Dealing with the aftermath of a severe accident can be a very stressful task, especially when you must deal with your automotive insurance company, on top of your car loss.
Having the knowledge to ask the right questions and having a basic understanding of the complete situation can help you a great deal. When dealing with this situation, below is a guide of things you are likely to come up against. Your insurance company is the one to make the decision if you car is a total loss.
They come to this conclusion based on the following:
-It cannot safely be repaired.
-If repairs would total more than the worth of the vehicle.
-State law requirements make the insurance company consider it a total loss due to damage amount. The claims adjuster will write down the mileage on your car, the body condition, the interior, and the tires condition.
They will also write down any customization that has been added to your vehicle. Providing them with receipts will help the process.
The adjuster will then take the condition of your car, before the accident, and look up vehicles for sale in your area.
The adjuster will then compare the vehicles to come up with the actual cash value of your vehicle. Asking your adjuster for the specific details on the cars that were compared or recently sold if you don't think that the amount they came up with is correct.
Let them know why you feel your vehicle was worth more and try to look for a car that matches yours that is for sale. In most cases, your insurance company will not purchase you a new vehicle. A new vehicle depreciates in value as soon as you drive it off the lot.
Some companies have a Guaranteed Replacement Cost coverage that you can take out on newer vehicles so if this would happen to you, you would be covered completely. If you do not have this coverage on your auto insurance policy, you will not get a whole new car.
This will mean that the insurance company will give you the actual cash value less your deductible for you to replace your vehicle. Many insurance companies will give you payment in a matter of days of finishing the actual cash value of your vehicle. If the vehicle had been leased, the payment will be sent directly to the leasing company.
If you still have payments on your car, the payoff amount goes to the bank and you will get any that is left over, if any is left over.
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