Beating Colossus
Claim Evaluation Tool by Colossus / Insurance evaluation tool used by Insurance Companies to evaluate Personal Injury Claims:
3 Key Auto Claim Losses:
1) Property Damage/Loss of Use or Rental Expenses Loss of Use is valued at aproximately $15/20 per day and Rental Expense is set by comperable vehicle lossed in the accident. Property Damage has two (2) seperate issues regarding the handling of the vehicle: Questions to ask the client are; Is your vehicle a purchase or a Lease?
Vehicles that are purchased are consider Personal Property and evaluated as such, FMV (Fare Maket Value) is normaly used in Total Losses in this situation. With regards to LEASE VEHICLES; Vehicles are not personal property and considered a CONTRACT situation, The Lease is obligated to the leasor according to the terms of the contract set forth in the LEASE. The Insurance Companies must make whole the Leasor in this situation and the Lease is also entitled to Security Deposts and the like, or an apportionment of the down payment relative to the terms and conditions of the Lease Contract.
2) PERSONAL INJURY - Some times confused with Bodily Injury these are two seperate portions of any one claim for damages Personal Injury relates to Personal losses and is not consider Injury to ones body or person, NOT a physical or psychological Injury
3) BODILY INJURY - Injury incurred by the accident to ones body including psychological trama and brain damage along with severe pain to the spinal cord or other nuerological injuries. Major injuries include spinal disc seperation and impingement of the spinal cord not normaly diagnosed by typical x-Ray exams but through MRI (Magnetic Resonance Imaging) can be detected.
3 Key Auto Claim Losses:
1) Property Damage/Loss of Use or Rental Expenses Loss of Use is valued at aproximately $15/20 per day and Rental Expense is set by comperable vehicle lossed in the accident. Property Damage has two (2) seperate issues regarding the handling of the vehicle: Questions to ask the client are; Is your vehicle a purchase or a Lease?
Vehicles that are purchased are consider Personal Property and evaluated as such, FMV (Fare Maket Value) is normaly used in Total Losses in this situation. With regards to LEASE VEHICLES; Vehicles are not personal property and considered a CONTRACT situation, The Lease is obligated to the leasor according to the terms of the contract set forth in the LEASE. The Insurance Companies must make whole the Leasor in this situation and the Lease is also entitled to Security Deposts and the like, or an apportionment of the down payment relative to the terms and conditions of the Lease Contract.
2) PERSONAL INJURY - Some times confused with Bodily Injury these are two seperate portions of any one claim for damages Personal Injury relates to Personal losses and is not consider Injury to ones body or person, NOT a physical or psychological Injury
3) BODILY INJURY - Injury incurred by the accident to ones body including psychological trama and brain damage along with severe pain to the spinal cord or other nuerological injuries. Major injuries include spinal disc seperation and impingement of the spinal cord not normaly diagnosed by typical x-Ray exams but through MRI (Magnetic Resonance Imaging) can be detected.
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Poperty Damage Statute | Auto Claims | Personal Injury Evaluator