Over 150.000 insurance professionals and consumers come to the Insurance Forum every month. Click here to register for FREE

Go Back   Insurance Forum > Insurance Agents and Brokers Forum > Auto Insurance Forum

Reply to Cannot Afford Deductible. Are These Valid Options??     
Old 02-08-2012, 04:11 PM   #1
New Member
 
Join Date: Feb 2012
Posts:1
State: BeachBound1967 is an Insurance Agent from Oregon
Cannot Afford Deductible. Are These Valid Options?? Cannot Afford Deductible. Are These Valid Options??
I have a 2004 Ford Escape that is fully covered under Geico. I owe about $3000 on my car. My deductible is $1000. (My husband passed away last year and so I'm living on one income now). So...although I could have afforded to pay this a few year ago when I first enrolled, I cannot afford the deductible now.

Last weekend, I had my kayak tied to the top of the SUV and it was partially blown off the top by strong winds. It knocked around the body of the car pretty hard before I could stop. There are several dents in different areas and I'm guessing the cost to repair this will be high since the dents are in several different locations.

So..now I'm trying to figure out my options because I cannot afford the deductible. I know very little about car insurance so excuse me if this question is less than intelligent....but is there a way I can file a claim, get an estimate, and take a check instead of going directly through the repair garage? I know people do this who don't owe on their car, but since I'm still making payments on my car, I know that changes things.

Or....unless I am mistaken...it is also my understanding that if the damage will cost more than what is owed on the car, than other options exist? Did I get that right as well?

What can I do here? I don't care about having the car repaired right away but I need to do something. The car is drive-able, and I can live with the dents for awhile (even though it looks bad). I hope this makes sense.

Please help if you can.

Thank you.
------------------------------------
  Reply With Quote to Cannot Afford Deductible. Are These Valid Options??
eZLynx Banner New 2
Old 02-08-2012, 04:31 PM   #2
Guru
 
Join Date: Oct 2010
Posts:336
State: joshb is an Insurance Agent from Florida
Cannot Afford Deductible. Are These Valid Options?? Re: Cannot Afford Deductible. Are These Valid Options??
Originally Posted by BeachBound1967 View Post
I have a 2004 Ford Escape that is fully covered under Geico. I owe about $3000 on my car. My deductible is $1000. (My husband passed away last year and so I'm living on one income now). So...although I could have afforded to pay this a few year ago when I first enrolled, I cannot afford the deductible now.

Last weekend, I had my kayak tied to the top of the SUV and it was partially blown off the top by strong winds. It knocked around the body of the car pretty hard before I could stop. There are several dents in different areas and I'm guessing the cost to repair this will be high since the dents are in several different locations.

So..now I'm trying to figure out my options because I cannot afford the deductible. I know very little about car insurance so excuse me if this question is less than intelligent....but is there a way I can file a claim, get an estimate, and take a check instead of going directly through the repair garage? I know people do this who don't owe on their car, but since I'm still making payments on my car, I know that changes things.

Or....unless I am mistaken...it is also my understanding that if the damage will cost more than what is owed on the car, than other options exist? Did I get that right as well?

What can I do here? I don't care about having the car repaired right away but I need to do something. The car is drive-able, and I can live with the dents for awhile (even though it looks bad). I hope this makes sense.

Please help if you can.

Thank you.
You have a duty to notify the insurance carrier as soon as you can, So file the claim (if you want them to pay for it), but get an estimate first and make sure its over $1,000 first. You will have to pay your deductible either way (thats the point of the deductible), but the body shop you choose, may work with you in paying your portion of the damages (i.e. $1,000), there are several shops in my area, that offer payment plans. In the meantime, call your agent, and lower your deductible since you can't afford it.
- - - - - - - - - - - - - - - - - -
Just to add a little bit, I have a 2010 Toyota tundra, and I had body damage down the side and back bumper, and the repair cost for it was only $1,300. No sense in filing a claim for that little bit over your deductible. So get an estimate first and you may see that it can be cheaper than you anticipate.
------------------------------------

Last edited by joshb; 02-08-2012 at 04:34 PM. Reason: Posts merged
  Reply With Quote to Cannot Afford Deductible. Are These Valid Options??
Old 02-08-2012, 04:39 PM   #3
Guru
xrac on Cannot Afford Deductible. Are These Valid Options?? - Insurance Forum
 
Join Date: Apr 2007
Posts:10,681
State: xrac is an Insurance Agent from Indiana
xrac is a member of 5000 posts Super VIP club
Cannot Afford Deductible. Are These Valid Options?? Re: Cannot Afford Deductible. Are These Valid Options??
You say strong winds blew the kayak. I am not a P&C agents so I ask this question of those that are. Is there a possibility that this is a comprehensive claim and she would have a lower dedutible?

------------------------------------
X
  Reply With Quote to Cannot Afford Deductible. Are These Valid Options??
Old 02-09-2012, 12:05 PM   #4
Guru
BlockO on Cannot Afford Deductible. Are These Valid Options?? - Insurance Forum
 
Join Date: Sep 2010
Posts:663
State: BlockO is an Insurance Agent from Ohio
Cannot Afford Deductible. Are These Valid Options?? Re: Cannot Afford Deductible. Are These Valid Options??
Yeah, it's a comp claim. And it's not uncommon for people to have a lower deductible for comp than they do collision. But I am assuming that's not the case here, since she knew what her deductible was.

------------------------------------
Dan Lyles
Lyles Insurance

Serving Ohio, Michigan, Pennsylvania, Indiana, Virginia and West Virginia.
  Reply With Quote to Cannot Afford Deductible. Are These Valid Options??

Register Now for FREE!
To sign up for your FREE INSTANT account, please complete the form.

Username:
    Password:   Confirm Password:     E-Mail:   Confirm E-Mail:     
   
Question of the day:   What color are tomatoes? I agree to forum rules 


Old 02-21-2012, 09:21 PM   #5
Expert
 
Join Date: Nov 2011
Posts:49
State: Turz is an Insurance Agent from Undisclosed Location
Cannot Afford Deductible. Are These Valid Options?? Re: Cannot Afford Deductible. Are These Valid Options??
You should never have a $1,000 deduct for comp. Geico should have explained the price difference for comp in that it's much more affordable than collision.
------------------------------------
  Reply With Quote to Cannot Afford Deductible. Are These Valid Options??
Old 02-21-2012, 11:08 PM   #6
Guest
 
Posts:n/a
State: Guest is an Insurance Agent from
Cannot Afford Deductible. Are These Valid Options?? Re: Cannot Afford Deductible. Are These Valid Options??
Originally Posted by Turz View Post
You should never have a $1,000 deduct for comp. Geico should have explained the price difference for comp in that it's much more affordable than collision.

I have a number of people that have 1000 deduct on comp, why should Geico explain the difference? They dont have agents, they have call takers, there is a difference and thats what you get when you dont use an agent.

BTW Turz, thx for commenting on 24 threads!
------------------------------------
  Reply With Quote to Cannot Afford Deductible. Are These Valid Options??
Old 02-22-2012, 09:19 AM   #7
Guru
 
Join Date: Mar 2009
Posts:1,694
State: briko3 is an Insurance Agent from South Carolina
briko3 is a member of 1000 posts VIP club
Cannot Afford Deductible. Are These Valid Options?? Re: Cannot Afford Deductible. Are These Valid Options??
Originally Posted by BeachBound1967 View Post
I have a 2004 Ford Escape that is fully covered under Geico. I owe about $3000 on my car. My deductible is $1000. (My husband passed away last year and so I'm living on one income now). So...although I could have afforded to pay this a few year ago when I first enrolled, I cannot afford the deductible now.

Last weekend, I had my kayak tied to the top of the SUV and it was partially blown off the top by strong winds. It knocked around the body of the car pretty hard before I could stop. There are several dents in different areas and I'm guessing the cost to repair this will be high since the dents are in several different locations.

So..now I'm trying to figure out my options because I cannot afford the deductible. I know very little about car insurance so excuse me if this question is less than intelligent....but is there a way I can file a claim, get an estimate, and take a check instead of going directly through the repair garage? I know people do this who don't owe on their car, but since I'm still making payments on my car, I know that changes things.

Or....unless I am mistaken...it is also my understanding that if the damage will cost more than what is owed on the car, than other options exist? Did I get that right as well?

What can I do here? I don't care about having the car repaired right away but I need to do something. The car is drive-able, and I can live with the dents for awhile (even though it looks bad). I hope this makes sense.

Please help if you can.

Thank you.
Go to your local dealership and ask what day the "dent guy" comes. The guy here charges about 30-40 bucks to pull out a few dents. Seems like you could do it for waay under $1000 if it's just dents.
------------------------------------
  Reply With Quote to Cannot Afford Deductible. Are These Valid Options??
Old 02-22-2012, 09:56 AM   #8
Guru
LGilmore on Cannot Afford Deductible. Are These Valid Options?? - Insurance Forum
 
Join Date: Jun 2007
Posts:3,303
State: LGilmore is an Insurance Agent from Washington
LGilmore is a member of 1000 posts VIP club
Cannot Afford Deductible. Are These Valid Options?? Re: Cannot Afford Deductible. Are These Valid Options??
I guess my question and I will be the bad guy here, is why do you want a check from the insurance company if you're not going to fix the car?

Is your plan to hold the check, undeposited until you go in to get it fixed? or are you going to deposit the check?

You may just have to live with the dents. I'm sorry.
------------------------------------
  Reply With Quote to Cannot Afford Deductible. Are These Valid Options??
Old 02-22-2012, 11:57 AM   #9
djs
Guru
 
Join Date: Mar 2007
Posts:5,788
State: djs is an Insurance Agent from California
djs is a member of 5000 posts Super VIP club
Cannot Afford Deductible. Are These Valid Options?? Re: Cannot Afford Deductible. Are These Valid Options??
If you suffered a loss, you are entitled to a check for the damage. There isn't an insurance requirement that the damage be repaired, but your finance company will require it.

Because the car is financed, the insurance company will only do a two party check to you, basically the body shop and you or the finance company and you. They have an obligation to protect the finance companies interest in the car.

You might try calling someplace like a dentpro or any of the other places that deal with this type of damage. Basically, they use a suction cup and pull the dent back out. Doesn't work for everything, but it's probably not serious damage and this might be a way to at least get the more serious looking dents removed for a few hundred dollars.

I agree with other advice though, try getting a lower comp deductible for future claims. It's amazingly little money, if the company will do different deductibles between comp and collision (not all do).

Dan
------------------------------------
  Reply With Quote to Cannot Afford Deductible. Are These Valid Options??
Old 02-22-2012, 12:05 PM   #10
Guest
 
Posts:n/a
State: Guest is an Insurance Agent from
Cannot Afford Deductible. Are These Valid Options?? Re: Cannot Afford Deductible. Are These Valid Options??
^^^^^^^^^^^^ BINGO

This is actually a pathetic thread......
------------------------------------
  Reply With Quote to Cannot Afford Deductible. Are These Valid Options??
Reply to Cannot Afford Deductible. Are These Valid Options?? 

  Insurance Agent Forum > Insurance Forum > Insurance Agents and Brokers Forum > Auto Insurance Forum




Similar Threads with Cannot Afford Deductible. Are These Valid Options??
Thread Thread Starter Forum Replies Last Post
Pre-existing Condition, Unable to Afford COBRA...options?? allisonb543 Individual Health Insurance Forum 11 09-21-2011 10:15 PM
Golden Rule Deductible Credit SamIam Individual Health Insurance Forum 21 06-07-2011 11:36 AM
TexHealth Low-cost Plan for Uninsured Workers Launches STIBROKER Individual Health Insurance Forum 19 03-25-2010 10:52 PM
Possibly Raising My Deductible in a BCBS Indiv. Policy hyy Individual Health Insurance Forum 22 10-10-2009 05:52 PM
Ethics of Deductible Levels AdamB General Insurance Agent Discussions 6 09-10-2009 08:50 PM
High Deductible Plan F VS MA Plan azmedsupagent Senior Insurance Forum 28 01-03-2009 01:14 PM
Need help deciding if my company insurance is worth it!! ljdreyer Individual Health Insurance Forum 10 12-28-2007 12:06 AM



All times are GMT -5. The time now is 08:38 PM.

Forum enabled with vBulletin®
Copyright ©2000 - 2014, vBulletin Solutions, Inc.


Join the Forum - It's FREE

Share This Page



Weekly Poll

What is your main strategy for growing your insurance business ?