The last thing you need when your car gets totaled is to wait for an insurance payout. If your provider is low-balling you, however, take the time to research what your car is worth before accepting their initial offer.
When the insurance company writes off your car as a total loss, it's their job to pay you as little as possible. However, remember that you are owed the fair market value of your vehicle before it was in an accident. If the number you're quoted sounds low, do your own research and find out how much your car would have sold for just before it got in an accident. As Edmunds.com points out, your car may also be worth extra if you've modified it:
The appraiser will adjust to price based on condition level, region, mileage and options. In some instances, such as if you have a particularly rare trim level, color combination or special edition of a vehicle, you may know without a doubt that your car is worth more than what the insurance company tells you.
Before you accept an offer that could be hundreds or even thousands of dollars less than what your car is worth, be sure to check out online appraisal tools. You can also find current used car listings for the same year, model, mileage and condition as your vehicle. The closer the match, the better.
Tips For Filing A Claim After A Serious Car Accident | Edmunds
Photo by Fred Ross Lord.
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