Method and system for processing an insurance claim for a damaged vehicle
First Claim
1. A method for processing an insurance claim with an insurance company for an insured'"'"'s damaged vehicle which has been stored at a location, the method comprising:
- acquiring information regarding the damaged vehicle, and the geographical location of the damaged vehicle;
optionally automatically looking up vehicle configuration details in a database using a vehicle identification number;
conducting an auction based on the acquired information regarding the damaged vehicle to sell, for a satisfactory bid, the damaged vehicle from the insured to a bidder or from the insured to the insurance to the bidder, wherein the insured is the owner of the damaged vehicle;
informing a bidder, who submits the satisfactory bid, of the location of the damaged vehicle; and
transferring title of the vehicle directly from the insured to the bidder;
displaying the status of the title to a system;
exchanging automatically data with the bidder to automatically process the title transfer during or after the auction; and
picking up the vehicle, by the bidder, at the geographical location.
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Accused Products
Abstract
Disclosed is a system and method for processing an insurance claim by an insurance company for an insured'"'"'s damaged vehicle The method includes acquiring information regarding the damaged vehicle, and the geographical location of the damaged vehicle. An auction is conducted based on the acquired information regarding the damaged vehicle to sell, for a satisfactory bid, the damaged vehicle from the insured to a bidder, wherein the insured is the owner of the damaged vehicle. A bidder, who submits the satisfactory bid, is informed of the location of the damaged vehicle, where he directly picks up the vehicle. The title of the vehicle is transferred directly from the insured to the bidder or from the insured to the insurance to the bidder during or after the auction.
335 Citations
12 Claims
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1. A method for processing an insurance claim with an insurance company for an insured'"'"'s damaged vehicle which has been stored at a location, the method comprising:
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acquiring information regarding the damaged vehicle, and the geographical location of the damaged vehicle; optionally automatically looking up vehicle configuration details in a database using a vehicle identification number; conducting an auction based on the acquired information regarding the damaged vehicle to sell, for a satisfactory bid, the damaged vehicle from the insured to a bidder or from the insured to the insurance to the bidder, wherein the insured is the owner of the damaged vehicle; informing a bidder, who submits the satisfactory bid, of the location of the damaged vehicle; and transferring title of the vehicle directly from the insured to the bidder; displaying the status of the title to a system; exchanging automatically data with the bidder to automatically process the title transfer during or after the auction; and picking up the vehicle, by the bidder, at the geographical location. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method for processing an insurance claim for a damaged vehicle, the method comprising:
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transferring data from a vehicle damage estimating system or entering the data manually into an insurance company'"'"'s claim handling system and to a vehicle auction system; calculating a salvage value for the damaged vehicle, for a given geographical location, using a database of historic salvage values; providing a local retail value, for the geographical location, of the damaged vehicle and information contained in a database to an insurance company; comparing, by the insurance company, portions of the transferred data to a threshold value that is based on the calculated salvage value and the local retail value for the geographical location of the damaged vehicle; conducting an auction of the vehicle based on results of the comparison; and directly transferring title of the damaged vehicle from the insured to a bidder in the auction. - View Dependent Claims (10)
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11. A system for processing a vehicle insurance claim comprising:
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a means for providing data from a vehicle damage estimating system to an insurance claim handling system and to a first vehicle reseller, wherein the insurance claim handling system is associated with a vehicle insurance company; a means for calculating, by the first vehicle reseller, a salvage value for the insured'"'"'s damaged vehicle; a means for calculating a market value based on the transferred data, resale market in insured'"'"'s local area, and vehicle optional equipment installed on the damaged vehicle; a means for comparing portions of the transferred data are compared to a threshold value based on the calculated salvage value and the absolute cash value, wherein based on the result of the comparison, a second vehicle reseller offers the damaged vehicle for resale to a group of potential buyers; and a means for directly transferring title of the damaged vehicle to a bidder. - View Dependent Claims (12)
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Specification