Can I claim a vehicle damage settlement on my vehicle by the 3rd parties insurance policy AND my insurance policy? The 3rd party damaged my vehicle..
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UPDATED: Nov 2, 2015
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Insurance Question from Green Oaks, IL
Asked on 11/02/2015
Can I claim a vehicle damage settlement on my vehicle by the 3rd parties insurance policy AND my insurance policy? The 3rd party damaged my vehicle.. The 3rd party is a towing company. they dropped my 44 year old - flawless condition vehicle from their flatbed. There is $6700-$8800 damage. Their insurance wants to total my vehicle vs fixing it. I ran the claim through my insurance and my insurance wants to total the vehicle vs fixing it. Can I legally claim both settlements to pay to fix my car? Thanks!
Answer given on November 04, 2015
If your car is damaged and the company which caused the damage will pay for the car, they can determine the vehicle is a total loss and offer the actual cash value of the car. You can decide to go through your insurance company, but you will have to pay any deductible that is on the policy, so you may end up getting less than the other company offered. However, you cannot collect from both insurance companies. You would be committing fraud and end up in major trouble, as well as have trouble obtaining insurance in the future.If you want to fix your car and you feel the offer from either company is too low, you will have to prove the higher value of your car. You can get an appraisal, or if you can find a similar car for sale in the area where you live, you can use that to try for additional money.You may also be able to take the money and then buy the car back as salvage and have it fixed. You should be able to get insurance again once it is fixed, but the overall value of the car will be reduced since it would be considered a salvage vehicle.
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