I've never been so ticked off In my life as I am right now with Insurance company's and with Daimler Chrysler!!!:mad1: :mad1: :mad1: I own a 2007 Sterling LT9500 that I bought brand new for $153,000 from a Sterling Dealership here In Minnesota that I use for my milk hauling business. I was approved through Daimler Chrysler to be financed through them with a 5 year truck loan with very low Interest but very high payments. My truck will be paid off In 2 years and 3 months. Back about a month ago one of my employee's hit a deer with It causing $3800.00 In damages. I called the Insurance man and got a claim started and got the estimate done with my milk truck. My truck Is still easily drivable so there was no need to park It and rent one. The other day I got the claim check In the mail from the Insurance company (Progressive) and I saw that It was made out to me and to Daimler Chrysler. I thought what the hell Is up with that??? I went to cash It and they wouldn't being I needed a signature from DC. So today I call Daimler Chrysler and tell them the scoop and they tell me I gotta get the truck fixed, get the work order, and get them the estimate that was done and then they will sign the check to the people who did the work. This blew me away!! Who's fricking truck Is this???? I told the representative from Daimler Chrysler that I should be able to do what I wanted with the money, who Is he to tell me where It goes?? I had no Intentions of not fixing the truck with the money but It pissed me off that he's telling me what to do with a Insurance claim check. I pay huge amounts of Insurance every year, I deserve the right to say where this cash goes although I had no Intentions of pocketing It!!! I like a nice truck, I'm going to keep It that way but who's paying the damn Insurance premiums here???? Why the hell did the Insurance company write the check out to us both, why not just me? I'm not leasing the damn thing!! Whats the normal procedure with this stuff when you still have a loan out on a new vehicle?
Normal practice. I've been in the same situation on 2x occasions when I had small accidents in cars that I had a loan on. Technically, the bank that provided the loan is also part owner of the vehicle. If you pocket the $$$, then default on the loan, that bank has to repo and then sell the truck........with damage.......and then has to pay out of pocket to fix the truck. Once you have the truck paid off the checks get written directly to you. It's a pain in the ass, but technically the bank is part owner of the vehicle too.
I understand that were co-owners but the SOB's don't even acknowledge me at all. They act as If I don't exist and that's what ticks me off!!
You'd think as co-owners they would wash the damn thing once in a while, maybe even half a tank of fuel for the weekends.
or pay half the insurance costs, deductibles, tires, oil changes... etc... in that respect I do not view the lien holder as a "co-owner"... they are merely holding the asset as collateral on the loan... in a true dual ownership scenario they would be responsible for the upkeep and maintenance of it as well... lien holder and co-owner are not the same in any way...
i guess, but that semantic argument changes the dynamic of who is responsible for what... I can kinda understand the lienholder wanting to see the repair bill, but I would think that their responsibility should be determined upon the equity in the loan... if the truck value - damage value < outstanding debt then the lien holder shouldn't have any say in the matter...
Steve I sell for Progressive. Didn't they send out their own claims adjuster to give the estimate? Our insureds get a check same day for damages. The lienholder thing is a PITA, but its standard procedure.
Yep, he met up with me at a farm place while I was pumping milk from a farmer and did a quick estimate. The adjuster was a great guy, no problem with him one bit. I called him this morning to get some facts from him and let off a pile of steam. He agreed the whole lien thing Is a bunch of BS but It Is what It Is he said. He also told me (the adjuster) that he wasn't going to send the check till I was going to get It repaired, that kinda thru me for a loop when he said that one though.
Thanks Jeff for the sincere thoughts. If these company's keep at It with your thinking like they are doing, they will not be around anymore. It's not my fault these car and truck company's can't stay a float going bankrupt these days. I wonder why that Is? It's BS!!! Their burning their own bridges, they better be careful being their running out of bridges to burn. I wonder why these dealerships are going under?? Not because of us Jeff, because of them.
A few months back while mowing my lawn a rock came flying out and took out my patio window In my patio door on my house. $300.00 dollars later It was repaired and fixed. My homeowners Insurance covered It. The claim check was written out to me, explain that? My house Is far from payed for, another 20 years to go on my loan.
My deductible was $250.00, they wrote me a check out for $50.00. My house Is a 30 year loan going on 10 years this year. The point Is the check was written out to me (same scenario as my truck If you ask me). I should also add that my truck Insurance has a $1000.00 deductible.
Standard procedure on the Truck claim.The truck serves as collateral on the loan,until you own it out right their interest in the vehicle dictates the check being made payable to both you or your business entity and the lienholder. Schultzy it's already done but I would have never made a claim to get back $50,unless there was injury to a person at the time of the accident.Why put the first claim on your homeowners claim history or add a second or third one that is so minimal.Insurance companies look at the frequency of claims and the severity of claims.There is a lot to be said for being claims free,allows you to move to any other company you wish to in their best pricing programs.
Scot, I've had 3 claims In 10 years of owning my house and my business. 2 were with the truck and the other one was the patio door. I've spent close to $15,000 out of pocket Instead of turning them Into claims In the past with my milk hauling business In 10 years. It's the Insurance company's turn now. I do understand what your saying though, makes sense for someone not In my shoes. My Insurance man loves me as a client, my rates are cheaper then most other truckers because I don't have hardly any claims with the risky business that I'm In. Milk trucks are considered one of the most dangerous vehicles on the road and one of the most dangerous to drive because of the moving liquid.
Steve they are correct I just went through the same thing with a tree falling on our property and causing damage. I had to have GMAC sign the check which they have since done. In my situation though they did not make me have the work done first but it was anyways. T
Steve ... there may be another thing you will find ..... if your insurance company is the same for both policies, they may drop you if you put in another claim over the next year ..... that's why unless the $ amount is substantial, I will NEVER use insurance ..... eg. you may get in a car accident and they call it a no fault (getting really popular lately) and they will drop you ...
If you guy's ever have any insurance questions,whether coverage issues or wonder what you should do questions just post your questions or PM ButtonBuck Master or myself.I would expect we could provide information on the real deal of how things happen.
Steve, I feel for you brother. On the lighter side, for the price of two trucks, you coulda had my place and a bunch of moo-moo's. Then you could have had someone else haul off the milk for you.
