Nov 282011
I have a hail damage claim on my vehicles as a result of a horrible hailstorm that occurred a couple of days ago. When I spoke to the adjustor, she told me they would inspect the vehicles and issue me a draft. What does that mean?
what does it mean when a company says they are going to send a draft
It means you are getting a check!
Draft is another name for a check, or in her lingo bank draft, good as cash, too bad about the cars, If you are smart you will go get three more estimates on your own for each car, also, they try to get you to agree to send the check directly to the body shop, because when they pay the shop directly, they get 10 percent off. By law, that money is yours, no matter what you do with it, If you tell them you want the check mailed directly to you, then tell them send the check to you. and if you get estimates ahead of time, and she lo-balls the repair work, you can say wait a minute, this shop wants a lot more money than what you offered, give her the estimate and watch her face. The look should be priceless.
Insurance companies usually have 1 or 2 or 3 body shops in a local area that they trust. call the front office of your insurance agent monday and ask them what body shops they like to use. then go get estimates there.because usually they will pay the quote no questions asked, especially if it is a shop they trust already,Use the one you like the best and give it to her, as I said before, the look should be a priceless kodak moment. Especially if her estimates are low. (you are entitled to independent appraisals, besides hers by law anyhow)
I believe, you are supposed to get one estimate anyhow, but it varies state to state. But as I said always tell them send the check directly to me, don’t let them bs you.and do not let her offer less than what a shop wants to fix the work, some shops will take off your deductible, (that’s the ten percent your insurance agent tried to save her company, not you, that’s why you get the check mailed directly to you. These insurance companies are not your friend. They like to take money,when you pay their overpriced insurance. you have to fight for what is rightfully yours, to get it back from them, what a bunch of crap. You are also entitled to rental car reimbursement, while your car is being fixed. obviously if you have six cars in your driveway this may not happen. and last but not least, if by chance they total the cars or one you really like, it is possible to do a buy back, If it runs good, and is in excellent mechanical shape you can get it back for 400 bucks give or take (fix the glass, and you have the perfect winter storm car already) just stick the good car you get later in the garage for the winter, use the beater!! life is full of possibilities, hope their haloed you work with the insurance company good luck
They will look at the cars, write an estimate and issue payment.
If the car is financed, the draft will be made payable to you and the finance company.
A draft is a check. They are going to $ end you a check.