Auto Insurance Claims Peoria Arizona AZ
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Reader’s Question:
I got involved in an accident and the body shop my insurance carrier in Peoria, AZ suggested that I declare my vehicle a “total loss” even though I was able to drive the car there and the repair man said the problems were not mechanical but instead cosmetic?. Now my insurance carrier wants to possess my vehicle. I have a loan thru a bank using this vehicle as collateral and owe about $5000 loan. At the time of the accident the cars blue-book value is approximately $8,000. There is a $1,000 deductible on my auto insurance policy. What will happen next?
Michael
Peoria, AZ
Since the repair shop appraisal costs more than the fair market value, you will then receive the fair market value.
If your vehicle is determined to be totaled, and if you believe that the fair market value offered by the insurance company in Peoria, AZ is too low, get more information. Get signed statements from car dealers that state the value of your vehicle. Check the newspaper for prices of vehicles similar to yours. You can use this information to negotiate a fairer settlement for you. Make sure you get the information you need to support your case.
If you have physical damage coverage such as comprehensive and collision the insurance provider will typically write you a check for the actual cash value of the car, minus any deductible on your auto insurance policy.
Sometimes you can also negotiate to purchase the vehicle back from the insurance provider after they pay for the total loss. The insurance provider will typically try to salvage or auction a totaled vehicle.
Tags: auto insurance claims, automobile, car dealers, car insurance