If Your Car Was ‘Totaled’ What Are Your Options?
Calculating the total loss value of a car isn’t an exact science. If you don’t agree with the insurance company’s evaluation, you should take action, but what can you do?
If you’ve been involved in a road accident and the vehicle has taken a serious beating, it will most likely be considered totaled by the insurance company. An automobile is declared a total loss when the cost of undertaking repairs is bigger than the actual cash value of the car. To put it simply, your vehicle is beyond repair. Calculating the total loss value of a car isn’t an exact science. Therefore, the result may vary from state to state and from insurer to insurer. If you don’t agree with the insurance company’s evaluation, you should take action.
Your car’s value might be higher than what the insurer says
Whose insurer will pay for the vehicle damage? Well, it depends on the circumstances. If the car crash took place in a no-fault state, the insurer has to pay for certain damages no matter who was at fault. On the other hand, if the accident occurred in a traditional fault state, fault and liability are based on negligence. So, the insurance adjuster has determined that the cost to fix the damages to the car exceeds the actual cash value. You’re wondering if this decision is correct. Take as much time as necessary to investigate the matter because, if you accept the settlement check, everything is over. The outcome may not be in your best interest.
The insurer should write you a check for the actual cash value minus your policy’s deductible. The higher it is, the more benefits you can leverage. As mentioned earlier, understanding what defines a total car loss is a subjective matter. Some states go by what’s referred to as a total loss threshold. What happens is that the damage must slightly surpass a certain percentage of the automobile’s value to talk about a total loss. More than half of states resort to the total loss formula, where the vehicle is considered a total loss if the total amount of the repairs and the estimated value of the asset beat the automobile’s genuine cash value. If you strongly disagree with the insurer’s valuation of the damages, you can file a lawsuit.
Reach out to a lawyer for help when your vehicle is a total loss
No matter if you want to negotiate or sue, it’s necessary to provide irrefutable evidence for disagreeing with the insurer’s figures. You must provide proof as to what type of shape the vehicle was in and proof to the automobile’s actual value. Photographs can turn out to be useful in this sense. You’ll be able to ask for more if you can show that the car has a higher market value. Doing some research can increase the settlement amount. If you’ve been involved in a motor vehicle accident, it’s advisable to contact a lawyer and obtain relief from negligent parties. It’s essential to seek assistance immediately from an experienced personal injury lawyer. They will fight vigorously in court for your rights. Most importantly, don’t waste time. The sooner you take action, the sooner you can get back to your normal life.