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How is a car’s value determined in a total loss?

Oct 21, 2019
Shamis & Gentile, P.A.
car value in total loss

Vehicular loss can be a serious issue when your vehicle is left no longer operable. Although smaller damages and losses can be financially covered up, total losses mean the loss of the overall investment you had made in the vehicle. This not only includes the price of the vehicle, but also the insurance and other maintenance and upkeep that you have been paying for. Knowing your car value in total loss can be greatly helpful in understanding the extent of your loss in financial terms and hence what you should expect from your insurance company.

Parameters Insurers Use To Decide Car Value in Total Loss

Here the question arises what parameters or set of rules does the insurance company use to determine the car value in total loss or whether your car has been totaled? They simply calculated the damage done to the car, add that up and then compare that against the overall cost of the car. If this price exceeds that of the car, then it is considered to be a total loss car accident.

However, also bear in mind that the parameters/standards for deciding car value in total loss or whether it has been a total loss or not differs from company to company. Different insurance companies have different parameters determining car value in total loss or if the car is even considered totaled.

What Do Insurance Companies Include In Their Total Loss Car Accident Policy?

After a total loss car accident, the owners have to bear extra costs such as car’s sales tax, title transfer fees as well as other costs. The value of the car is determined as per the current value of the car in the market, as of the day when the accident took place.

After the accident, the insurance company assesses the damage to your car and then they decide how amount they need to reimburse the insurance policyholder with.

Generally speaking, any total car loss accident claim is eligible for a full expense and fees related to the accident. However, certain insurers may just only cover the car only in order to pay less compensation money to the car owners.

What’s The Way To Determine If You Qualify For A Class Action Law Suit After A Car Accident?

The rules are simple. First of all, your car was totaled in the accident. Second is that you were paid by your car insurer but not by the car insurer of the other driver you can easily qualify for the class action lawsuit.

Also, if your insurer paid for the car fees as a complete cost of the car, but not for the sales tax as well as other similar fees for a period of the last 5 years, you definitely qualify for a class-action lawsuit.

Attorneys like Shamis & Gentile, P.A have been fighting cases for the rightful reimbursement of people who have been affected by totaled car loss and successfully.

Does This Lawsuit Also Cover Rented Cars?

Definitely. The class-action lawsuit for a totaled rented car or a financed car is completely possible. The only clause here is that you should be able to do that within 30 days from renting the vehicle.

However, when it comes to lawyers who can take up the case, it depends on whether they will fight for it. The possibility of winning a total car loss lawsuit is higher when the car is owned by the driver. However, in case of a lawsuit for totaled rented cars, there has to be an extra effort to prove the driver’s side as 100 percent legit.

Shamis & Gentile, P.A does not differentiate between various car accident claims and believes that every car driver has the right to be reimbursed and get swift justice.

How Is The Automobile Accident Class Action Lawsuit Determined?

The main crux of the whole class action lawsuit is that the insurance providers failed to honor their contract by not reimbursing for the owner’s sales tax, fees of title transfer, and the tag transfer fees among others. Their side of the story claims that expenses like those mentioned before, are a part and parcel of the overall compensation that the owner will get.

Only a Competent Lawyer Can Help You With Such A Case

Unfortunately, most of the lawyers in America would back-off sensing that the insurance company is powerful and most likely will win the litigation process. However, a completely professional attorney service understands your pain and aims to deliver justice, like the Shamis and Gentile, P.A.

Submit a Class Action Claim

Submit a class action claim today; there are no associated fees or expenses unless we manage to win the case on your behalf.