If you were involved in an accident that was no fault of your own, we help our clients negotiate their property damage claim for FREE!
Insurance companies are in the business of making money, so they are always looking for ways to reduce their payouts. When you file a claim for damage to your vehicle, the insurance company will likely try to pay you less than the full value of your car worth.
There are a few reasons why an insurance company might not pay you full value for your vehicle after an accident:
- Depreciation: The value of your car depreciates over time, even if it is in perfect condition. This means that the car is worth less today than it was when you bought it. The insurance company will take depreciation into account when calculating the value of your car after an accident.
- Salvage value: If your car is totaled, the insurance company will only pay you the fair market value of your car, minus the salvage value. The salvage value is the amount of money that the insurance company can expect to get from selling your car as scrap.
- Your deductible: You will likely have to pay a deductible when you file a claim for damage to your vehicle. This is a portion of the cost of repairs that you are responsible for paying. The insurance company will only pay you the amount of the claim that exceeds your deductible.
If you are not satisfied with the amount of money that the insurance company is offering you for your vehicle, you may be able to negotiate with them. However, it is important to remember that the insurance company is not obligated to pay you the full value of your car.
Here are a few tips for negotiating with an insurance company:
- Be prepared: Before you contact the insurance company, gather all of the documentation related to your accident, including police reports, repair estimates, and photos of the damage.
- Be polite and professional: Even if you are frustrated with the insurance company, it is important to remain polite and professional. This will make you more likely to get a favorable outcome.
- Be persistent: If the insurance company is not willing to pay you what you believe your car is worth, you may need to be persistent in your negotiations. You may also want to consider hiring an attorney to help you.
