bump up repair costs for GEICO, which my insurance agent has confirmed, they are willing to take this additional hit. GEICO itself will not cover 'diminished value' because it is not in the policy, but according to my agent, at-fault driver's Insurance company should accept it.
I have served the demand letter to other Insurance company (which i hand delivered instead of certified mail). They have not responded in given 1 month. I am now planning to pursue in Small Claims court, which i think, I can only pursue $7500.
My questions...
i) Do i have a legit case to pursue in Small Claims court?
ii) Is there a criteria how insurance company should compensate for loss-of-use? My car in question, costs much more than $60 a day from rental car companies.
iii) Main Question: I will file a claim against driver and car owner. I don't believe the driver has the ability to pay a dime, and i do not want to go after someone and make their lives more miserable... but... is my assumption correct that if i sue the driver, it will be instead her insurance company that will deal with claim monies?
iv) Finally, can other insurance company rescind RELEASE LETTER ($4200 offer) if I pursue for $7500 claim for Diminished Value?
thank you