Total Loss Vehicle
by Temet
(Gilbert, AZ, USA)
Most people are involved in such accidents at some point in their life. According to the National Safety Commission, there are on an average 6.5 million car accidents every year. In addition to being the primary cause of death, 25% of all car accidents also result in serious injuries and such survivors are often considered lucky.
Total loss
However, even when no loss of life or injury has occurred, there is often significant damage done to the vehicle. If you have been involved in an accident that resulted in the insurance company declaring your vehicle a total loss, you probably have a few questions.
A total loss vehicle is generally declared when the cost to repair the vehicle is greater than 70% of the sale value of that vehicle. If you employ a licensed salvage agent to salvage the vehicle, the cost of that work is added to the cost to repair the vehicle it and may result in total loss being declared. A total loss may also be declared when it is impossible to return the vehicle to its pre-accident condition.
An insurance adjuster will most likely be involved in the process of declaring your vehicle a total loss. This person is authorized by the insurance company to investigate the actual damages, conduct estimates of the repairs needed, and verify the events leading to the accident. Whenever total loss is declared, regardless of the reason, you should receive the replacement value of the vehicle from the insurance company.
Total Loss Settlement
In addition to the stress that car accidents cause; such as fear of driving, anxiety, depression, and difficulty sleeping, many people involved in accidents must deal with the stress associated with negotiating payment from insurance companies, which can be a very tedious and difficult process.
Insurance companies are liable to cover costs of repair and replacement and are regulated by the government. If you have insurance, you are eligible to receive up to the maximum insurable amount listed in your insurance policy. Unfortunately, insurance companies will try to save themselves money whenever possible, which is why collecting insurance after an accident has occurred can be so stressful.
Hiring a lawyer to assist you in dealing with the insurance company is not always a good idea. Such lawyers will be able to advise you of your legal options and explain the various legal terms that the insurance company will be throwing your way. However, lawyers are generally quite expensive. Also, most people would prefer to deal with their insurance outside of the courtroom as court cases add their own stress to the situation.
If you choose to deal with the insurance company directly, you will need to do your research. Find out what the fair market value of your vehicle was prior to the accident and make sure that your research corresponds to what the insurance company tells you the actual cash value is. Keep a copy of the police report taken at the scene of the accident and provide this to the insurance company. Hopefully you have been keeping track of your vehicle?s maintenance; if so, send the insurance company copies of the maintenance records.
If, after providing such proofs, the insurance company is being uncooperative, you may want to consider researching helpful documents, such as the ClaimBuster ebook.
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To learn more about how to handle your property damage claim with any insurance company, visit http://ClaimBuster.com
