Following your involvement in a motor vehicle collision, you will be required to report the accident to your insurance company. As a result, an investigation will be launched by your insurer in order to determine the severity of the damages to your vehicle. This assessment will help to decide whether it makes financial sense to repair your vehicle or not. If it is too heavily damaged, it will be declared a total loss.
What happens when my vehicle is declared a total loss?
Once categorized as a total loss, it is upon your insurer to conduct the research into the true market value of your lost vehicle. When the research is wrapped up, you will be offered the monetary amount your vehicle is deemed to be worth. Though, as is often the case with insurance companies, the determined value of your vehicle may not actually reflect the true maximum value, but will likely rather be a reflection of the lowest offers available on the market.
In order to determine whether or not this has happened in your case, you can conduct your own research and dispute your insurer’s offer, if necessary. And if that still doesn’t lead to an agreeable offer, your Accident Lawyer in Richmond may also file a lawsuit against your insurance company.
How do insurers determine the value of my total loss vehicle?
Your insurance company is required to conduct research into the market value of the vehicle you just lost. They will do this by gathering data from multiple sources and then calculating the average price it is sold for. However, it should be noted that insurers tend to exclude the highest prices on the market in order to save money. The report they will hand to you will list vehicles of the same make and model as your own in your surrounding area, together with the ultimate amount of money they are willing to offer you as compensation for your loss.
How can I dispute the insurer’s offer/assessment of my vehicle’s value?
Barapp Law Firm BC
The first step by your Personal Injury Lawyer Richmond should be to obtain your insurer’s research report, for multiple reasons. For one, you will need to determine whether the listed vehicles are actually the same as yours, aka, do they have the same built-in features as yours? Next, you will want to ensure that the listings are actually still active and up-to-date. Be sure to also pay attention to the location of the listed vehicles since they are required to be from the area.