After a car accident, your financial losses may already be piling up. You’re already struggling to get your medical bills covered, but at least the insurance company is ready to help with your car repairs, right?
You may have already been offered a settlement that seems reasonable enough, so why not just settle with the insurance company and forget about it?
Well, what the insurance adjuster won’t tell you is there’s a lot more to your car’s value than their initial estimate. Before you accept any offer, reach out for some guidance on your car’s value.
Repairs and Parts Change the Value
Your car’s value is changing constantly. Whether you recently made a repair, added something special like a new sound system, or even failed to replace an important part, your car’s value could change quickly. Because of this, it can be tough to find your car’s value on it’s own.
For example, your insurance company may look at the Blue Book cost of your car to decide whether it’s more cost-effective to pay for repairs, or to replace the car. If you recently added something that would add value to your vehicle, you may need to talk to a lawyer, like the ones at Kooi Law, about how much that changes your claim’s value.
When Is a Car Totaled?
When it comes to a car accident, you want to be sure you’re getting a fair settlement for your car repairs. The insurance company, though, may be claiming your car is totaled.
Many factors go into deciding whether a car is totaled, but typically, it means it would cost more to repair your car, rather than offering cash equal to the car. That estimation may also be based on the Total Loss Threshold, which may be decided by the state.
Talk to Your Lawyer Before You Settle
When you’re hurt in a car accident, it’s not just injuries you’ll need compensation for. Your car may never be drive-able again, putting you out a significant amount of money. Because of this, it’s important to consider your car’s full value, not just what the insurance company is willing to pay.
Looking closer at the numbers on your settlement can make a big difference to your future. If you fail to get your maximum settlement, you could even face severe financial problems because you didn’t get the funds you actually needed to recover from your losses.
If you’re concerned about your financial future after a lawsuit, you’re not alone. Luckily, you have a chance to get the money you need after a car accident your insurer doesn’t want to offer you what everything’s worth.