Driving rashly on highways or navigating congestion in the bustling traffic of Alaska streets can cause severe car crashes, resulting in total loss. When the vehicle is deemed a total loss, the damage is not easy to calculate in monetary terms.
If you face this issue and are unaware of how to negotiate with your insurance company, you must consult a car insurance attorney. If you hire an attorney to negotiate total loss car insurance claim, they will guide you through the process, uphold your policyholder rights and help you reach a fair settlement with your insurance company.
Understanding Total Loss Insurance Claim
In Alaska, the total loss arises when the cost of repairing the damages exceeds the total cash value of the car. In other words, when the price of fixing your car doesn’t sound economically viable, the insurance company will consider it a total loss. Insurance companies use a total cost tool to determine the value of a car based on its value, age and model. In case of a total loss claim, the company can have the following take:
- The extent of Damage: If the damages are not at par with the value of the car, the insurance company can declare it a total loss and will cover the settlement claim.
- Insurance policy Terms: If your insurance policy includes any clause regarding how the total damage will be assessed and compensated, you will get the settlement amount based on that clause only.
- State’s laws and Policies: Some states have clear rules on calculating the total loss of a damaged car. They limit total loss value to some extent or a percentage of the car’s value.
Whose Insurance Company Will Settle the Claim?
Knowing whose insurance company will settle the loss is crucial when facing such incidents. Alaska follows an at-fault system, which depends on the accident circumstances and the driver being considered at fault. Let’s decode how it typically works:
- If you were considered at fault during the car accident, your insurance company will pay for the settlement and handle the case. This only applies if you have comprehensive or collision coverage.
- Similarly, if the other driver is considered at fault for the car crash, their insurance company will cover the cost of the damage. It includes the cost of your vehicle damage.
However, Alaska also offers partial negligence coverage. If you are found partially negligent at the time of the accident, the settlement amount will be divided based on the severity of the damages from both sides.
Benefits of Hiring an Attorney
When faced with the hardships of a car accident, it may feel difficult to gauge the total loss of your car in monetary terms. You must hire an attorney to negotiate total loss car insurance claim and your right as a policyholder. Hiring an attorney can benefit you with the following:
- Attorneys have experience in state insurance laws. They understand the complexities of insurance policies and make sure your rights are protected throughout the process.
- Attorneys are skilled negotiators and can handle the strategies used by insurance companies in lowering the compensation money.
- The claim process includes extensive paperwork, which you may find overwhelming. Your attorney can ensure you the correct compilation, management and representation of your documents before the insurance company.
- While you deal with the emotional distress and your losses, your attorney can manage the entire legal aspects of your case.
When you hire an attorney to negotiate total loss car insurance claim, it is a wise choice, especially in complex cases where the insurance company may not offer a fair settlement.
Tips for negotiating total loss settlements
If you want to negotiate total loss car insurance claim, consider these tips to secure a better settlement for your loss.
- You must research online tools to calculate your car’s current value before moving to your car insurance company. This information will set a baseline for the amount you expect from the insurance settlement.
- Collect receipts for recent upgrades and maintenance bills you paid before the car accident. These documents can support your high settlement claims.
- Insurance companies often try to offer lowballs for your settlements. Be ready to present your evidence with a counteroffer based on the actual value of your car.
- Determine the best payout option for your settlement. Some companies offer different payout options, such as vehicle replacement or cash settlement.
- You must consult a skilled attorney if the insurance company does not act in good faith. They can handle your settlement and ensure a fair settlement amount for your loss.
Conclusion
If you are dealing with the complexities of calculating your claim, you must consider hiring an attorney to ensure you receive a fair settlement. They can calculate the total loss of car insurance claims and advocate for your settlement with the insurance company.
Also Read: Why is Lawyer Consultation Important in Wrongful Death Cases?
