How Is Total Loss Value of My Car Accident Claim Calculated?
Boca Raton, FL, USA, 02/16/2018 /SubmitPressRelease123/
Boca Raton leading car accident attorney Joseph Osborne, discusses the aspects that are considered when a car is considered “totaled” following a car accident.
When you are in a car accident and there is extensive damage to your car, your insurance company may tell you that it is totaled, or a total loss. That means that the insurance company has determined that the cost to repair the damage is more than the overall value of your car. But how do they come to that determination?
The fact is, calculating the total loss on a vehicle isn’t always cut and dried. It can vary widely depending on which state you live in and your insurance company. So, it’s important for you to know how your car’s value is calculated so you can negotiate for a higher payout on your claim.
Factors Used to Determine Total Loss Value
There are several factors that are used when determining total loss value of a car. Typically, it involves using actual cash value (what your vehicle is worth at the time of the loss). The insurance company will look at factors like the year, make, model, mileage, and how much wear and tear is present to arrive at the actual cash value. When the cost to make repairs to the damage sustained in the accident exceed a certain percentage (often around 80%) of the actual cash value, insurance companies will declare that it is a total loss.
Why You Need an Attorney to Fight for You
Insurance companies will always try to pay out the smallest amount possible for their clients’ accidents. They do not look out for your interests, but rather the interests of their company. It isn’t uncommon for insurance companies to attempt to reach a settlement quickly and for the lowest possible amount of money.
While it may seem like determining the value of your car is a standard calculation, there is actually a lot of leeway for negotiation. For that reason, it is a good idea to hire a car accident lawyer to help you with the negotiations. Having legal representation will ensure that you receive the best possible outcome in your claim.
Let Osborne & Associates Injury Lawyers Help with Your Case
If you or a loved one has been involved in a car accident, it’s important that you work with an experienced car accident attorney to make sure that your best interests are protected, and that you receive the compensation you deserve for your damages.
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