For most car owners, having your vehicle declared defunct or an auto total loss after an accident can be stressful and very frustrating. You’ll have a lot of things to tackle; sometimes you also have to deal with your car’s insurance provider.
They usually have a penchant for taking their own sweet time compensating you for the damages. With your patience threatening to go on a downward spiral and your stress starts to belly up, it’s good to know that there are ways around this problem that you can use. Many homeowners see their car as a prime commodity.
It offers ease of transportation, convenience, and a lot of savings as well. Now if your car got whacked in an accident and there’s no way that you can get another one at the moment, don’t forget that there are safe solutions that you can use that will help bail you out of this sticky situation.
First of all, you should know that you can definitely strike a negotiation regarding auto total loss. By negotiation, you can avoid being left with no choice at all by your insurance provider. Bear in mind that even if your insurance company offers you a ‘final’ option, it is not as you think it is. Negotiation on the fair value of your car can be hairy or complex, but when you know very well how to assert your rights to fair value; you’ll be justly compensated in the end.
You, the client, plays an important factor in the negotiation and of course, in coming up with the final value of your car. If your car is declared auto total loss, the body shop will not be able to receive compensation from the damage. It is deemed according to the best interest of your chosen shop to fix the damage on your car.
Regulations on declaration of auto total loss vary from one state or insurance company to another. Usually, your car is deemed a total loss if the repair will cover between 70%-90% of its value. Other factors that are to be considered include mileage, general condition of the car before the accident, and the car’s age as well. All these key factors are summed up through the CCC Information Services Group. It is the standard institution utilized by insurance companies to determine your car’s actual value.
Additional third party companies may also be used but CCC is commonly used by most insurance companies. Now, if you think the initial offer on the estimated value of your car is unreasonable, you can get a copy of the evaluation report from CCC or the general report on the auto total loss.
Whether you ask for it or not, your insurance company is legally required to give you a copy of the report for your protection because his will serve as the concrete basis for determining car damage compensation. As a client, you should also be vigilant to assess the affecting factors on determining your car’s value. Check to see if your car’s low mileage or past body repairs has been accounted for. Most of the time, the report will be incomplete.
So try to note these backlogs and inform your insurance provider as soon as possible. When you are aware and knowledgeable about each aspect of your car compensation needs, insurance coverage, and auto total loss queries, your provider will be more complacent to help you get the right compensation for your damage or loss.