Car insurers calculate total loss value using the cost of your car and the cost of the repairs required to fix your damaged vehicle. If the cost of repairs exceeds the cost of your vehicle, your insurer will likely consider your car totaled and pay for a replacement.
That said, some insurers may employ different methods of calculation or use dishonest tactics to avoid paying you what you’re owed. To avoid getting taken advantage of, you’ll want to work with an experienced Atlanta car accident lawyer. Let’s take a closer look at how total loss value is calculated and how an attorney can make sure you get the settlement you deserve.
How Insurers Calculate Total Loss Value After a Car Accident
As mentioned above, car insurers calculate total loss value by comparing the cost of your vehicle to the cost of the repairs needed to get it back up and running. If your vehicle is worth $15,000 but needs $18,000 worth of repairs, the insurer will likely write your vehicle off as totaled and provide the compensation you need to purchase a replacement.
However, some insurance companies use different methods when calculating total loss value after a car accident. For example, an insurer may deem a vehicle totaled if the cost of repairs is higher than 70% of the car’s cost.
In this scenario, if your vehicle is worth $15,000 and repairs would cost $14,000, your insurer would consider your car totaled and provide compensation for a replacement. That said, even if repairs exceed the total loss value, it doesn’t mean the insurance provider will offer a settlement that meets all your needs. You may need an attorney to get the payment you’re owed.
How Insurers Reimburse You for a Totaled Vehicle
There are two ways that the insurance company may help you get a replacement vehicle after your car is totaled in an accident. The first way is known as the cash equivalent method. In this situation, the insurer will offer compensation equivalent to the cost of your totaled vehicle minus the deductible.
The other way that insurers may help you get a new vehicle is known as the replacement vehicle method. This method is self-explanatory, as it involves the insurer providing you with a replacement vehicle that has a similar make, model, and mileage as your totaled vehicle.
How an Attorney Can Help You Obtain Compensation for a Totaled Car
Unfortunately, many insurance companies will jump through hoops to avoid giving you the money you need to replace your vehicle, cover your medical bills, and deal with other problems caused by your accident. The good news is that an attorney can deal with the insurance provider and demand the payment you deserve.
Here’s what a dedicated lawyer can do to get the settlement you need to pay your bills and move forward with your life:
- Gather evidence, including police reports, photos of vehicle damage, witness testimonies, and medical records
- Use evidence to build a strong insurance claim on your behalf
- Advise you on how car insurers calculate total loss value
- Negotiate a settlement that covers your economic and non-economic losses
- Answer any questions you have about the claims process
Atlanta Roots, Nationwide Reach.
Distance is no obstacle. We work with clients across the country and make sure every one of them feels taken care of, no matter how far the call travels.
Compensation You Could Receive if Your Car Is Totaled in an Accident
In addition to pursuing compensation for your totaled vehicle, an attorney can seek a handful of other damages on your behalf. When you first meet with your lawyer, they’ll ask you about your accident and the effects it has had on your health, finances, and other aspects of your life.
Your attorney will use the information you provide to determine which forms of compensation you’re owed and how much you should receive from an insurance claim in total. Depending on your unique situation, your lawyer may pursue any of the following car accident damages:
- Current and ongoing medical expenses
- Lost wages
- Decreased earning ability due to lasting injuries
- Pain and suffering
- Emotional distress
- Loss of enjoyment of life
Get Started on Your Car Accident Claim Today
Now that you know more about how car insurers calculate total loss value, it’s time to hire an attorney and get the compensation you need to replace your vehicle and put this accident behind you. At John Foy & Associates, we’re confident that we have the experience and legal knowledge required to negotiate a settlement that covers all your accident-related expenses.
Our firm has handled cases like yours for over two decades, and we’re eager to add your case to our long list of impressive results. Contact us today to schedule a free consultation with an Atlanta car accident lawyer and get the representation you need to recover maximum compensation.
May 7 2019 
100% Confidential 
No Fees Unless We Win 
24/7 Support 
