The consumers that buy a car insurance policy recognize the chance that their vehicle might suffer some damage at the time of a collision. Most policy holders pray that their vehicle will not be affected by the occurrence of a major traffic accident.
Still, the chances for their involvement in such an incident cannot be denied. Consequently, anyone that owns a car, truck, van or SUV has reason to ask this question: What action can my insurer take if my vehicle gets totaled?
Events that could push a policy holder to ask such a question:
Policy holder has sustained injuries in a car accident. The injured driver or their Personal Injury Lawyer in Edmonton files a claim with his or her insurance company. That company then conducts an investigation.
The purpose of the insurance company’s investigation:
It wants to determine whether or not it would prove cost effective to pay for the repairs on the policy holder’s damaged vehicle. If the research indicates that paying for those repairs would not qualify as a cost-effective action, then the insurer plans to have the damaged vehicle labelled as a total loss.
Once an insured vehicle has been declared a total loss, the insurance company must carry out more research. It needs to determine the same vehicle’s value. Once that value has been determined, the vehicle’s owner gets offered an amount of money that equals the ascertained value.
Actions to be taken by policy holder that wants to dispute the insurance company’s ascertained value for the damaged vehicle:
Review the company’s figures: Did it use vehicles from the local market when making a comparison of prices? Did the insurer study updated or older listings, in order to arrive at those figures? Did the vehicles used for comparison have the same features as your set-of-wheels?
Create list of the vehicle’s positive points; that might include features like low mileage or a history that made no mention of past accidents.
Conduct some independent research.
Share with the insurer the list of positive points and the results of the independent research. Request an offer that matches with the facts you have gathered.
If the insurance company refuses to offer any more money, consider hiring a lawyer. An attorney can offer guidance during preparations for a hearing in small claims court.
An earlier action that could increase your chances for winning in small claims court:
If you have spent money on accessorizing your proud possession, or if you added enhancements to any components, then you should have pictures of the additions that you paid for. Bring those pictures with you to small claims court. In that way, you can produce stronger evidence of the vehicle’s value before the day of the accident.