How Insurance Companies Handle Totaled Cars
When a car is declared totaled, this means that the cost of repairing it is higher than its value. There are states where laws dictate when a car is considered totaled. For example, in
The insurance company will send first claim adjusters. They are trained to assess the damage resulted from the accident. Claim adjusters have the authority to negotiate claim settlements. They will first inspect the vehicle, check the damage done and approximate the repair costs.
It is important to remember that insurance companies take into consideration value depreciation. This means that the value of the car will be the one at the moment of the accident. Not the value of a new car of the same model. Claim adjusters can ask for a 3rd party appraisal. They will ask dealers and car repair shop to approximate the car's value.
After the market value was researched, the insurer will provide an offer to settle the claim. It the offer seems too low, propose a counteroffer. But always bring arguments and proofs for the counteroffer.
"If your car has suffered serious damage, it may be considered totaled. In this case, the insurer will reimburse you for the Actual Cash Value", said Russell Rabichev, Marketing Director of Internet Marketing Company.
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