Expert: Richard Hixenbaugh - 11/4/2010

Question
I was rear ended, other party admitted fault, both parties have AAA.  I used my med pay for myself, $5K, and am verbally told I do not need to pay that back to AAA.  I cant find that in writing. I have been contacted by a third party to pay back my health insurance company for all bills they have paid in my behalf.  Should my settlement be for more than the total bills (amount of original bill)?  I feel there is some value loss to my car although no one can estimate that.  It was less than a year old and has been fixed, but no less "now has DMV report".  I checked out collision wizard, but there was a fee and too much personal information to list.  How do I know I am covering all possible costs in my settlement?

Thank you,
Victoria

Answer
Hi Victoria,

It is true that MEDPAY does not have to be repaid but your health insurance does. Depending on the extent of your injuries, length of treatment and total cost of medical treatment, you may be entitled to a settlement of 2 to 5 times the total cost of your bills. This would include the bills themselves as well as extra expenses, lost wages and pain & suffering. The CollisionWizard.com site is a usefull tool. It only costs about $20.00 and is well worth the money. You do need to give up some information because it is necessary to help you through the process.

Your vehicle has suffered a diminished value. It is up to you to prove your loss. This is done by hiring a professional appraiser to inspect your car, review all of the repair documentation and writing an appraisal report. This will generally cost you between $300 to $400 but is well worth the money of you have moderate to major damage. To learn more about diminished value visit www.collisionclaims.com

I hope this helps
Richard Hixenbaugh