Your car was damaged in an accident. The good news is that the event is covered in the terms and conditions of the insurance policy held by the responsible party. The bad news is that you are about to begin a cycle that focuses on determining car value for insurance claims Fort Worth TX that ultimately leads to a decision by the insurance provider. You should take the inspection and assessment by a professional seriously for several reasons, including the following.
Knowing What the Car Was Worth Prior to the Accident
The inspection is focused on coming up with two important figures. One is evaluating the vehicle and identifying what it was worth before the accident took place. That figure will set the benchmark for everything that is to follow.
The other focuses on the cost of repairs and a projection of what the car will be worth once the damage is repaired. That will also figure prominently in how your claim is viewed. For this reason, you want to ensure the professional who conducts the inspection is certified and has an excellent reputation.
Understanding How the Cost of Repair is Considered by the Insurance Company
Both of these figures are key to the insurance company entertaining the claim. Knowing what the professional identified as the value prior to the accident makes it easier to decide if a repair is the way to go.
When considering the cost of the repairs, the insurance provider may determine if that cost is prohibitive, given the car’s pre-accident value. If the repairs amount to less than the car’s worth, then repairs are likely to be what the provider offers. Should the repair cost exceed the car’s value, the provider will likely want to total the car.
Deciding If You Want to Accept an Offer to Total the Vehicle
If the provider’s decision after reviewing the car value for insurance claims Fort Worth TX is to total the car and offer a cash settlement, it’s now your turn to make a decision. One option is to accept the provider’s offer, and surrender the car to the provider in exchange for the promised settlement. If that would leave you with enough to replace the vehicle, this is the usually the quickest way to settle things.
You could decide to reject the offer and repair the car with your own resources. This does not mean that no money is forthcoming from the provider. Even so, if you want to keep the car for sentimental or other reasons, you can certainly choose this option.
Determining if Negotiating With the Provider is Worth It
There is one other approach to try, and that’s negotiating with the insurance provider. If you decide to try this strategy, consider finding an independent certified appraiser who can take a second look at the car. If there’s some difference between the findings of the two parties, you may have grounds that motivate the insurance company to take a second look.
The results of that independent inspection may also confirm the earlier results. Should that happen, you may decide to go with whatever offer the insurance company has presented.
It’s to your advantage to remain up to date on what’s happening with the claim. Doing so will help you be aware of what’s been done, what’s left to do, and even consider how you would react to different solutions. When the time comes to consider the offer from the provider, you will know what should be done.