Appraising the Damage Sustained by a Vehicle in an Accident
Following a car accident, your automobile insurance company may make an appraisal of the damage itself or require the vehicle owner to obtain an approved appraisal as part of the insurance claim. It may be necessary to make a separate appraisal of damages if the vehicle owner considers the estimate to be unreasonable in order to challenge the value that may be considered too low and use the data during the negotiations for the insurance claim.
Evaluation of the VehicleOwners are
entitled to receive reimbursement for repairs made on a damaged vehicle. The
automobile insurance policy will provide the necessary coverage and
deductibles, among others. On the other hand, the automobile insurance company
is required to visually assess the damage on the vehicle to begin the process of
establishing the cost for repairing the vehicle. The insurance policy will
provide the coverage in this particular situation. A reasonable automobile
accident estimate will be provided by the adjuster based on the damage and
coverage of the insurance policy. The automobile insurance company has no legal
obligation of accepting a higher automobile accident appraisal.
After speaking with an attorney, a vehicle owner may become involved and collaborate with the adjuster during the evaluation process if they were involved in an automobile accident. It is understandable for the vehicle owner to go with the claims adjuster while the damage on the vehicle is being evaluated. Although it is essential that all damages are reported to the claims adjuster, extensive damage on the vehicle may classified as a total loss. When the vehicle is classified as a total loss, it means that the damage was so extensive there is no value left on the vehicle anymore. It also means the loss will require the automobile insurance company to pay the maximum amount indicated on the insurance policy
Vehicle Classified As A Total Loss
When the vehicle is considered a total loss, the automobile insurance company is not required to repair any damage sustained by the vehicle. It will not matter if the vehicle has sentimental value for the vehicle owner. However, they are required to make an offer to assess the fair market value of the damaged vehicle. The fair market value is determined by the price the vehicle would be sold under existing market conditions, prior to the vehicular accident.
Eventually, it may be cost-effective to pay for the lower appraisal value rather than delay the decision and end up in a court battle. When the judgement will not favor the vehicle owner, he or she will have to pay for the cost of litigation aside from the damages as well as an attachment on his or her bank accounts and salary. This will result to financial losses for the vehicle owner as well as affect the social standing of the vehicle owner with the bank and his or her employer. Therefore, it is in the best interests of those involved in car accidents to get in touch with a St. Louis automobile accident lawyer immediately following a car accident. Your attorney can ensure that your rights are protected and that you get the compensation you deserve.
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