Property Damage After an Auto Accident
If you have been in a motor vehicle accident, we are able to help with your property damage claim, along with any injuries caused by the accident. We have a dedicated property damage specialist on staff that worked for insurance companies for over five years and can answer all your questions and concerns about the vehicle repair process. It helps to have someone by your side throughout your claim, and our specialist can verify if the information the insurance company is giving you is correct. McDivitt Law Firm is here to advocate on your behalf – contact us today to see if we can help your situation.
Loss of Your Vehicle
If your vehicle has been deemed a total loss as the result of a motor vehicle accident, you likely have some questions and concerns. There can be a lot of misinformation about what to expect from the total loss process and at McDivitt Law Firm, we understand how much you’re going through in this tough time. Here are some of the common myths and facts surrounding the settlement process:
Myth: The insurance company will value your vehicle off the Kelley Blue Book value or NADA estimate.
Fact: The insurance company pays actual cash value (which includes depreciation) based on comparable vehicles available for sale in your geographical region.
Myth: The insurance company will pay off the entire amount owed on my loan.
Fact: The actual cash value settlement may be below what is owed on your vehicle loan, which is why it is important to determine if you purchased gap insurance when buying the car from the dealership. Gap insurance covers the “gap” between what is still owed and what is offered for settlement.
Talk to your case manager about your total loss settlement questions and see if we can be your advocate throughout this process.
Re-Claim Your Vehicle’s Value
If your vehicle was damaged in a crash and has been repaired by the insurance company, you may be able to re-claim the value that was lost due to it having been involved in a car accident. It’s no secret that vehicles with a clean Carfax often fetch a higher trade-in or selling price, and we want to help you recuperate that loss. Ask your case manager about how to file a diminution in value claim, often referred to as “DIV” for short.
This type of claim is excluded under the collision coverage on your own policy, but may be recoverable with the at-fault party’s carrier. Typically, the at-fault insurance carrier will have you fill out a packet of paperwork about the details of your car and the damage it sustained, and then they will have your claim reviewed for a potential compensation offer. This offer is negotiable. Also, keep in mind this type of claim is often only reviewed if your vehicle is less than 5 model years old or newer, has less than 100,000 miles on it, and has never been in an accident before. Talk to your McDivitt attorney or case manager today to see if pursuit of a diminution in value claim is right for your situation!
Rental Vehicle Policy
Did you know the at-fault insurance carrier owes you a rental vehicle for the active and reasonable repair time of your vehicle or during the total loss settlement process? According to the Department of Insurance regulations, you are entitled to a similar class of vehicle to the one that was damaged in the auto accident. This means if you drove an SUV before the accident, the insurance company owes you the same rate an SUV can be rented for after the accident. If your vehicle is deemed to be a total loss – meaning it would cost more to repair than to replace – your rental will be available to you for up to 3 days from the time the settlement offer is made.
Here is a quick money-saving tip when you get your rental: The rental agency will offer you a daily coverage charge to ensure the rental is insured for the time you are driving it. This charge can be up to $15/$20 a day, but if you do not carry full coverage on your policy, then the at-fault insurance company is responsible to pay this fee. Sometimes your current insurance policy offers coverage while you are driving a rental, so check with your agent or insurance adjuster today to see if your policy has full coverage to avoid any unnecessary out of pocket costs!
McDivitt Law Firm’s car accident lawyers are here to help you obtain the compensation you deserve. If you have been in a car accident, call us toll free at (877) 927-0567 or click here for a free consultation.Back to the Blog