Expert: Doctor Settlement - 5/22/2007

Question
My son was rearended two weeks ago. The other person's insurance adjuster said the truck was totalled. He offered my son a settlement and then sent a paper to sign stating my son's agreement to receive his truck back. The adjuster then told him upon receipt of a copy of the truck owner's driver license and copy of the title, along with the signed receipt, the adjuster would then send my son the money offered for the truck's damage. My son didn't send the paper, copy of title and driver license in to the adjuster, but the truck showed up at our house today and the driver unloaded it. He then wanted me to sign a delivery receipt, which I did. That is all it was-a delivery receipt verifying delivery of vehicle. Now my son thinks I may have signed something that released the other party from the damages to his truck. Is this true?
Please help.
Thank you.  

Answer
Dear Carolyn,

Nah, that was only a delivery receipt, and it has no impact whatsoever upon the negotiations between your son and the insurance company.  You did the right thing.

What I wonder is: did your son do the right thing??  Does he know the costs of repair, state patrol inspection, and re-licensing?  I bet he does not.  

I would have preferred to make the auto body shop owner prepare an estimate that would fit within the dollar value that the adjuster was willing to pay for repairs.  To do this, the auto body shop owner will have to repair with USED AND/OR NON-OEM (original equipment manufacture) PARTS.  

Your son could have shaved about 40% off the price of the repair by not insisting upon a first class repair job.  The adjusters often like this since the amount would be less than the amount they had to pay for a salvage and buy-back arrangement.  

Maybe your son can still get this done: I like to tell people that for an older car, one that they have taken care of, they will turn out a lot better financially if they can keep it by repairing with USED AND/OR NON-OEM  parts.  Just a suggestion for your son to see if he can undo the arrangement with the adjuster.  

But don't worry a bit about signing the receipt.

Best wishes,

Dr. Settlement, J.D. (Juris Doctor)
www.SettlementCentral.Com