What's it worth?
Posting Guru
Joined: Feb 2015
Posts: 1,092
Likes: 0
First off, I'm glad that your wife is okay. That is what really matters.
Secondly, you didn't "buy it back". You kept it for a reduced settlement amount on your loss.
That term kills me, as if the vehicle magically became the property of the insurance company because of the damage. No, it was yours and you kept it. You did not buy it again. That term is about as stupid as a gun buy-back.
I guess 28 years of working under the thumbs of insurance companies makes me sensitive to that term. Getting away from that industry was the best thing I could have done.
Rant over.
Secondly, you didn't "buy it back". You kept it for a reduced settlement amount on your loss.
That term kills me, as if the vehicle magically became the property of the insurance company because of the damage. No, it was yours and you kept it. You did not buy it again. That term is about as stupid as a gun buy-back.
I guess 28 years of working under the thumbs of insurance companies makes me sensitive to that term. Getting away from that industry was the best thing I could have done.
Rant over.
So if an "agreed settlement on his loss" was, let's say 15k, but the "reduced settlement" amount would be 13k.
If he doesn't take the "reduced settlement" does that mean his losses were only 13k and he "sold" the car for 2k?
I complete understand what you are saying but no one ever says they sold their car to the Insurance Co after it there was a settlement.
Food for thought!
Mountain Pass
Joined: Feb 2016
Posts: 156
Likes: 1
From: North Carolina
"The insurance company bought it" or "the insurance company paid it off" are often used in the collision repair industry. Ideally if the negotiation goes well, there is no loss for the owner. Insurance is meant to make him "whole" again, minus any deductible spelled out in the policy terms if it happens to his own policy paying through a comprehensive and collision coverage. If another driver's policy is paying, then of course deductibles are not an issue.
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