TCU Insurance
800.772.8043
Quick Links Personal Insurance Business Insurance Life & Health Insurance Senior Products Programs

Injured Man After Accident

Let's say you were in a serious accident. The damage to your car was significant. The insurance carrier says repairing the damage will cost too much. They decide to total the car.

If this were to happen, the auto insurance carrier would likely offer you a settlement amount to get a new car. The settlement amount is the amount the insurer says the vehicle is worth at the time of the crash.

What if you don't agree to this amount offered? In this case, you may have some recourse in overcoming the losses.

Here's what to consider.

How Much Is The Car Worth?

To determine how much your policy will pay out, look at your documentation. Determine if you have replacement value or cash value coverage. Replacement value will cover the cost to replace the vehicle with one like it. Cash value pays out only the value of the vehicle at the time of the incident.

Your car insurance company will pay only as much as the policy limit, which is set at the time of purchasing the policy. However, the insurer will determine the worth of the car at the time of the accident. If it is not worth the total value of your policy, the insurance company may not pay as much.

What If You Do Not Agree?

It is possible you will not agree with the auto insurance carrier on the value of the car. When the insurer determines it is a total, they will offer you a settlement value. You may be able to negotiate for a higher value. To do this consider a few tips.

  • Gather information about the value of your car at the time of the accident. Use this information to help show the insurer your vehicle has a higher worth.
  • Use photos to help show the condition of the car prior to the accident. If you have these, they can be very valuable.
  • Use maintenance or other repair records to verify the value of the car.
  • If you made significant upgrades to the car, gather receipts to show this. It will help encourage the insurer to work with you.
  • Have an appraiser provide insight. If you have a rare, limited edition, or otherwise high valued car, have it appraised routinely.

The more information you have, the more the car insurance carrier can use to create a better price for you. This may or may not help you.

Contact Us

Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013


View Mobile Version
Connect With Us:
Facebook Twitter LinkedIn Google+ Yelp
Latest News
Read more >
Trusted Choice TCU Insurance Agency
Corporate Office

425 Lincolnway East
Mishawaka, IN 46544

Ph: 574.256.6070
Ph: 800.772.8043
Fx: 574.252.2109
  Request A Quote
Contact Us
Auto Insurance
Home Insurance
Business Insurance
Life Insurance
Senior Products
Other Programs
Home Page
Who We Are
Our Carriers
Map & Directions
FAQ
News Center
Newsletters
©2018 Teachers Credit UnionPowered by Insurance Website Builder