Property Damage Claims: How much is my car worth?
Collision and comprehensive coverages
For those responsible for causing a car accident, the collision portion of your policy should pay for repairs to your car. When the repair cost of your car exceeds a certain threshold of the total value, 70% for instance, the car will be considered ‘totaled.’ If you car is ‘totaled,’ your insurance company should transport the car to a junk yard and offer you the actua cash value of the car.
Deductibles ranging between $1,000 to $2,500 may keep your premium costs down. Keep in mind, a deductible is the amount of money that you must pay out of pocket prior to the insurance coverage kicking in.
Comprehensive coverage pays for damage that goes beyond car accidents. Fire, theft, vandalism, as well as other incidents which damage your car may be covered. Comprehensive coverage may also be responsible for the car’s glass. Cracked windshields would fall into this category. Your deductible applies no matter which portion of your insurance is used.
Additional Coverage Considerations
Additional coverage considerations must be weighed using a cost benefit analysis. These additional coverages will come in veryhandy in the event that you are in an accident. However, these additional coverages will drive the costs of your insurance up. Additional coverages may include:
- Rental reimbursement pays for a rental car when your vehicle is damaged or stolen. Check for the per-day dollar limits and overall maximum to make sure you’re getting a good value for your premium dollar.
- Towing and labor coverage pays for fees due to road breakdowns.
- Gap coverage for a new vehicle pays the difference between the actual cash value of the vehicle and the amount left on your car loan if your vehicle is totaled.
Insurance Companies pay the minimum for property damage.
STAMATAKIS + THALJI: Consumer Justice Attorneys
Most lawyers will not even touch the property damage claim because their is no money to be made. More importantly, most lawyers wouldn’t even know how settle their own property damage claim if they were involved in a car wreck. Our firm will advise and even settle property damage claims for our clients as a simple courtesy. Understanding how property damage claims are adjusted is essential to understanding how insurance companies value injury cases. If your lawyer cannot answer your questions about the property damage claim then it is probably time for a new lawyer.” — Sami Thalji, Managing Partner, STAMATAKIS + THALJI