Is my insurance agent giving good advice?
December 19, 2012 7:25 PM Subscribe
I was in a car crash today that seems pretty straightforward, but my agent called with a proposition I hadn't expected, and I don't know what's best.
posted by Ickster to law & government (24 answers total) 2 users marked this as a favorite
So a school bus (no kids, fortunately) failed to yield right-of-way and pulled right out in front of me. I hit the brakes, but the front of the car had a fair amount of damage. It's an older vehicle, and I'm thinking it's likely totaled, but I haven't heard yet.
The bus driver admitted fault to the police when they arrived, and everybody was very grown-up and calm about the whole affair. I called my insurance company and filed a claim (I'm in MN, which is a no-fault state).
So far, so good. However, a couple of hours later, my insurance agent called and explained that filing a claim with my carrier meant that I wouldn't see the amount of my deductible until my carrier had received payment from the bus company's carrier. Here's the key bit: he said that I could withdraw my claim, and go against the other insurance company for direct compensation. He even said that he'd arrange and participate in a conference call with them to resolve the issue. As he explained it, the upside is that I wouldn't have to wait nearly as long to recoup the amount of my deductible from the other company as I would if I kept my claim with my insurance carrier.
This sounds slightly appealing, but I feel like I'm opening myself up for a risk if they fight with me; a lawyer then becomes my responsibility, and my insurance company is off the hook. I also wonder what other ulterior motives my agent might have. I tend not to trust someone to whom I'm giving money when they say they're just looking out for me.
Anyone have experience with this sort of thing, or just any general advice?