I was in an accident about 3 days ago. i had my car parked in front of my apartment and i got in the car to go to the store. i got to the stop sign and realized i forgot my debit card. i put my car in reverse and when i was holding the steering wheel my hand slipped and i lost control of the car. i went to hit the brakes and i got nervous and slammed on the gas pedal. when i did that i wound up hitting 3 parked cars. the last car getting the worst damage. it was at 1230am and no one came outside and i didnt know who the cars belonged to. i then wrote a letter and placed the letters on all of the cars to contact me so i can get their car insurance information. the next day i got everyones information and called my car insurance to file a claim. I had my car towed to my car dealer and someone from my insurance provider went out to check the damages on my car and totaled the car out. i am unsure of what happens after this point. i have full coverage on my car but i dont know how this all really works. my insurance company advised me that i will need to wait until they get an estimate. but didnt give me any other answers.
At this point, you?ve taken the necessary steps to get your claim rolling. The insurance company is now figuring out how much they want to offer you for the total loss of your car. Your deductible will apply to the claim.
Unfortunately, the amount the insurance company offers usually doesn?t cover the loan on a newer car. The car loses hundreds, sometimes thousands in value as soon as you drive it off the dealer?s lot. For this reason, the most important thing you can do now is find out how much the car is worth and do what you can to get top dollar from the car insurance company. That?s much easier said than done.
As a rule of thumb, the first offer you get for your total loss vehicle is not the best offer you can get. However, getting a better offer depends on what information you can find to back up your argument that the car is worth more.
You?ll need to check the Web for cars of the same year, make, model, package and mileage as your totalled car. Try to find at least three similar cars for sale in your area. You?ll need to send these ads to the car insurance company to support your claim that the car is worth more than they are offering. The quickest resolution will be to split the difference between the car insurance company?s initial offer and the average market value that you find in your own research.
You should double check that your policy doesn?t have new car replacement coverage that might apply to your claim. Some policies will pay ?replacement cost? instead of ?cash value.? That would mean getting the cost to replace your car with a new one of the same specifications. It will depend on your car insurance policy and the age of your car.
If you can?t get enough for the car to pay off the loan, you may have to roll over the loan balance to a new car loan on a replacement.
Although we do our best to offer you accurate and current auto insurance advice, we are not responsible for any negative consequences you may encounter after reading this advice. Insurance problems are often complex and can hinge on facts not provided in your submitted question. For this reason, you should not use this advice as a basis for any decision. We provide these answers for information purposes only, with the intention of steering you towards making your own conclusions about how to act or refrain from acting. Because we are not lawyers, no information on this site should be used as legal advice.
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