Total loss insurance claims: Who’s affected?
Was your total loss vehicle valued lower than you expected by your insurance company?
Some insurance companies may be using erroneous adjustments in order to lower the value of total loss vehicles.
After a total loss car accident, consumers have enough to worry about already without adding that insurance companies may force the valuation claims for the total loss vehicles lower than what they should be.
Indeed, some insurance companies have allegedly low-balled payouts for total loss claims by inserting a so-called “projected sold adjustment” to their total loss calculations, meaning that they’re taking into account potential discounts to buyers rather than the actual market price of the vehicle.
Do you qualify?
A number of major insurance companies may be erroneously adjusting the value of a vehicle to reduce the amount they pay for total loss on car claims.
If your payout for a total loss vehicle was lower than you expected, and you suspect these kinds of erroneous adjustments may be involved, you may be able to join a total loss valuation claim class action lawsuit investigation and pursue compensation.
Fill out the form on this page for more information.
What is a total loss car or auto claim?
After a vehicle is damaged in an accident, the insurance company will assess the damage to determine if it is a total loss, according to Investopedia. In the most basic terms, this occurs when the insured car is so damaged that the repair cost will exceed the value of the car.
Different states calculate total loss differently. Some states have set thresholds where total loss is determined by the damage amount in proportion to the vehicle’s value. Other states use a total loss formula, where if the cost of repair plus the salvage value is more than the vehicle’s actual cash value, it is considered a total loss.
What do insurance companies include in a total loss payout?
An independent appraiser typically determines the actual cash value of a vehicle involved in a total loss accident the moment before the accident occurred. There are many factors taken into account when determining a total loss on car calculation, such as mileage, condition, and wear and tear. They also compare the vehicle with comparable vehicles in the area.
Some states require insurance companies to cover sales tax, title fees, and registration fees as well, and even in states where these costs are not required to be included, individual insurance companies may include this in their contracts with policyholders.
How are insurance companies lowering insurance payouts?
When determining the amount of a total loss on car payout, some insurance companies are reportedly lowering the cash value of vehicles by inserting fraudulent adjustments, such as “Projected Sold Adjustments” that consider an assumed discount on a vehicle given to potential buyers, rather than using the actual market value of the vehicle.
Total loss valuation claims lawsuit investigation
Insurance companies should be paying consumers the full amount their total loss car is worth, rather than adding erroneous adjustments to artificially lower their payments.
If your payout for a total loss claim was lower than you expected, and you suspect these kinds of erroneous adjustments may be involved, you may be able to join a total loss valuation claim lawsuit investigation and pursue compensation.
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Join a Total Loss Lawsuit Investigation
Please fill out the form below. If you qualify, an attorney will contact you to discuss the details of your potential case at no charge to you.
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