Totaled IBA and Insurance

[Car_Wash_Guy]

Had a customer with a large vehicle accidentally hit the accelerator and lurch into my IBA ( Soft Gloss ), totaling it ( Bent frame among other things)

2007 Machine

They gave me roughly 1/3 the cost of a new machine. Basically New Machine cost - Depreciation - Deductible = Check from Insurance.

Is this about normal? My issue is I cant get another machine for what they cut me I feel like I'm getting the shaft.

 

[OurTown]

That sucks. What does your policy state? Cash value or replacement cost on payout?

 

[DavidM]

I assume this is the driver's insurance? You don't have to take what they offer you. You can negotiate and ask for more.
You have to push back. Your insurance company may be willing to help.

David

 

[HeyVern]

Don't forget lost revenue until you are back up and running

 

[I.B. Washincars]

My 2006 machine was totaled in 2017. I got a brand new machine, less my 10K deductible. I also got lost revenue.

 

[slash007]

Had a customer with a large vehicle accidentally hit the accelerator and lurch into my IBA ( Soft Gloss ), totaling it ( Bent frame among other things)

2007 Machine

They gave me roughly 1/3 the cost of a new machine. Basically New Machine cost - Depreciation - Deductible = Check from Insurance.

Is this about normal? My issue is I cant get another machine for what they cut me I feel like I'm getting the shaft.

Isn't the car insurance for the driver paying? You should be getting a new machine free.

 

[mac]

Not many people know this, but if the frame is bent, you can bend it back. Pretty easily. Put a chain or come along to anchor one side. Keep the chain low. Put a come along on the other side and pull it in opposite direction. It will take a time or two, but keep doing it till all four wheels are on the tracks. Have done this many times.

 

[Car_Wash_Guy]

Yeah, I'm not sure why my insurance is cutting me the check. I had a $5K deductible. I'm going to ask my adjuster why there is no compensation for lost revenue.

There was a clause in the email stating I *might* be eligible for "additional payment if the cost to repair or replace your damaged item(s) exceeds the actual cash value."

 

[Waxman]

If it were me I'd ask my lawyer to call the insurance companies and straighten it out. That's what you keep a good lawyer on retainer for in my opinion.

 

[MC3033]

Did you file with the customers insurance company? Your insurance really shouldn’t have anything to do with this. We have had multiple large customer damages and never dealt with our own insurance. Never had an issue with value. Never pursued lost revenue

 

[soonermajic]

If it were me I'd ask my lawyer to call the insurance companies and straighten it out. That's what you keep a good lawyer on retainer for in my opinion.

Who the hell keeps a lawyer on retainer for a carwash? Surely i ain't in the minority here...

 

[jubalr]

Deal with the driver's insurance first. They need to make you whole again to the point of washing cars the same as you were before he hit you, That includes lost revenue from day 1. Take a 90-120 rolling average to get a per day cost. Now find a machine and include labor for tear-out and install. It sounds like you may not have the best insurance coverage and so makes it even more essential to go after his.

 

[Earl Weiss]

There was a clause in the email stating I *might* be eligible for "additional payment if the cost to repair or replace your damaged item(s) exceeds the actual cash value."

You may have something called "Recoverable" replacement cost. This means they pay you cash value but if you replace pay cost up to original cost less depreciation.

 

[Waxman]

Who the hell keeps a lawyer on retainer for a carwash? Surely i ain't in the minority here...

I've had the same great lawyer since I incorporated my business.

What serious businessman doesn't have a lawter to help when needed? It's like not having an accountant.

Besides there's nothing like a phone call from a serious attorney to make an insurance company quit stalling and start writing you checks.

 

[soonermajic]

I've had the same great lawyer since I incorporated my business.

What serious businessman doesn't have a lawter to help when needed? It's like not having an accountant.

Besides there's nothing like a phone call from a serious attorney to make an insurance company quit stalling and start writing you checks.

Guess I ain't a serious businessman, cause I definitely don't have a lawyer on retainer for my carwashes.

 

[APW]

Guess I ain't a serious businessman, cause I definitely don't have a lawyer on retainer for my carwashes.

I have two lawyers I use quite often and they are always just a phone call away when I need them.

 

[Waxman]

Guess I ain't a serious businessman, cause I definitely don't have a lawyer on retainer for my carwashes.

Well.....you must have used a lawyer when you bought your business. No? What about when you purchase land or buildings? What about refinancing a home or business? No lawyer involved then? How about setting up your business structure? Surely a lawyer is used to set an S Corp or LLC, right? I don't think it means you are serious or not serious about business, but having an attorney you can call and who calls you back is a part of any business, IMO. This is one way to protect yourself and everything you've worked so hard for.

 

[Car_Wash_Guy]

Well.....you must have used a lawyer when you bought your business. No? What about when you purchase land or buildings? What about refinancing a home or business? No lawyer involved then? How about setting up your business structure? Surely a lawyer is used to set an S Corp or LLC, right? I don't think it means you are serious or not serious about business, but having an attorney you can call and who calls you back is a part of any business, IMO. This is one way to protect yourself and everything you've worked so hard for.

You don’t need an attorney for any of that although it would be prudent

 

[soapy]

I had a similar thing happen a 4 years ago. I had replacement coverage with my insurance. I turned it over to them to deal with the other insurance company. the part of recovering lost income was much harder. YOu had to submit sales figures for the past couple of years and then average it out. I had 2 automatics and the others auto picked up the slack and I ended up not loosing much business so I did not go after the lost income. I got a new auto for replacement.

 

[OurTown]

Well.....you must have used a lawyer when you bought your business. No? What about when you purchase land or buildings? What about refinancing a home or business? No lawyer involved then? How about setting up your business structure? Surely a lawyer is used to set an S Corp or LLC, right? I don't think it means you are serious or not serious about business, but having an attorney you can call and who calls you back is a part of any business, IMO. This is one way to protect yourself and everything you've worked so hard for.

When I think of keeping a lawyer "on retainer" it means that you have a few grand sitting in an escrow account and you use him (or her) frequently. (usually ongoing) Money comes out monthly for service hours rendered and then you top it off every month. We have a lawyer "on tap" but he bills us after the specific project is completed.