The other drivers insurance company wants to settle the damage to my car but I don think its enough and will it effect my injury claim?
You can settle the property damage portion of your claim directly with the other insurance company. The method for determining the value of your damages is set out in the Illinois Insurance Code and is simply the cost to repair or replace your auto, whichever is less. The value of an automobile is what a similar vehicle will sell for in the Chicago land market, not what you paid for the car or what you owe the bank or loan company. Frequently cars which have outstanding loan balances are determined to be worth less than that balance. This means that you will owe the loan company the balance of the loan. Do not sign anything or cash any checks until our office reviews the paperwork. Most insurers will not slip general (complete) release language into a property damage release or check but there are still some “sneaks” out there.
Related Questions
- If I was involved in a car accident and my car is considered a total loss, is the negligent driver’s insurance company responsible for paying the balance of my car payment?
- What if the other persons insurance company contacts me after an injury and wants a recorded statement?
- What if my insurance company wants proof that I have taken a Beginner Driver Education Program?
