Expert: Ron Cercone - 8/6/2009

Question
I was in an accident. It was not my fault. I have been dealing with the other party's insurance. They totaled my car but it is driveable. They gave me two options to either take the cash payout or take the salvage value. I want to take the cash payout but I need a couple of months to look for a new car. I need to know 'legally' how much time do I have to send in the paperwork for the cash payout? They mentioned 1 year but then said they can withdraw and close the case? Is this accurate?

Answer
Hello Tenzi,

Do Both. Take the cash payout less the salvage value. For example if they offered you $2000 for the car and the salvage value is $400, then they should send you $1600. You keep your car and the title. The trick is to not get cheated on the salvage value. Don't send any "paperwork" except for a release on the vehicle part of your claim. If there is an injury claim, that part can stay open. Statute of limitations to sue on property damage can run from 1 to 4 years depending on the state. But why wait, get the vehicle claim over with now. If you want to know how not to get lowballed on the value of your vehicle as well as the salvage value and other issues, consider the eBook "Total Loss Auto for Claimants" at UClaim.com. The eBooks are guaranteed and currently around $6.00 on a 75% off sale.