insurance issue

[maximilian]

hey, i got into and accident about a month ago, a cab driver tried to make a left turn and ended up hitting a car which hit me and totalled my 4runner. I was not at fault in this situation. i was only covered by liability with no deductable. i contacted the cab drivers insurance company, they took a look at the car, valued the damage at $9000 and called it totalled. They said that their policy will only pay out $10,000 and since there were two cars involved that $10,000 dollars would be split between the two cars, leaving me with only 5000 not nearly enough to replace my 98 4runner. Is this legal? Does anyone have any suggestions as to how to go about this and get the full value of my vehicle? I havent accepted their money yet and am a bit aggrevated. Any help would be very much appreciated. Thank you.

-Max

 

[snhrph]

I have a hard time believing that a cab driver would only have a $10K liability limit on the policy since it is public transportation.

You can contact the Philly Taxi Comission http://www.puc.state.pa.us/transport/motor/motor_philly_taxicabs.aspx
They will be able to provide you with the info on minimal insurance required to operate a cab in Philly.

You can also contact your insurance company. Most policies would have a provision for uninsured or underinsured driver (depends on the state). If your policy has that provision, they will pay the difference between claim amount and what cabbie's insurance covered.


If all else fails, you can take cabbie to court.

Fine print: I am not a lawyer and no part of this post constitutes legal advice. I recommend seeking help of an attorney licensed to practice law in PA. :biggrin2:

 

[toto]

My guess is that you'll have to get a lawyer and file a civil suit against the driver and the cab company. Your damages can't be limited by what their insurance is willing to pay, but you'll need for a court to officially declare what your damages are. The defendants will have to find another way to pay whatever the insurance doesn't cover.

If you were covered by your own insurance for uninsured or underinsured damage to your car, then such legal action would be your insurance company's job. They would sue to get back whatever they paid to fix your car.

 

[Mr. Dabadina]

Whatever you do don't take the money until you find out what is going on. I believe by taking it you limit the amount you get to the amount that you received. Meaning you can't get anymore more money from them. I've never heard anything like this and to me it seems fishy. Although I've never had to deal with a cabbie's insurance. What happens if the cabbie runs into a '07 5 series BMW and totals it? They gonna be like well.....sorry but we can only offer you $10,000 for your $50,000 car. NO!!! Their insurance could only be covered to $10,000 and you have to get the rest from the cab driver himself (sue). That is the only way I can see how this could even be legal.

 

[maximilian]

thanks actually it happened in nyc. i plan on getting the full amount no matter what happens im not a hundred percent sure about the underinsurance policy but thatd be nice, itd save a whole lot of trouble ill call them first thing to find out about that. its some two bit insurance company that the cabbie is insured under and it wasnt even the drivers car it was the companies. thanks again.

 

[dkovac]

you should be getting compensated by the car that hit you.Then they go after the cab driver

I know this doesn't sound right or fair but the cab didn't hit you the car did it is thier responsibility to pay your car off and then they go after the cabs insurance.

 

[dkovac]

also in PA they must add 6% to any figure they tell you to cover sales tax on the "replacement" vehicle you buy

 

[Mr. Dabadina]

Let us know how it turns out.

 

[snhrph]

thanks actually it happened in nyc. i plan on getting the full amount no matter what happens im not a hundred percent sure about the underinsurance policy but thatd be nice, itd save a whole lot of trouble ill call them first thing to find out about that. its some two bit insurance company that the cabbie is insured under and it wasnt even the drivers car it was the companies. thanks again.

NY TLC requires a much higher limit of liability coverage than $10K.

Also, you should deal with the insurance company that issued a policy to the cab OWNER, not the cab driver.

Good luck.

 

[pipspeak]

it might be that the cab company has an additional umbrella policy to cover damages over $10K... and perhaps they're trying to keep it quiet to prevent their business insurance premiums from going up.

 

[maximilian]

so apparently im only gonna get $6000 and apparently its legal!, i called the state attorney generals office and they said that it is legal. heres the real dilema, if i take the six i have to sign a paper saying that i have settled and that i cant go after the cab driver or the owner for the remainder of the money, so to get the full amount i would have to go after the cab driver or the owner for the full amount which is too much to sue for in small claims court. I would have to hire a lawyer it would take months to process then i would have to collect the money which would probably mean hiring someone to go after the cabbie. its all a big hassle, is it worth it? the money aint even the issue anymore, its the principal. Im gonna talk to a lawyer tommorrow. is anyone a lawyer or have any info or any ideas on the matter? im about to give in and take the money which goes against everything i stand for, especially in this situation.

 

[4Runner1371]

I've never heard of 10k coverage insurance. I always thought 50k was the minimal offered. Insurance must be through some random never heard of company that puts their commercials at 3am on tv. I'll be sure to be mindful of cabbies when I'm driving then.

 

[Methodical]

Sounds like that can't be legal to me. A vehicle should be insured for a certain amount for liability. Here in alaska a vehicle must be insured for 25/50/25. meaning 25 grand for vehicle liability, 50 grand for property damage.. I dunno i can't remember.

Anyway, liability only covers YOU and collision is what his insurance should be paying for HIS vehicle out of, which is a totally different pool of insurance. I'd definitely talk to a lawyer.

 

[kat]

I work in insurance so here's the scoop:

Depending on the state, there are different minimum requirements for liability/property damage. 10K is actually a common minimum for PD.

For example, Methodical's limits are 25K (liability) / 50K (liability per occurence) / 25K (property damage)

Meaning, his policy will pay out max of 25K per person injured and 50K for the entire occurence. It will also pay out a total of 25K in property damage -- even if 5 vehicles are totaled, you don't get 25K per vehicle, just 25K total. The "other pool of insurance" he is talking about is most likely Comprehensive coverage. Meaning, coverage for a break in or if you hit a pole or something.

Your policy may or may not have uninsured/underinsured motorist coverage. This is something you have to PURCHASE, it doesn't come free. (in my experience) Your broker/agent would have advised you of this before you bought your policy.

Unfortunately, it often boils down to people not carrying enough insurance and the only way to get your money is to sue them. The policy that you carry on your car only pays for liability & damage to OTHER cars, not your car. You would have to have uninsured/underinsured or PIP covarage for medical. Another option would have been to purchase gap insurance. This covers the left over amount that insurance doesn't pay that is left on a loan, for example.

Hope that helps...

 

[Methodical]

good explanation!

while the alaska minimums at 25/50/25, I upped my coverages to 100/300/100. It costs like an extra 20 bucks per 6 months. I suggest EVERYONE do this because it's so cheap.

As for the other pool of insurance, I was thinking collision. Here, I have comprehensive and collission. Coll covers my car when i have an accident. Comp covers fire, disaster, etc.

the 25/50/25 are LIABILITY (meaning insurance for things I might do to other people only).

and while the insurance might only be willing to pay you so much, the PERSON/Company that hit you is STILL LIABLE FOR THE FULL AMOUNT!

 

[kat]

the 25/50/25 are LIABILITY (meaning insurance for things I might do to other people only).

Like I said, first two are liability. But third number is property damage. Look at your declarations page.

 

[Dbone]

Man this is re****ed...up here in Ontario I am pretty sure they would have to pay you the fully amount...ie what it would take to replace your vehicle...

Sorry to hear that man...

Cheers

 

[statman24]

Here in Michigan, it's no-fault insurance. Simply speaking, each takes care of his own.

I can't imaging having a car worth $10k and not having collision insurance on it.

 

[sbbamafan]

Don't you have 'uninsured/underinsured motorist coverage'? It is obtained through YOUR insurance company as part of your overall package. This is exaclty the situation it protects against. I know here in GA it is very inexpensive. I would not cross the road without it. I hate to say it and I know it is harsh, but if you don't attempt to protect yourself, why would/should anybody else?

 

[Koz]

CONTACT A LAWYER! Before you can collect from you insurance you will need to have an asset check on the driver. You may be able to recover the difference from him personally and then your own insurance. GET A LAWYER!

Koz