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AUTOMOBILE INSURANCE Total Loss Tips - How to Maximize Your Settlement With the Insurance Company
I recently helped litigant of mine settle the full total loss of her car that were stolen, and the idea 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 employed in that capacity, and discovered that most people who were unfortunate enough with an automobile total loss situation did not know how the process worked, and would blindly settle for whatever figure was presented to them.

Insurance firms often utilize outside vendors to provide an in depth report listing comparable vehicles in the area and their respective asking price. More often than not these reports are accurate, but sometimes they're not. It is crucial as an insurance consumer to educate yourself when dealing with the insurance company to settle your total loss. Once you do your due diligence and arm yourself with knowledge, you will end up in a much stronger position when the company presents you with their settlement offer.

I'm often asked how insurance companies determine the worthiness of a vehicle that has been deemed a complete loss. Do they use Kelley Blue Book or Edmund's guide? The solution 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 worthiness of your vehicle may be higher or less than their figures in line with the market in your area. Insurance companies need to determine the marketplace value or actual cash value of the vehicle in your unique area. They can do that by searching local advertisements to find comparable vehicles for sale. These can take the proper execution of print ads in the newspaper or online ad sites. The insurance adjuster could also speak to local dealerships to get a quote for comparable vehicles.

Usually the insurance company should come up with 7-12 comparable vehicles, and will list them all and average their prices to reach at what they estimate to function as actual cash value of one's vehicle. They'll 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 will come in handy. When you first suspect that your vehicle may be a total loss, you should start your quest. Look on local websites such as http://www.AutoTrader.com that have used cars for sale in your area. Try to find as close a match to your automobile as you can (i.e. same year/make/model, same or similar options packages, mileage, and condition). Of course you will be looking for the comparable vehicles with the highest asking price. Look for 5-10 comparable vehicles which 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, at this point you 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 used car salesman though. The claims adjuster wants to settle the claim just as much as you do so they can obtain the file off their desk and move ahead the next one, but they need documentation to put in their file to show how they arrived at the ultimate 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 in the event that 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 increase the overall figure.

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

By doing your due diligence and arming yourself with information, you will be in a better 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 situation and maximize your total loss settlement.

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

Whether you are a client of mine or not, in case you have questions about settling your total loss, feel absolve to contact me anytime. I am 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
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