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2 CLAIMS 1 COMP AND 1COLLISION EXCEED CAR VALUE


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Posted by JERRY on May 10, 2002 at 14:17:55:

IN CALIFORNIA I HAVE A 1995 MUSTANG , INSURED BY FARMERS , THAT KELLY BLUE BOOK LISTS AT ABOUT $7K TO $8K. RETAIL. MY GIRLFRIEND RAN INTO ANOTHER VEHICLE AND DID ABOUT $2500 DAMAGE, THEN AFTER PARKING THE VEHICLE AT MY SHOP ON THE FOLLOWING WEEKEND VANDALS DID ABOUT $4000. ,IN THEFT AND ADDITIONAL DAMAGE. THE BODY SHOP TOLD ME THAT THE VEHICLE SHOULD PROBABLY BE TOTALLED SINCE THE LOSS PLUS SALVAGE VALUE EXEEDED THE VALUE OF THE VEHICLE BUT THE TWO CLAIMS ARE BEING HANDLED BY TWO SEPERATE ADJUSTERS. I WOULD PREFER TO PULL THE SETTLEMENT CASH AND JUST PURCHASE ANOTHER NEW VEHICLE RATHER THAN HAVE THE INSURANCE CO. INVEST THIS AMOUNT IN REPAIRS AND MAYBE STILL HAVE ONGOING OR ADDL PROBLEMS IN THE FUTURE WITH A REPAIRED VEHICLE.
WHAT IS THE BEST APPROACH FOR DEALING WITH THE INSURANCE CO. TO CASH OUT RATHER THAN REPAIR DAMAGES ? DO THEY NEED MY APPROVAL TO HANDLE BOTH CLAIMS AS ONE CLAIM?


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