LOS ANGELES, Feb. 14, 2020 /PRNewswire-PRWeb/ -- When it
is too expensive to repair a damaged car, the insurance company
declares it "totaled". There are states where laws regulate when a
car is considered totaled. For example, in Alabama, the threshold is 75%. That means that
if the cost to repair the vehicle surpasses 75% value, the car is
considered totaled. For more car insurance info and free quotes,
visit https://compare-autoinsurance.org/
- The insurer will first send claim adjusters. They will check
the status of the car. Claim adjusters are trained to assess the
damage and correlate the repair costs with the current value. Claim
adjusters have the authority to negotiate claim settlements. After
evaluating the damage and costs, adjusters will give the final
verdict, whether the car is a total loss, or it can still be
repaired.
- Insurers use ACV to determine if the car is a total loss or
not. 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. That value is called ACV – Actual Cash
Value. When they are uncertain about the current status, claim
adjusters can ask for a 3rd party appraisal. They can ask dealers
and car repair shops to approximate the car's value.
- After the market value was researched, the insurer will provide
an offer to settle the claim. Companies use all sorts of websites
and calculators, like Kelly Blue
Book, to determine the ACV and make a total loss offer. It
the offer seems too low, propose a counteroffer. But always bring
arguments and proofs for the counteroffer.
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SOURCE Compare-autoinsurance.org