In case of an automobile accident, you want to be sure that you are accurately compensated for the auto repair or the value of your car. Read through this article for more information on how to get a satisfying compensation.
Understanding Your Car’s Value
There are different methods of knowing the current and accurate value of your car, in case of insurance purposes. You can check out the Association of Automobile Dealers guidelines.
It should be noted that some standard auto policies do not pay to repair a vehicle if it is totaled, that is – if the repair of the vehicle is more expensive than the cash value of the vehicle. Now, it is left for the insurance company to either pay for the repair or pay the car owner its book value and declares the car a total loss.
Notwithstanding, it is possible to make a case that the parts of the car were worth more than the book value. This will increase your settlement. To do this, and win the case, you’ll be required to tender evidence such as service history, mileage records, and affidavits from your mechanic(s) to prove that the car was worth more than it has been valued.
Understanding The Claim Repair Procedure
Immediately after you file your claim, the insurer will refer you to a claim adjuster. The claim adjuster then confirms the loss and makes an initial evaluation of the amount it will cost to fix the car.
Note that the adjuster’s evaluation is just a benchmark, not the total claim payment. You can only accept the adjuster’s estimate when you have established your satisfaction that the adjuster’s estimate can cover the cost of repair. Throughout this process, you don’t need to feel pressured.
The insurance company would expect you to get at least one estimate from a car dealer or mechanic, then compare it to theirs. Don’t be surprised your insurance company may choose to opt for the lowest bid. The only thing you should be concerned about is for your vehicle to be adequately repaired. Betterment is one factor that could reduce the amount of claim for repair work. For instance, if an old car is repaired with brand-new parts, your insurer may argue that the repairs boosted the value of your vehicle. This will automatically give them the right to legitimately reduce the claims by the difference between the new parts and the used part.
Don’t be ignorant of the fact that your insurer can’t ask you to make repairs at a particular shop. They can only insist that you get more than one estimate from different mechanics of your choice so they can make the best selection. However, don’t be scared to negotiate if you want necessary. You don’t have to accept your insurance company’s bid if you feel the amount won’t repair your car completely. Make your points clear with the adjuster if the auto repair estimate is not in line with the cost your mechanic has discussed with you.