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Auto Insurance Total Loss Tips - How exactly to Maximize Your Settlement With the Insurance Company
I recently helped a client of mine settle the full total loss of her car that had been stolen, and the thought crossed my mind that others might find the information useful. My background before becoming an unbiased agent in 1996 was as a claims adjuster for a national insurance company. I learned a lot from working in that capacity, and found that most people who have been unfortunate enough to have an automobile total loss situation did not know how the process worked, and would blindly settle for whatever figure was presented in their mind.

Insurance companies often utilize outside vendors to supply an in depth report listing comparable vehicles in your community and their respective price tag. Quite often these reports are accurate, but sometimes they're not. It is important as an insurance consumer to educate yourself when dealing with the insurance company to settle your total loss. As soon as you do your due diligence and arm yourself with knowledge, you may be in a much stronger position when the company presents you making use of their settlement offer.

I am often asked how insurance companies determine the value of a vehicle that is deemed a complete loss. Do they use Kelley Blue Book or Edmund's guide? The answer is not any. California law prohibits insurance firms from using such guides to determine a vehicle's value, as these guides are national in scope, and the value of your vehicle could be higher or less than their figures using the market in your town. get more info have to determine the marketplace value or cash value of the automobile in your specific area. They can do that by searching local advertisements to get comparable vehicles on the market. These can take the proper execution of print ads in the newspaper or online ad sites. The insurance adjuster could also talk to local dealerships to get a quote for comparable vehicles.

Usually the insurance company should come up with 7-12 comparable vehicles, and can list them all and average their prices to reach at what they estimate to be the actual cash value of your vehicle. They will typically present you with the total loss settlement offer, and hope that you just accept it sign the release. That's w here your research comes in handy. When you initially suspect your vehicle may be a total loss, you need to start your quest. Look on local website s such as for example http://www.AutoTrader.com that have used cars accessible in your area. Look for as close a match to your vehicle as you can (i.e. same year/make/model, same or similar options packages, mileage, and condition). Needless to say you will be looking for the comparable vehicles with the best asking price. Look for 5-10 comparable vehicles that are on the higher end of the purchase price spectrum. Add all of the prices up, and divide by the amount of comparable vehicles in your sample to obtain an average.

When the insurance provider presents you with their settlement offer, you now have an idea of whether their offer is fair or is too low. The settlement process isn't about haggling back and forth as if you would with a car or truck salesman though. The claims adjuster wants to settle the claim just as much as you do so that they can obtain the file off their desk and move on the next one, but they need documentation to set up their file to show how they attained the final settlement figure. It is possible to help them by permitting them to know that you have done your research, and believe that their offer is low. Ask to see their report or research to see how they attained the figure they are offering. They're obligated to supply that information if you ask. Then, supply them with your research, and request they add the comparable vehicles that you found with their list, and average all of them out. This should raise the overall figure.

Sometimes, as was the case once the insurance company settled the total loss of my wife's vehicle, the offer is very fair. I had done my research, and determined the specific cash value of the automobile. When the insurance company called and wanted to settle the full total loss for significantly more than the figure I had come up with, of course I did so not argue with them.

By doing your homework and arming yourself with information, you may be in an improved position to determine if the insurance company's offer is accurate. If their offer is low, at this point you have the ammunition to bolster your position and maximize your total loss settlement.

For more tips and information, visit us at [http://www.SanDiegoBestInsurance.com]

Whether you are a client of mine or not, when you have questions about settling your total loss, feel free to contact me anytime. I'm happy to answer all of your insurance questions and help you get the very best results possible.

Best Regards,

Todd Payne

(888) 439-7868 or (858) 581-2131
Homepage: https://www.folkd.com/submit/orefrontimaging.com/noblr-insurance-reviews//