Total Loss Claim | Get The Best Settlement For You
Total Loss Claim | It’s not uncommon for a driver to have a vehicle accident that causes the car to be classified as a total loss. Since different insurance companies play by different rules and guidelines, it is essential for vehicle owners to know how to handle these claims so that they can get the best settlement possible from their insurance company or the other driver’s insurance coverage. With this being said, here are some facts that people should know about total loss claims.
Fact #1 – Insurance Companies Work on their own Behalf and Not on Behalf of the Person that Makes Claim
Previous years, most people looked to their own insurance adjusters to make sure that they took advantage of the maximum benefits that they were allowed. In fact, the insurance agent would often skim through the policy of the individual to see what the policy said so that the person could be made whole as quickly as possible. Unfortunately, this is not always the case since today’s insurance adjusters are being trained to work on behalf of the insurance company instead. Therefore, when a car is considered to be a total loss, the adjuster may automatically offer the least amount to the owner. Meaning the owner will need to know that the offer that they present may not be the best settlement that they can receive. Most people refer to this tactic as low balling it rather than trying to give the vehicle owner an amount that is really due to them.
Fact #2 – Vehicle Owners Need to Do their Research in Advance
Even though the insurance agent is skilled in the job functions that they perform, it is important to note that the owner should be familiar with how claims are handled and how the numbers are being produced. For instance, in Charlotte, SC and Atlanta GA, the laws that govern how insurance coverage are handled by the insurance companies will often determine how these calculations must be made. So, for vehicle owners who want to make sure that they are getting the maximum amount for their total loss claim, they may want to start their research by pre-calculating the amount that is due via cash value appraisal calculator. These can be found on online. This type of calculator is designed to provide the user with calculations based on the criteria that the insurance companies use (i.e vehicle mileage, year of the vehicle etc.).
Fact #3 – Be familiar with the Total Loss Claim Process
In addition to calculating the cash value of the car that was totaled in advance, vehicle owners must be familiar with the total loss claim processes in their states as well as their insurance providers. In some cases, this information can be found online. For instance, the estimated cash value will be determined by the mileage on the car at the time of the incident, additional amenities on the car (burglar alarms, new tires, etc) and damage that was done at the time of the incident (excludes previous body damage).
If you’ve been in a auto accident in the past 3 years, your insurance company probably still owes you money that you never collected! You probably weren’t told about it, but in most cases you’re entitled to collect “Diminished Value” (in addition to repairs) on your damaged vehicle…and it could be thousands of dollars! Contact us today to see if you qualify for a diminished value claim.
- South Carolina Offices: 678-794-2878
- Atlanta Offices: 404-392-4822
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