So…your vehicle is wrecked…a potential “total loss”. What do you do to get your claim reported, your vehicle valued and salvaged, and most importantly, to get paid? There are several steps, none of which is difficult, but all of which are important to getting your claim settled.
- Report your claim to your insurance company, even if you are not at fault. It’s important to report you to claim because if your vehicle is totaled, it’s probably in a storage facility somewhere drawing storage charges. Your company requires you to help them to mitigate your damage. If you let the car sit there, you may become liable for some of the storage charges. Late reporting is never good for your claim. The total loss process itself can take a long time.
- Work to get a fair settlement. Your company is going to offer you actual cash value for your vehicle, based on the values of vehicles in your area. This is done through a national database. Your vehicle may be valued at “average value”. If your vehicle was in above average shape or has low mileage. Be prepared to have valuations that more closely represent your vehicle’s value.
- More than likely, there is an arbitration clause in your insurance policy contract. If you can’t agree on the value, you get an arbitrator, they get one, those two elect the third one, and a decision is binding based on two of them agreeing. Be prepared to have your evidence ready.
- Once you have settled, comply with your company’s request for paperwork. They will tell you what they need, such as your title signed over to them, an odometer statement, and/or state-specific forms they may require.
- Decide if you want to keep your vehicle, or let your company take it. You can decide to keep your vehicle, but it’s important to know if you can get a salvage title or not. If you keep it, you can sell it on a bid-basis. Just click below and go to “non-member access” to request a bid through IV Auto Inc. We will purchase it from you with your valid title at an amount guaranteed for 30 days, tow it away, and bring you a check for the agreed amount: https://ivautoinc.com/