How do you figure out the amount of compensation you are owed when a car is classified as a total loss? This blog post will show you how to establish a total loss property damages automobile insurance claim in South Carolina.
Pre-collision Value
- Opinions
The first step is acquiring expert opinions to prove the true value of your car before the crash. Below are two old standby Internet resources will get you started:
These are both well-recognized services and the opinion they attribute to value will carry weight at a trial.
To obtain an output, just accurately input the data about your vehicle into these websites. The estimated retail value for your vehicle is the approximate fair market value of your vehicle.
Note: make sure you input the detailed information about your vehicle as accurately as possible. Mistakes will undermine the credibility of your results. Lean toward under-classifying your vehicle's condition.
Get the data about your vehicle's value as quickly as possible because as your vehicle ages its value will decrease.
Print out the results and save copies of the estimates. If needed, you will want to mail them to the property damages adjuster for the claim file.
- Comparable Data
These are both well-recognized services and the opinion they attribute to value will carry weight at a trial.
To obtain an output, just accurately input the data about your vehicle into these websites. The estimated retail value for your vehicle is the approximate fair market value of your vehicle.
Note: make sure you input the detailed information about your vehicle as accurately as possible. Mistakes will undermine the credibility of your results. Lean toward under-classifying your vehicle's condition.
Get the data about your vehicle's value as quickly as possible because as your vehicle ages its value will decrease.
Print out the results and save copies of the estimates. If needed, you will want to mail them to the property damages adjuster for the claim file.
- Comparable Data
Next, go to AutoTrader.Com (or similar service) and do a search for your vehicle (make, model, and year) within 100 miles of your zip code. This search will typically yield a decent number of cars for sale in your area. Print out the list and submit it as documentation for your property claim.
Bear in mind that the price asking point in the advertisements may not be what the seller will actually take for the vehicle. But the list will give you a good sense of the market price for your car. Make copies of your search results. If needed, you can submit the comparable data as part of your claim.
- Unique Vehicles
If you have a classic or unique vehicle, you probably need a way to prove that the car's value exceeds the typical comparable vehicle.
Find receipts for recent improvements on the vehicle such as tires, wheels, paint, engine, or sound system. Add these to your file.
Do you have pictures of your car to demonstrate how nice it was?These pictures, receipts, if recent, can help bolster your car's value and help you prove it was worth more than the estimated normal comparable value.
Submit these documents to the property damages adjuster.
Find receipts for recent improvements on the vehicle such as tires, wheels, paint, engine, or sound system. Add these to your file.
Do you have pictures of your car to demonstrate how nice it was?These pictures, receipts, if recent, can help bolster your car's value and help you prove it was worth more than the estimated normal comparable value.
Submit these documents to the property damages adjuster.
Submit these documents to the property damages adjuster.
Salvage Value Considerations
When your car is totaled, you always have the option of keeping the vehicle. If you choose to keep it, the total compensation will be reduced by the estimated value of the vehicle salvage. (See the formula above).
The automobile insurance company will offer to buy the title for the cost of the vehicle salvage value. For a newer model vehicle, the salvage value can be surprisingly high. Older model cars are typically a lot lower, maybe $300.
Generally, most people would prefer not to have a wrecked car towed out to the front of their homes. This is why the insurance company often requests that you sign over the Title, or to give them a Power of Attorney to deal with the lien-holder. The insurance company will sell the salvaged vehicle to recoup partially the expense of paying you for the total loss of the vehicle.
If you have a unique vehicle, figure out the estimated salvage value before you agree to the insurance company offer. A unique vehicle will often be worth substantially more than the salvage value estimate of the insurance company.
The automobile insurance company will offer to buy the title for the cost of the vehicle salvage value. For a newer model vehicle, the salvage value can be surprisingly high. Older model cars are typically a lot lower, maybe $300.
Generally, most people would prefer not to have a wrecked car towed out to the front of their homes. This is why the insurance company often requests that you sign over the Title, or to give them a Power of Attorney to deal with the lien-holder. The insurance company will sell the salvaged vehicle to recoup partially the expense of paying you for the total loss of the vehicle.
If you have a unique vehicle, figure out the estimated salvage value before you agree to the insurance company offer. A unique vehicle will often be worth substantially more than the salvage value estimate of the insurance company.
Taxes and Tags
When your car is totaled the insurance company must pay the cost of replacing it. This includes the cost of paying State sales tax and buying new tags for the replacement vehicle.
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