If Your Vehicle Is Totaled What Will Your Insurance Pay

If Your Vehicle Is Totaled What Will Your Insurance Pay – Accidents happen to the best of us. You can take every precaution to keep your car intact, but no amount of preparation can prevent an accidental collision with a falling tree branch, flash flood, hail, runaway shopping cart, or classic fender bender. If you find yourself in this unfortunate situation, you may want to contact your insurance agent and depending on the severity of the damage, you may be able to get a collision car.

What happens after the garage values ​​your car? In most cases, this means that you are going to buy a car. Basically, your insurance company will buy your vehicle back from you, provided you spend that money on a new set of wheels. If your car is not covered, your insurance will help cover the cost of repairs.

If Your Vehicle Is Totaled What Will Your Insurance Pay

When an insurance company decides if a vehicle is “totaled,” they look at two numbers: the value of the vehicle (before the accident) and the cost of repairs. When determining the value of your car, insurance agencies take into account its make/model, age, pre-accident condition and other factors. Each insurance company has its own metric for determining when a vehicle is a total loss, but the average would be when the cost of repairs reaches or exceeds approximately 75 percent of the vehicle’s value.

Wonder No More: Here’s How Much Your Totaled Car Is Worth

For example, if your car is worth $5,000 and the repairs are estimated to be $4,000, the insurer will total the vehicle and, without complications, your insurance company will give you $5,000 toward a new car. However, the insurance company won’t make the same call if you get a $4,000 auto repair bill. In this case, the insurer will work with you and the repair shop to cover the cost of repairing the damage specified in the claim. For these reasons, older vehicles are much more likely to be written off in total than new ones.

That may be so, but remember that declaring a car dead doesn’t necessarily mean it’s a pile of twisted metal and shards of glass. Depending on the value of the vehicle and the damaged parts, even a small wing bend can technically be enough to completely wreck the vehicle. For example, if the repair requires obtaining replacement parts that are no longer available, the insurer will have no choice but to pay for them. Or, if the structural integrity of the vehicle is damaged and there is no equipment manufacturer approved process to repair it, the vehicle is considered damaged because no amount of repair will make it safe to drive.

When an insurer declares your vehicle a “total loss” (another term for “totaled”), they take possession of your vehicle and usually sell it to a dealer, broker, wrecker, or open market for a high price. reduced rate. Even in good condition, your car probably has value to someone else. There are many buyers who make a living by repairing, breaking or scrapping vehicles. It is very rare for a vehicle to have a total value of zero.

In most cases, when the car is damaged enough to be counted, the driver takes the insurance company’s quote, takes the payout, and buys a new car. However, if you simply cannot bear the thought of missing out on a precious trip, you have the option of keeping the car and diverting the insurance premium (in this case a little less, mind you) to repairs. Keep in mind that it’s difficult to fix a car that’s already been considered “wrecked,” and it can be difficult and expensive to get a state inspection on a vehicle with an abandoned title. You won’t get very far without government approval.

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Remember that even if your car looks great on the outside, it still needs to be safe and in working order to get a license. To ensure your safety and the safety of other drivers, your vehicle needs to be properly repaired. However, if you are good at car repair and have the time and energy for the task, then by all means do it.

Bottom line: It’s in your best interest to consult with your insurance agent after any car accident to get their opinion. An experienced and trusted agent can provide you with the best information to help you get back on the road as quickly and safely as possible. If you have been injured in a car accident, you should schedule a free consultation with a Washington car accident lawyer today. We know how difficult it is to overcome such situations. That’s why our experienced team at Max Meyers Law wants to help you, as we have helped many of our clients in Bothell, Kirkland and the surrounding area.

To schedule a free consultation, you can call us at 425-230-5732 or contact us online by filling out the form below or chatting with one of our team members.

“Total” means total loss. A car is considered damaged if the damage caused by the accident is irreparable or costs more than the value of the car. Find out more from the Kirkland car accident lawyers at Max Meyers Law about who decides if a car is totaled below.

What To Do If Your Car Is Totaled

The insurance company estimates the car’s pre-accident value based on the likely cost of repairs. Washington is an at-fault state, meaning the person who caused the accident is responsible for damages. If you are at fault in an accident, your insurance company will assess and compensate you according to your policy. (Note: Your insurance company will only cover your damages if you have collision coverage.) If the other driver is at fault in the accident, you contact their insurance company.

The insurer will send out an appraiser who will determine both the fair market value of the car before the accident and the likely cost of repairs. Pursuant to WAC § 284-30-391, once an appraiser has determined the vehicle’s value, the insurer will replace your vehicle or offer you financial compensation based on the value of a comparable vehicle in the same area.

State law [WAC § 390-05-235] defines “fair market value” as the amount that a knowledgeable buyer who is not obligated to purchase the vehicle would reasonably pay to a knowledgeable owner who is not obligated to sell. The insurer mainly bases this on sales data of comparable cars in your area, i.e. sales data of cars of similar make, model year, body type, condition and mileage.

Washington state law requires insurers to calculate fair market value using at least one of the following methods:

Can You Reverse The Decision If Your Vehicle Is Declared A Total Loss?

Car owners can then request a “total loss assessment report” from the insurer, which includes the data used to calculate the fair market value. Washington state law requires insurers to use a “total loss formula,” where the cost of repairs plus its likely scrap value must equal the vehicle’s pre-accident value for it to be a total loss.

If you agree to the appraised value of the car, the insurer will offer to trade your car for a similar value nearby or pay you cash in accordance with WAC 284-30-391. The settlement offer includes:

If it’s your own insurer, you can hire a third-party appraiser if your collision policy allows it. If the other driver is at fault and you believe their insurer mispriced your car, you can file a claim with your insurance company, who will pay you compensation. Your insurer will then, if they choose, seek compensation from the at-fault driver’s insurance company.

So. If you keep the whole car, the insurer will deduct the liquidation value from the settlement. You or your insurer must then notify and report the vehicle totaled to the Washington State Department of Licensing. (Failure to do so within 15 days is an offence.)

How To Navigate Your Auto Hail Damage & Total Loss Claim

Dealing with an insurance company can be difficult. For help navigating the claim process or understanding your settlement offer, contact a Kirkland personal injury attorney at Max Meyers Law, PLLC today: 425-399-7000.

Max is a Kirkland personal injury attorney practicing in Seattle, King County and the surrounding Washington state. Start a free consultation by clicking here or calling us today! We are just a call or click away!

844-853-7373 Although this website provides general information, it does not constitute legal advice. The best way to get guidance on a specific legal matter is to consult a lawyer. Click to call or fill out this form to contact one of our attorneys.

You got into an accident and finally got a message that your car is not worth repairing. The struggle is that it is so easy for the insurance company to collect the car and so hard for the owner to hear. If the company decides your car is wrecked, there’s an emotional attachment, potential debt and the stress of finding a new car.

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