When you are involved in a car accident caused by another driver, there is a good chance that you sustained property damage as well as personal injury. As part of a settlement offer to you, the other driver’s insurance company will include an amount to cover your property damage. However, there’s a good chance that you will find the offer to be insufficient. It’s important to understand how insurance agents arrive at these figures so you can challenge them if not satisfied. Attorney John Critzos, II has handled many of these cases and will make sure that you receive a fair property damage settlement.
How Insurance Companies Calculate the Value of Property Damage
If your vehicle or personal items inside of it are completely destroyed in an accident, you should receive a fair market replacement value. To come up with this amount, you need to know the value of your property both before and after the accident. This is a point of contention among many clients and the insurance company making an offer. That is because agents are not professional appraisers. They are employees of an insurance company trying to minimize its losses.
When your vehicle is repairable, insurance companies usually try to limit the pay-out to only what it costs to fix it. That means you lose money when you try to sell the car in addition to driving a vehicle that is not in the same condition as it was before the accident. In some cases, the cost to fix the vehicle is greater than what it is to replace it. You would then receive a settlement check to buy a new car, which may not be nearly enough to get something of the same quality.
Get the Property Damage Settlement You Deserve
Settling a car accident is stressful, so you may take the insurance company’s offer just to be done with it. Before you accept anything, we encourage you to contact us at 844-TakeMyCase or visit our website at www.844TakeMyCase.com to arrange a free case review.
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