If you’ve had the unfortunate experience of having your car totaled, understanding how much insurance will pay you is crucial. Here’s a comprehensive guide to help you navigate the process and ensure you get a fair settlement.
What Does “Totaled” Mean?
When an insurance company declares your vehicle as “totaled,” it means the cost to repair it exceeds its actual cash value (ACV). The ACV represents what your car was worth before the accident, less depreciation. Typically, insurers total a car when repair costs reach a certain percentage of the vehicle’s value, which varies by insurer.
How is the Settlement Amount Determined?
- Actual Cash Value (ACV): The ACV is determined based on factors like your vehicle’s make, model, year, mileage, and condition. Insurers use valuation tools such as CCC or Mitchell to estimate this value, but these tools might not always reflect your car’s true market value.
- Deductibles: If your policy has a deductible, it will be subtracted from your payout. For example, with a $500 deductible and an ACV of $10,000, you would receive $9,500.
- Additional Costs: Some policies cover extra expenses like towing and storage fees. Check your policy to see if these are included.
How Fair Auto Appraisals Can Help
At Fair Auto Appraisals, we are dedicated to ensuring you receive a fair settlement for your totaled vehicle. Here’s how our services can benefit you:
- Free Second Opinion: We offer a free second opinion on the insurer’s valuation. If you’re unsure about the insurance company’s offer, we can provide an additional perspective to help you assess whether it’s fair and what steps you should take next.
- Certified, Independent Appraisals: We provide detailed, USPAP-compliant, independent appraisals that consider your vehicle’s specific condition, maintenance history, aftermarket parts, and market trends. Our valuations go beyond standard tools to give you a more accurate assessment.
- Expert Negotiations: With our appraisal clause service, we scrutinize the insurance company’s report, identify undervaluations, and negotiate a higher settlement. You only pay if your settlement is increased so there is no risk to you if using this service.
- Money-Back Guarantee: We stand by our work with a money-back guarantee. If we don’t increase the insurance company’s offer, you won’t pay for our services.
Steps to Ensure a Fair Settlement
- Review Your Policy: Understand how your insurer determines your vehicle’s value and any additional benefits or coverages you might be entitled to.
- Get an Independent Appraisal: Consider hiring Fair Auto Appraisals for a detailed, independent valuation. Our expert appraisal can provide you with the necessary information to negotiate effectively.
- Document Everything: Keep detailed records of your vehicle’s condition, maintenance history, and relevant receipts to support your case.
- Know Your Rights: Be aware of your state’s regulations on total loss claims to ensure you’re receiving all the benefits you’re entitled to.
Final Thoughts
Navigating an insurance claim for a totaled car can be challenging, but with the right support and information, you can secure a fair settlement. Fair Auto Appraisals is here to help you through the process with expert appraisals, negotiation support, and a commitment to achieving the best outcome for you.
For a free second opinion or to learn more about how we can assist you, contact Fair Auto Appraisals today. Click here for a free 2nd opinion or call us to get the help you need in securing a fair payout for your totaled car.