After getting involved in a car accident, your insurance company will determine the loss suffered, and will try to compensate the damages by giving you money. You might also be looking to get a replacement if your vehicle is determined to be a total loss.
This article will give you a brief overview of how insurance companies determine the value of your vehicle after it has been involved in an accident.
For this whole process, you should hire an auto accident attorney to help you with the case. You can see more about this this topic online.
How is a Total Loss Determined?
After your vehicle has been damaged in a crash, the insurance adjustor will analyze all the damage done to the vehicle in the accident. Your vehicle will be determined a total loss if the cost of repairing it is calculated to be more than its total cash value. The cash value of your vehicle is its value before the accident happens.
After going through this process, the insurance company will then make some calculations, and they will either offer you a repair, or in the case of great damage, they will offer you a settlement.
Determining The ACV of a Vehicle
Whenever insurance adjusters are determining the actual value of your vehicle, they consider various different factors. Like how old your vehicle is, mileage of the vehicle, pre-loss conditions, features available in the vehicle.
Usually, insurance companies hire third parties to determine the value of a vehicle, or they just make an assumption. So, if you think like you’re being lowballed, you can hire an auto accident lawyer to dispute the process and ask for a fair settlement. This is your best bet for preventing the insurance company from ripping you off.