The ACV or actual cash value of your car is what the insurance company will pay you for it if it is totaled or if they give you a check to trade in your vehicle. The ACV is determined by looking at the car’s retail price, how much it would cost to repair it, and whether or not they can find a used replacement for you. You can consult an auto accident lawyer to help you get the best value for your car after an accident.
The value of auto coverage depends on several factors, including:
- The amount of coverage you select
You have the option to select higher limits or lower limits. Higher limits will cost more money every month.
- The type of coverage you choose
Comprehensive coverage pays for losses unrelated to a collision, such as when your car is stolen or vandalized. Collision pays for damage when you are in an accident with another vehicle or object, such as a fence post or tree limb. Collision and comprehensive pay for tires and wheel rims stolen from your car and glass repair costs resulting from vandalism.
- The age, mileage, and condition of the vehicle
If the vehicle is older, it won’t be very worthy. Cars that are in great shape will be valued higher than vehicles that are not in excellent condition.
Unfavorable weather conditions or taking your vehicle off-road are among the things that can accelerate wear and tear on your car.
- The extent of damage, including the extent of the actual cost to repair your car:
If you have a collision and there is a loss of use, it may be impossible to put your car back into service as long as it is damaged beyond roadworthy. In this case, your insurance company will probably give you a check to buy a new vehicle for replacement purposes. That can be affected by how much it would cost to repair your car.
- The option to insure against theft or damage
If you insure against theft or damage, your vehicle will be covered for loss of value. If your car was stolen and was never recovered, the value of the auto coverage could be what you paid for it when you bought it; there would be no depreciation because it was never driven. If the vehicle were damaged but fixed and put back into service, the value would depreciate at an average rate because it had been repaired and driven again.
The value of your vehicle is usually less than what you paid for it because most cars are depreciated the minute you drive them off the lot.
Your fault can complicate things
What happens when you also have a share in the blame? Car accidents are rarely easy to understand. Unless a complete investigation is done, it can be hard to determine what or who caused the accident in the first place. If you had a share in fault, that would determine what you can recover in a settlement. For instance, if you were found to be 20% at fault and were given $50,000 in a settlement, you can only get $40,000 as the final compensation, even though that doesn’t cover all your losses. If you are more at fault than the other driver, you cannot recover anything at all.
If you had a share in fault, consider calling an injury lawyer to protect your rights and interests. An experienced lawyer can offer an overview of your accident claim and what you can expect from the case.
Find fault and liability
Car accidents are often complicated and can involve multiple vehicles and parties. If there is more than one driver at fault, the contributory negligence laws will come into play. When your share of fault is more than 50% or higher than the party you are trying to sue, you cannot recover anything. However, if you are at a minor fault, you can still get compensated for the damages, but the awarded settlement will be lower depending on your fault percentage. When you hire an attorney, they will investigate the accident and gather evidence to prove everything in your claim. They will handle things like –
- Getting the police report
- Contacting witnesses for statements
- Talk to the insurance representative
- Talk to medical experts and professionals about your injuries
- Get help from accident reconstruction experts
Negotiate with the insurance company
One of the key reasons to hire an accident lawyer is to negotiate with the insurance company. While insurance ads look awesome on TV, these companies don’t act in the same manner regarding claims. The claims adjuster will try to downplay your injuries or use bad faith insurance tactics to deny your claim. When an attorney is working on your side, they will negotiate on your behalf to ensure that you don’t settle for less.
While accident claims are settled through discussions and negotiations, some do end up in court. If that is necessary, your lawyer will initiate proceedings to take the matter to trial. They will ensure that the evidence is enough to prove that the other party is negligent. Check online now to find more on accident lawyers near you.