Need Some Experienced Help from Owner/Operator on Truck Accident Write-Off

[2mafs]

Just recently I have had an Accident where my 2003 Volvo 610 was written off by an insurance company. I was involved in an accident where It was not my fault and there was not much that I could do to prevent it. In the end I still have a debt with this truck to a lease company amounting from 30,000 to 40,000 not 100% sure tonight. The insurance company is giving me peanuts for it with the write-off. How are the deciding hoe much will the pay out for my unit, in my eyes that unit was great. What will happen to the difference owing to the leas company will I be held responsible for it, is there a way to avoid paying back the difference. I never had any intend to do this how can I be held responsible for this the Insurance company should pay off the difference that is left with the leas company. Anybody out there that has been in this problem, or that knows somebody that has. I’m looking for any help or suggestions tell me what you think please.

[NORTHERNHAULER]

Originally Posted by 2mafs

Just recently I have had an Accident where my 2003 Volvo 610 was written off by an insurance company. I was involved in an accident where It was not my fault and there was not much that I could do to prevent it. In the end I still have a debt with this truck to a lease company amounting from 30,000 to 40,000 not 100% sure tonight. The insurance company is giving me peanuts for it with the write-off. How are the deciding hoe much will the pay out for my unit, in my eyes that unit was great. What will happen to the difference owing to the leas company will I be held responsible for it, is there a way to avoid paying back the difference. I never had any intend to do this how can I be held responsible for this the Insurance company should pay off the difference that is left with the leas company. Anybody out there that has been in this problem, or that knows somebody that has. I’m looking for any help or suggestions tell me what you think please.

DO NOT CASH THE CHECK FROM THE INSURANCE CO.Why you ask becouse by cashing their check you are accepting their payment.call your ins co.and tell them no.look at your coverage or have a lawyer look at it.ins co.are sly if they think they can pull the wool over some ones eyes they will.talk to your lease co.to find out what kind of ins.they may have on your lease.you may even get back pay or down time pay.if you have full coverage then your truck is paid for.thats what full coverage is for.dont let them fool you they work for you you dont work for them.if you have any more ???? let me know i have been there but i cashed the check. it suc@#$ learnd my lesson real quick.

[pro1driver]

Originally Posted by 2mafs

Just recently I have had an Accident where my 2003 Volvo 610 was written off by an insurance company. I was involved in an accident where It was not my fault and there was not much that I could do to prevent it. In the end I still have a debt with this truck to a lease company amounting from 30,000 to 40,000 not 100% sure tonight. The insurance company is giving me peanuts for it with the write-off. How are the deciding hoe much will the pay out for my unit, in my eyes that unit was great. What will happen to the difference owing to the leas company will I be held responsible for it, is there a way to avoid paying back the difference. I never had any intend to do this how can I be held responsible for this the Insurance company should pay off the difference that is left with the leas company. Anybody out there that has been in this problem, or that knows somebody that has. I’m looking for any help or suggestions tell me what you think please.

check out these links regarding "black book values" for trucks/trailers

black book, truck values - Google Search

next, just because YOU THINK the truck was great, in the real world, its the bottom value that counts.

you are still responsible for the pay-off to the leasing company, just like you would be (if say) your car was wrecked while you still owed money on it, you will ONLY GET book value, not what you think you deserve.

you CAN dispute the insurance company's value, but you will not get a whole lot more than you think.

you also really NEED to talk with a certified tax accountant familiar with trucking as for any tax write-off's as well.

but bottom line, you still HAVE TO PAY OFF that lease, or be deemed a bad credit risk for many, many years.

you "could" file bankruptcy to avoid paying the leasing company, but that can and will hurt you later as well.

you may have to sell off a whole lot of your personal property/cars/trucks, etc, to pay off any debts you calim at bankruptcy time........

there isn't really any "win" situation for you..........

pay up, and be done with it........

or, lease out yet another truck, and have the "old payments" attached to the new, which would happen anyways.............

and as the other poster said, DO NOT CASH that insurance company check, because that DOES MEAN, you accepted ALL what they say its worth...........

best of luck to you, and let us know how you make out on this.

[SemiRetired]

Originally Posted by 2mafs

Just recently I have had an Accident where my 2003 Volvo 610 was written off by an insurance company. I was involved in an accident where It was not my fault and there was not much that I could do to prevent it. In the end I still have a debt with this truck to a lease company amounting from 30,000 to 40,000 not 100% sure tonight. The insurance company is giving me peanuts for it with the write-off. How are the deciding hoe much will the pay out for my unit, in my eyes that unit was great. What will happen to the difference owing to the leas company will I be held responsible for it, is there a way to avoid paying back the difference. I never had any intend to do this how can I be held responsible for this the Insurance company should pay off the difference that is left with the leas company. Anybody out there that has been in this problem, or that knows somebody that has. I’m looking for any help or suggestions tell me what you think please.

I lost a freightshaker Century class Feb-2008, was blown over and totaled the tractor, when the Insurance contacted me they threw a low ball offer of 18k.

I told them they could replace the truck then or pay me what I had it insured for, 25k they insisted that was all it was worth unless I could prove otherwise, I researched the web (truckpaper.com / trucker to trucker) and lots in my area, It turns out they based their offer on average prices in the truck paper but there was a range of prices from 18k to 32k.

I wound up sending receipts for maintenance-tires ect. and wouldn't except their low ball, I said I'd part it out first.
I insisted they pay on comparable or I wouldn't except. It took 2 months of haggling with these clowns before they gave in and said ok will give 23K and thats it. Not having a lease or payment I was thinking that would be a sufficient down on something else so I took it.

The moral of the story is do not except their first offer it is always a lowball. Insure for the trucks proper value and make them adhere to what it is insured for.

Since you have a lease on the truck your lease company will get there money first and if the payoff won't cover that then don't except the offer Point Blank.

[2mafs]

Thanx guys this is great help that I'm getting, my truck is not insured by me its insured under the company thats moving it. I really do not know what i'm covered last year i had an accident and the bill was 15,000 insurance covered it but it cost me 5,000 that i had for deductible. I have not told the leas company about the accident can they jump the gun and go directly to the insurance and take the first offer without checking with me. Can I go after the other guys insurance company to pay off the difference because I was not at fault it was the other guy. I have not checked the value of how much they will offer to me but i'm sure it wont be enough to cover whats left on it. I really do not have the money to be held responsible for the difference. Work so hard and get it like that i cant take it. That was all I had can I use anything to my advantage here bad weather others fault... any thing to get out of the difference?

[NORTHERNHAULER]

Originally Posted by 2mafs

Thanx guys this is great help that I'm getting, my truck is not insured by me its insured under the company thats moving it. I really do not know what i'm covered last year i had an accident and the bill was 15,000 insurance covered it but it cost me 5,000 that i had for deductible. I have not told the leas company about the accident can they jump the gun and go directly to the insurance and take the first offer without checking with me. Can I go after the other guys insurance company to pay off the difference because I was not at fault it was the other guy. I have not checked the value of how much they will offer to me but i'm sure it wont be enough to cover whats left on it. I really do not have the money to be held responsible for the difference. Work so hard and get it like that i cant take it. That was all I had can I use anything to my advantage here bad weather others fault... any thing to get out of the difference?

you are in a tough spot.but yes you can go after the other guys ins co.to recover the loss.the next truck you get when you insure it get replacement cost on it.may cost you a little more but if something happens it will replace your truck.replace ment means what it will cost to get you in the same type of truck.i think i pay like 6 or 8 hundred more a year but its worth it.never had to use it but its there if i need to.