Being in a car accident is traumatic. Writing your vehicle off in the process is even worse. But what new level of low is it when your insurance company then tries to short-change you on your total loss vehicle claim?
You may be eligible to join a total loss class-action lawsuit against insurance companies such as Esurance, Erie Insurance, Auto-Owners, Westfield Insurance, Farmers, and Cincinnati Insurance Cos if they have violated your auto insurance policy contract. Many insurance providers fail to reimburse policyholders for sales tax, title transfer fees, and tag transfer fees after a total loss car accident.
Common questions about totaled car loss Ohio
How much does insurance go up after a total loss?
Your car insurance premium currently averages a rate increase of 31%.
How does an insurance company determine when a car is totaled?
Each state has its own method of determining when to declare motor vehicles totaled. For example, according to Florida law, a car is totaled when the cost of repairs is greater than 80% of the actual cash value (ACV) of your vehicle before it was crashed. In New York and Michigan, the assigned threshold percentage is 75%, in Texas, it is 100%. Ohio and some other states use the total loss formula (TLF) – if the cost of repairs plus the salvage vehicle value is greater than the car’s ACV then it is considered a total loss.
Frame damage does not automatically total a car.
How does a totaled car affect my credit?
Typically the insurance company will pay the lender. If there are still payments due, those will be your responsibility.
Do I need to notify the DMV if my car is totaled and present my certificate of title?
To protect future buyers, a car that has sustained significant damage but is still being used must be reported to your DMV for a salvage title.
Alternatively, a certificate of destruction will be issued by the DMV to sell a motor vehicle for parts or scrap metal.
Do I have to accept the insurer’s settlement amount?
No.
Does the salvage value include sales tax and title transfer fees?
The salvage value of your vehicle is how much the insurance company could get by selling it for scrap or parts. You would have to fight to include sales tax and title transfer fees in your payout.
Is the total loss assessment stipulated in the auto insurance policy?
Insurance companies try to hide their questionable practices in wordy policies. Make sure you know your rights.
Tips to appointing a total loss claim lawyer
Shamis and Gentile,P.A. are a total loss law firm with a proven track record against insurance companies. Contact us to ensure that you receive fair market value for the total loss vehicle insurance claim.
