If your car is declared a total loss due to another person’s negligence, you can file a claim to obtain the necessary compensation. Find a car accident attorney to help you understand your rights and guide you through the negotiation process. Here is more information about total loss accidents: For more information on panel beating be sure to visit Sheen Group.
Understanding Total Loss
An auto insurance company declares a total loss when repair costs following an accident exceed a set percentage of the vehicle’s fair market value. Fair market value is what an interested party would pay for the vehicle, considering the car’s age, mileage, and condition. State laws have varying limits on this percentage, but insurers can enforce a higher rate.
Valuing a Totaled Car
Following an accident, a mechanic should inspect your car and provide an estimate for the necessary repairs. Your vehicle’s market value, which an insurance adjuster decides, will be compared to this expense. You may assess if a settlement offer is reasonable if you know how much your car is worth.
If you disagree with the adjuster’s conclusions regarding the worth of your car, you might have to present a counterargument. In such a situation, contact a knowledgeable car accident attorney. Your lawyer can help you obtain independent appraisals to contest the insurance company’s assessment of your car. They can guide you to provide proof of the attributes that add to the value of your vehicle.
Disposing of the Vehicle
The insurance company often takes possession of your totaled vehicle and sells it for salvage. If fixing the car yourself costs less than the insurance estimate, you can decide to do so. Remember to first check local laws on totaled vehicles before starting the repairs. You may receive a payment less than the vehicle’s salvage value from the insurance carrier if you keep the car. However, the repaired vehicle may lose its coverage if your insurance company considers it to be high risk.
Filing a Third-Party Insurance Claim
File a third-party claim against the at-fault driver’s policy when you believe they caused the collision. Reporting specific details, including the nature and severity of your injuries and the damage to your automobile, are necessary to prove liability. This optimizes the chances of your claim being accepted and receiving the highest compensation. Hire a car accident attorney to help you prove liability and fight for fair settlement.
Reviewing Your Auto Insurance Policy
Your insurance may offer to assist you in getting back on the road quickly and with few out-of-pocket costs. Notify your insurer of the accident and check your insurance coverage. If you have GAP or collision insurance, you might get reimbursed more than the other driver’s policy limit, or your car loan will be settled. Your coverage may allow you to get a rental while you wait to buy a new car.
Contact a Car Accident Attorney Today
Be aware of your rights and the procedures the insurance provider follows when your car is deemed a total loss. Misinformation can lead to costly mistakes and unjust compensation. Contact a car accident attorney to understand your options and prospects for recovery better.