My car was in an accident on January 8th. I was only covered under forced-placed insurance (collision/comp no liability) as outlined in the terms of my loan. I reported the accident immediately to both the bank and the insurer. I've called weekly for status updates and haven't received any information from the insurance company since the adjuster came and looked at it. It was found to be a total loss.
I've also been trying to check in with my bank continuously since the accident. The bank has repeatedly said that they are waiting on the insurer for paperwork, while the insurer says they are waiting on the bank for paperwork. I've also heard from both parties that a check should be mailed out in 2 weeks, to the bank to cover the lien, for over a month now. It's been 2 months since the accident and I have gotten no where. The ramifications of this are getting heavier. I understand the huge mistake it was to allow force placed insurance on my vehicle and would prefer not to be lectured regarding that terrible terrible mistake. But I could really use some advice at this point.
My wife's car is in terrible condition and we are both using it to travel multiple pickups / drop-offs each day and I don't think it will survive much longer. We have a newborn and were just waiting a few more months to make a new purchase so she could have something reliable. But at this point, I cannot get a car loan until my previous loan is settled via insurance-bank process.
I also asked the bank (the collections manager is responsible for this process) if I have any option to purchase the car outright as-is (as you would usually have the option to do in a total loss situation normally). He said I could make a bid on the car and if it is more than he would get at auction then he would sell it to me. I asked him to provide a number that I could purchase it for after the loan is payed and he said I need to give him a number and he'll check with the auction guys. Blind bidding on a car I currently have in my driveway, with a loan that will be satisfied after the insurer cuts the check seems weird and confusing. The car has extremely low miles and is sooo very clean on the outside and inside.
Is over two months reasonable in regards to the remediation of a forced placed insurance claim? Is the standard in a situation like this where the loan holder wants to purchase the total loss seem fishy in this instance?
I've also been trying to check in with my bank continuously since the accident. The bank has repeatedly said that they are waiting on the insurer for paperwork, while the insurer says they are waiting on the bank for paperwork. I've also heard from both parties that a check should be mailed out in 2 weeks, to the bank to cover the lien, for over a month now. It's been 2 months since the accident and I have gotten no where. The ramifications of this are getting heavier. I understand the huge mistake it was to allow force placed insurance on my vehicle and would prefer not to be lectured regarding that terrible terrible mistake. But I could really use some advice at this point.
My wife's car is in terrible condition and we are both using it to travel multiple pickups / drop-offs each day and I don't think it will survive much longer. We have a newborn and were just waiting a few more months to make a new purchase so she could have something reliable. But at this point, I cannot get a car loan until my previous loan is settled via insurance-bank process.
I also asked the bank (the collections manager is responsible for this process) if I have any option to purchase the car outright as-is (as you would usually have the option to do in a total loss situation normally). He said I could make a bid on the car and if it is more than he would get at auction then he would sell it to me. I asked him to provide a number that I could purchase it for after the loan is payed and he said I need to give him a number and he'll check with the auction guys. Blind bidding on a car I currently have in my driveway, with a loan that will be satisfied after the insurer cuts the check seems weird and confusing. The car has extremely low miles and is sooo very clean on the outside and inside.
Is over two months reasonable in regards to the remediation of a forced placed insurance claim? Is the standard in a situation like this where the loan holder wants to purchase the total loss seem fishy in this instance?
