Handling Your Auto Insurance Claim

Due to the size of our firm, we daily receive auto claims, particularly for physical damage to our insureds’ commercial vehicles.  We inform our clients that when a vehicle is declared to be a “total wreck” by the insurance company, the value of that loss is a negotiable item. In other words, a vehicle has residual value, but in their “business judgement” many insurance companies declare it to be a total loss, which confounds their insureds.

When you are confronted with the above type of incident, your broker can become a very important ally in the final amount paid by your insurance company.  Most customers have not purchased what is known as Gap Coverage. If there was a loan against a vehicle, the Gap Coverage would pay for the difference between the adjusted loss and the loan amount, if the loan balance was greater.  Some clients want to take the Insurance money and continue to keep the “total wreck” because they can rehabilitate it for future use due to their special needs.  Please keep in mind that these challenges is where your insurance broker can provide added value in your relationship to assist in maximizing your loss benefits.

That’s the way we do it at Bone Robertson & McBride, Inc.

With good health to you,

Don Bone

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