You were just in an accident, your prized possession is damaged, you’re in pain and don’t know what to do next. Damage to your vehicle is usually addressed very shortly after a collision. The insurance company has a direct interest in resolving the property damage because they are responsible for repairing the vehicle or paying the fair market value as soon as possible to minimize rental car charges and storage fees. In most cases, the issue of property damage and payment for repairs or replacement value is determined early on in the case and after liability has been accepted by the at-fault parties insurance company.
Repair or Total Loss?
If your vehicle is damaged in a motor vehicle collision, one of the biggest questions is, will my vehicle be repaired or be deemed a total loss? The answer to this question turns on the fair market value of the vehicle at the time the loss occurred. If the repairs are too costly, then you vehicle will be deemed a total loss, commonly referred to as a totaled. If this is the case the next question is will you receive any money and how much?
The starting point is obtaining an estimate for your vehicle, the estimate will be the basis to repair the damaged vehicle or deem the vehicle a total loss. The estimate for repairs will then be compared to the replacement value of the vehicle. The insurance company will determine if it’s more cost effective to repair the vehicle or deem the vehicle a total loss. If the vehicle has special equipment, documentation must be provided to prove the increase in value because of the special equipment. Establishing the value of the vehicle is time sensitive and should be done all at once.
Replacement Value of the Vehicle
The replacement value of the vehicle is determined by looking for comparable vehicles that have been sold in the subject area within a specific time frame. A common misconception is to use the “Kelly Blue Book” but insurance companies use a more complex formula to make a determination of what the value of the vehicle is at the time of the loss. At AGG Law Firm, we maximize what you can recover for the damage to your property as a result of a tortfeasors negligence.
If your vehicle has been totaled and you own the vehicle (have possession of the title) then your accident attorney will receive a check for the fair market value of your totaled vehicle. If you don’t own the vehicle and have a loan or a lien holder, the check will be paid to the lender to pay for any remaining loans you may have on the vehicle. In order to insure you are getting the most compensation for your property damage contact our attorneys in Denver.
Whose Insurance Will Pay?
Determining who will pay is all based on who was at-fault for the motor vehicle collision. If the person who caused the collision was at-fault, his or her insurance company must pay for your damages.
If you still need help or are unsure of what to do next, our attorneys in Denver, CO are standing by to help you get the information you need so you can get back to your routine. Contact the attorneys of Alhasoon, Glidden and Glidden to get more information about how we can help if you have been in an auto accident. Schedule a consultation with us at (720) 487-1050 today!