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Auto Insurance Claims/Insurance Policy limits

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Expert: - 10/30/2010


Question
The adjuster told me that the most the insurance company can pay is the property damage limit of $10,000 available for liability coverage and that they cannot offer me more than the $10,000 policy limit toward the repair of the vehicle.But the cost to repair is higher. Do i have to except this lowball offer due to the limit, even when the other driver has admitted fault? What should be the response to the adjuster?


Answer
The insurance company will not pay more than the limit of the insurance policy.

If you have Underinsured Motorist coverage or collision coverage on your policy, they will pay the balance.  You should call them and ask if you have these coverags now.

If not, you will need to sue the driver of the at-fault car for the amount not paid by insurance.  But do not sign a release with the insurance company, because if you do, you can't sue the other driver.

Auto Insurance Claims

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Claims Guy

Expertise

I am currently an Auto Claims Manager for a large insurance company. I have 18 years experience in the industry, having worked as a Claims Adjuster, Injury Settlement Negotiator, Claims Manager, SIU/Fraud Investigator, and Compliance Officer......I can answer questions related to any aspect of Automobile insurance claims and coverages. I can provide an inside look at how insurers operate. I always treat my customers fairly and want to help make sure you are treated fairly. However, please keep in mind that being treated fairly according to the law does not guarantee that you will get what you want. I can also answer some questions regarding Homeowner's and other types of insurance claims. I have handled all types of auto insurance claims and coverages. I am NOT an automotive repair expert but can give advice re how insurers handle complex repair issues. Please keep in mind that every state has its own set of laws pertaining to rules of the road, liability, and insurance. No one is an expert on every state. I am most familiar with laws in Maryland, DC, West Virginia, and Virginia, but will attempt to answer questions for other states. I am not an attorney an cannot provide legal advice. My advice will be my opinion based on my experience.

Experience

I am currently an Auto Claims Manager for a large insurance company. I have 18 years experience in the industry, having worked as a Claims Adjuster, Injury Settlement Negotiator, Claims Manager, SIU/Fraud Investigator, and Compliance Officer. I am not an attorney an cannot provide legal advice. My advice will be my opinion based on my experience.

Organizations
CPCU Society. Adjusters license in multiple states. International Association of Specal Investigators

Education/Credentials
I have a B.S. in Finance and have completed the AIC and CPCU designations.

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