subject: Four Tips To Remember In Property Damage Claims [print this page]
There is nothing more frustrating than working with an insurance company after an auto accident. When your car is badly damaged, many insurance adjusters may consider it a "total loss". Other times, they might offer to repair the car. This depends on whether the cost of repair exceeds 80 % of the vehicles value. Either way the process of trying to settle your property damage claim begins.
I have listed four tips to remember when you find yourself in this position.
1. Insurance documents can be technical and confusing. Before signing any papers, make sure you fully understand what you are agreeing to. Research any terminology or phrases you do not understand. Do not be afraid to contact your insurance adjuster and ask any questions you may have concerning the documents they want you to sign. If you sign the papers too soon, you may jeopardize your chances of receiving a fair property damage settlement.
2. If your car is no longer drivable after the accident, the at fault driver's insurance company will provide you with a rental car or if you purchased rental coverage your insurance company will provide you with a rental car. The insurance company may try to put you in a smaller rental car in an attempt to save money. The at fault insurance company is obligated to provide a rental car that is a similar size to the vehicle you were driving at the time of the accident. If the at fault party did not have insurance your own insurance company will provide a rental car for you pursuant to your policy. In other words, they only have to pay the amount that is agreed to. If the policy states that you have coverage of $19.95 per day that is all that will be paid by your insurance company.
3. Research the value of your car at the time of the accident using your local classifieds or websites such as kbb.com (Kelly Blue Book). Insurance companies tend to value your car by finding similar vehicles as close to your home as possible.
Many times the insurance company will make an unfair and low offer. To avoid this scenario, it is important that you take the time to properly research the value of your vehicle at the time of the accident. Browse the internet and contact local auto dealers to compare the year, make, model and condition of your vehicle with other cars on the market. The insurance company will give greatest weight to the similar vehicles that are closest to your home. Also, provide the insurance company with receipts for anything you have added to your vehicle, such as stereo equipment, wheels or even a rebuilt engine. This can help increase the offer made by the insurance company.
You are not required to accept the adjuster's first settlement offer. This is particularly true if you think it is less than the value or your vehicle. If this happens, simply counter-offer with copies of vehicles you have found in your own research. You may also ask the insurance company to provide documentation with details on how they valued the vehicle. Do not hesitate to request this information, as the insurance company will provide this information. When you receive this information, you will also be able to ensure the adjuster gave you credit for all of the after market features and upgrades in your vehicle.
4. Do not keep the rental car longer than the insurance company permits. The charges will be your responsibility. The insurance company will provide a rental vehicle from the date of the accident until they make a "reasonable offer" for your car. Return the rental the moment the adjuster tells you, even if your settlement check has not arrived.
There are several more to remember I will outline in my next article. My goal is to attempt to level the playing field for accident victims battling their insurance companies.
