Total Loss - What should you know?
Did you know that your insurance company counts on you not knowing the actual cost to replace your car? This deception leaves you facing financial loss and hardship when you go to replace your car. We can help, though!
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Total Loss
Is your vehicle a potential total loss or has it been deemed a total loss? We understand that this is likely something that you were not expecting, and definitely not prepared to handle, and potentially causes an economic hardship for you and your family. Our staff is here to help and walk you through what you need to know.
Step 1: Review your policy and read through it in its entirety.
Your policy documents will outline what is covered and or not. For example, the collision repair facility’s charges, storage, and reimbursement for the loss of your vehicle.
Generally speaking, your vehicle is likely incurring daily charges at a collision repair facility, while the insurance company is working with you on a settlement. You are legally responsible for these charges, for which your insurance company typically covers them as part of the settlement in addition to what they reimburse you for the loss of your vehicle, including tax, tag, and licensing fees.
Step 2: Do your own research!
When researching the replacement cost of your vehicle, it's essential to gather information that contributes to determining the ACV. This information should encompass not only the base vehicle cost but also any ancillary expenses like document fees, taxes, tags, and licensing fees that a dealer might impose when purchasing a vehicle. Additionally, include any recent maintenance expenses, such as expenses related to new tires or service work. Detailed service records can substantially enhance the perceived value of your vehicle, particularly when compared to similar vehicles lacking such records. Therefore, it's advisable to maintain a comprehensive record.
Select your sources judiciously during this research phase. The ACV aligns with retail sales prices, which can exhibit significant fluctuations in today's dynamic market. Notably, sources like Kelly Blue Book, while widely recognized, tend to focus on national averages and cater primarily to supporting car dealerships and trade-in valuations rather than reflecting retail sales and the demands of legal settlement offers.
For a more accurate and cost-effective alternative, consider exploring your local dealership's website. Look for vehicles identical to yours in terms of make, model, options, mileage, and condition, and observe their current selling prices. Engaging with your local dealer to obtain a quote can also be a valuable step in ensuring you have a comprehensive understanding of your vehicle's worth in the current market.
For a more accurate and cost-effective alternative, consider exploring your local dealership's website. Look for vehicles identical to yours in terms of make, model, options, mileage, and condition, and observe their current selling prices. Engaging with your local dealer to obtain a quote can also be a valuable step in ensuring you have a comprehensive understanding of your vehicle's worth in the current market.
Step 3: Settlement Offer Acceptance or Rejection
Once your vehicle has been deemed a total loss, you will likely feel the pressure from the insurance company to settle quickly. It’s not uncommon to get a settlement offer that same day. They do this for a couple of reasons; 1) The vehicle is likely still incurring daily charges at the collision center or storage facility where it may be located. 2.) Time kills deals. In other words, the more time you have to vet the information they are giving you, the more likely it will have a negative impact on their bottom line. That being said, you do have the right to take your time to make an informed decision, but you cannot sit on it indefinitely.
If you believe the initial settlement offer is too low, you can negotiate with your insurance company. Present your research evidence that supports a higher value for your vehicle, such as recent maintenance records, or comparable vehicle listings in your area.
Step 4: Negotiations
DO NOT RELEASE YOUR VEHICLE! Outside of the research that you’ve collected, your car is about the only bargaining chip you have in settling the claim. If you have a rental car, and your car is accumulating daily storage and administrative charges, it’s financially motivating for the insurance company to work with you to come to a settlement agreement. Whereas if you release the vehicle, you are out of your rental and they hold the money.
Present your research evidence that supports a higher value for your vehicle, such as recent maintenance records, or comparable vehicle listings in your area.
Continue the back and forth, until you come to an agreed-upon value that you feel is fair and reasonable. If you accept their offer, your insurance company will issue a check for the agreed-upon amount, minus your deductible. However, in the event that you cannot come to an agreement, you may have provisions in your policy to bring in a third-party, unbiased appraiser, including an umpire.
Contact one of our Experts
Understandably, each situation is a bit unique and you likely have many questions, and perhaps feel overwhelmed. That’s okay, we are here to help. Feel free to reach out via email with any questions you may have, or if you prefer, you can schedule a free consultation call below. One of our advisors will be happy to assist you.
Email; Info@collisionclaimsadvisors
