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Auto Insurance Total Loss Tips - How to Maximize Your Settlement With the Insurance Company
I recently helped litigant of mine settle the total lack of her car that were stolen, and the idea crossed my mind that others will dsicover the info useful. My background before becoming an independent agent in 1996 was as a claims adjuster for a national insurance provider. check here learned a lot from working in that capacity, and discovered that most people who were unfortunate enough to have an automobile total loss situation didn't know how the process worked, and would blindly accept whatever figure was presented in their mind.

Insurance firms often utilize outside vendors to supply a detailed report listing comparable vehicles in the area and their respective price tag. Quite often these reports are accurate, but sometimes they are not. It is necessary as an insurance consumer to educate yourself when coping with the insurance company to settle your total loss. As soon as you do your homework and arm yourself with knowledge, you may be in a 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 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 find out 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 based on the market in your town. Insurance companies need to determine the marketplace value or cash value of the automobile in your unique area. They can do this by searching local advertisements to get comparable vehicles for sale. These can take the proper execution of print ads in the newspaper or online ad sites. The insurance adjuster may also speak to local dealerships to get a quote for comparable vehicles.

Usually the insurance provider 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'll typically make available to you the total loss settlement offer, and hope which you accept it sign the release. That's where your research will come in handy. When you initially suspect your vehicle can be a total loss, you need to start your research. Look on local websites such as for example http://www.AutoTrader.com which have used cars for sale in your area. Look for 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 best asking price. Look for 5-10 comparable vehicles that are on the bigger end of the purchase price spectrum. Add all the prices up, and divide by the amount of comparable vehicles in your sample to get an average.

When the insurance company presents you with their settlement offer, you now have a good idea of whether their offer is fair or is too low. The settlement process isn't about haggling back and forth like you would with a used car salesman though. The claims adjuster wants to settle the claim around 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 showing how they arrived at the final settlement figure. You can help them by permitting them to know that you did your research, and feel that their offer is low. Ask to see their report or research to observe how they attained the figure they are offering. They're obligated to provide that information in the event that you ask. Then, supply them with your research, and request they add the comparable vehicles that you found to their list, and average them all 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 quite fair. I had done my research, and determined the actual cash value of the vehicle. When the insurance provider called and offered to settle the full total loss for significantly more than the figure I had come up with, of course I did not argue with them.

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

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

Whether you are litigant of mine or not, when you have questions about settling your total loss, feel free to contact me anytime. I am happy to answer any of your insurance questions and help you get the best results possible.

Best Regards,

Todd Payne

(888) 439-7868 or (858) 581-2131
Website: https://orefrontimaging.com/noblr-insurance-reviews/