This video from Ramos Law discusses the rights of vehicle owners regarding compensation for vehicle damage after an accident. Attorney Marianne Garrison explains two common scenarios: when a vehicle is declared a total loss and when it is damaged but not totaled. She provides advice on how to challenge insurance company offers to ensure fair compensation.
Garrison emphasizes the importance of doing personal research to determine the fair market value of a totaled vehicle and understanding the concept of diminished value for repaired vehicles. She encourages viewers to use this information to negotiate with insurance adjusters for appropriate compensation, beyond just the cost of repairs.
Key Insights
- Total Loss Compensation: If your vehicle is declared a total loss, the insurance company will offer compensation based on their assessment of its worth
- Challenging Total Loss Offers: If you disagree with the insurance company’s valuation for a total loss, research the market value of similar vehicles in your local area to challenge their offer
- Diminished Value Claims: For damaged vehicles that are not totaled, beyond repair costs, you can claim for “diminished value,” which is the loss in resale value due to the vehicle’s accident history.
- Gathering Evidence for Diminished Value: To fight for diminished value, consult local car dealerships to get an estimate of how much less your car would sell for due to its accident history.
- Fighting for Your Rights: Use the information gathered from your research to negotiate with the insurance adjuster for fair compensation that includes both repairs and diminished value.
(FAQ) Frequently Asked Questions
What should I do if my car is declared a total loss and I don’t agree with the insurance company’s offer? A: You should research what your exact vehicle is selling for in your local market to determine if the offer is fair. If not, challenge the insurance adjuster for a higher compensation.
What is “diminished value” in the context of car accidents? A: Diminished value refers to the loss in your vehicle’s resale value due to its history of damage and repairs, which can be shown through services like CarFax.
How can I determine the diminished value of my car after an accident? A: You can visit a local car dealership and explain your scenario to them. Ask them how much less they would sell your car for if it had a history of loss and repairs from a previous accident.
Can I fight for more than just repair costs for my damaged vehicle? A: Yes, you can use information about your car’s diminished value to fight for more than just the cost of repairs from the insurance adjuster.