Car Total Loss - Determining And Settling The Value Of Your Car!

Insurance Card - Car Total Loss - Determining And Settling The Value Of Your Car!

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What is the car total loss process? Once you are in an
accident, the insurance enterprise must seek the car and decree whether
the damage was sizable adequate to maintain a unblemished loss.

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Most insurance fellowships will want to seek the vehicles
themselves. In most accidents, insurance fellowships have beloved body shops
write estimates and they eventually issue payment based on that estimate.
However, when there is a potential for a car total loss, most insurance
companies want their insurance adjuster to seek the vehicle.

The theorize for this is the friction of interest that arises
from the arrangement in the middle of the insurance enterprise and the body shop. Body shops
are in the enterprise of fixing cars. They have a vested interest in quoting the
repairs so the car can be fixed and not maintain it a car total loss.

For all practical purposes this means that you will be
waiting longer. Commonly it takes two to three enterprise days for the body shop to
issue a mend estimate. If the claim adjuster or the field representative has
to seek and write their own estimate, then you will be waiting three to five
more days to get to the location of your car.

Before the adjuster comes out, she/he will submit all
pertinent facts about your car (year, make, model, and mileage) to a third
party company. This enterprise Commonly is Ccc
Information Services Group, Inc. Ccc will do a first narrative to
determine what the value of your car is so the adjuster knows what the insurance
company would be looking to if there is a total loss.

Depending on your state law and the specific insurance
company, there will be a car total loss when the insurance enterprise believes that
the cost to fix the car reaches 70%, 80%, or even 90% of its total value. It is
always a good idea to ask the adjuster what is the threshold they use to
determine a total loss.

When the car is being estimated by the car total loss
adjuster, this private will be looking at the health of the vehicle. They
will note how "clean" the car is, what is the exact mileage, and what
equipment and options the car has. All of this facts will be reflected in
the final estimate of the vehicle.

The adjuster will then submit the inspection narrative again
to Ccc. Ccc will send a final narrative showing comparative prices for the vehicles
in your local market. They will produce what the fair store value of the car
is and what a fair offer of hamlet would be. For more facts on how to
dispute this narrative visit:
http://www.auto-insurance-claim-advice.com/car-total-loss-2.html.

Next, the adjuster must decree who the lien owner of
the car is. If you have a car loan, the insurance adjuster must get that
information so they can sense the bank to decree how much is owed. There
are separate requirements insurance fellowships must follow. If the insurance
company you are dealing with is your own (you are claiming the car total loss
against your own insurance company) then they will be bound by the terms of the
policy, which 99% of the time requires them to pay the bank first. If you are
making a total loss against person else's insurance enterprise (the person that
hit you), then this requirement does not exist (there is no actual course to be
bound by).

If you have a loan, then the insurance adjuster will
request from the bank a Letter of Guarantee. This letter is an bargain in the middle of
the bank and the insurance enterprise that for the payment of x amount, the bank
will release the title of the car to the insurance enterprise directly. This
process Commonly takes four to five days.

If the amount you owe for the car is less than what the
insurance enterprise will pay for the car total loss, then the insurance enterprise
will pay the loan amount and then issue you a second check directly. If the loan
amount is higher than what the car total loss offer, then you will be upside
down your loan. You will be required to continue manufacture payments even though the
car title will be transferred to the insurance company.

Once you receive payment for your loss, you will be able to
go out and get someone else car. For more facts the total loss process and how
to safe your interest, visit:
http://www.auto-insurance-claim-advice.com

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