How To Value Your Vehicle When It Is A Complete Loss After An Auto Accident in Corpus Christi
If you have been in an auto accident, then you might discover that your insurance company is thinking about declaring the damage on your car to be so great that your vehicle is a complete loss. If that happens, your insurance company will send a claim settlement offer to you that is based on your vehicle being considered to be a complete loss.
You don’t need to take the valuation made by your insurance company that your car is a total loss to be complete gospel. Instead, due diligent requires that you conduct research to determine what the value of your car is when it is considered to be a total loss. Some resources are available that you can access to assist you with valuing your vehicle that has been deemed to be a complete loss.
Total Loss Defined
Kelly Blue Book reports that a vehicle is considered to be at a total loss after an accident if it cannot be cost-effectively, legally or safely repaired. An insurance company will quite often declare a car to be at a total loss after an accident based on what the cost assessment is for the repairs, compared to the vehicle’s value.
An insurance company in the state of Texas should add the license fees, title, and taxes to your car’s fair market value on the day that your accident occurred.
Kelly Blue Book
The Kelly Blue Book is a highly-respected resource that can help you calculate what your car’s value is when it has been determined it is a total loss. Kelly Blue Book not only provides basic information on vehicle values but also provides specific resources to help car owners determine the valuation of their vehicles after an accident and when an insurance company has declared a total loss.
If it is possible to repair your car, and it is a newer model and has sustained significant damage, then you might want to consider filing a claim for your vehicle’s diminished value after it has been repaired. A good way to get started on this type of claim is to have your car dealer give you a letter about the reduced value of your car after it has been repaired.
Texas Department of Insurance
Various resources are maintained by the Texas Department of Insurance to help Texans with various insurance issues. Material from TDI includes information that is related to car accident claims, which includes valuation of losses.
If you cannot get a car accident claim resolved, then the Texas Insurance Department may be helpful, including on the issue of getting the value on a totaled vehicle.
If you were injured in addition to your vehicle sustaining damage, then you might want to retain the services of an auto accident attorney Corpus Christi to represent you in your case. The more serious your injuries are, the more likely it is that you will need to have an experienced personal injury lawyer to assist you with maximizing your monetary recovery.
Although most personal injury lawyers don’t handle property damage claims, they can answer questions you might have about how these claims are processed.