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You can ask for more money from an insurance provider if your car is totaled. However, there’s no guarantee it will be obtained. There are a variety of methods insurance companies use when calculating the accurate cash value of a vehicle and determining the payout. Still, those amounts could undervalue what you rightfully deserve. Below are methods you can use when asking your car insurance provider for more money if your vehicle is totaled.
Totaling the Vehicle
The total loss of a vehicle will vary from car to car. Therefore, you must research the current market and consider additional factors, such as the cost of various repairs and part replacements. One advantage is that most insurance providers base an offer on the vehicle’s value before the accident.
When the repairs and replacements cost more than the actual value of the car, an insurance company is more likely to deem the vehicle totaled. However, a totaled car doesn’t mean you’ll receive an insurance payout of the entire amount. Insurance adjusters evaluate the automobile to determine its full worth and offer a settlement amount.
Going Over Information
Always ask for a copy of the valuation report before accepting a payout. This will detail how the vehicle’s value was calculated and should compare it to other similar cars. You should also conduct your own research when it comes to automobile values. There are various online tools detailing the market value of a vehicle based on make, model, mileage, features, location, and more.
Speak with your provider to learn more about insurance claim payouts. Doing so allows you to obtain the best type of coverage. In most cases, you can only receive the claim payout or request additional money if you have full coverage insurance.
Obtaining a Third-Party Appraisal
Sometimes, the offer you receive may be well below what you deserve. However, going against an insurance company’s appraisal could be challenging. Therefore, hiring a third-party company to evaluate your car’s value would be the best option. These professionals can validate your claim even more by providing reputable evidence.
Locating honorable independent appraisers can be done via family and friends as well as local body shops and dealerships. The third-party appraiser will need to log all the inspection details and provide you with the written, oral, and photo details, which you should then present to your insurance company.
An independent appraiser will generally provide the most unbiased assessment that can be used as a credible report when asking for additional money for a totaled vehicle.
Negotiating
Increasing your payout is reasonable, so you should remain persistent during this stage. Before negotiating, you must collect relevant information and present the data to an insurance adjuster when providing your counteroffer. You may need legal representation to obtain higher settlement offers for the totaled vehicle.
Working with a reputable insurance company in San Diego could help you avoid setbacks in the future. A well-respected provider wants to maintain fairness and look for options that suit their clients best.
Drivers who are searching for reliable, affordable auto insurance should reach out to the experienced professionals at Altra Insurance Services. In addition to auto coverage, we offer a variety of insurance policies, including motorcycle, homeowners, and business insurance. San Diego residents can call one of our friendly agents today for a free quote.