In some car accidents, a cable car may be declared a “ sum loss. ” broadly, a sum loss means the cost to repair the vehicle exceeds 80 % of the value of the vehicle. Most people think that the “ prize ” of the car is the monetary value to replace it. That is not the casing. In fact, in most instances, the total loss payment from the indemnity company will not be enough to purchase an equivalent cable car .

Your Insurance Company Will Not Pay More Than Your Policy Limit

If your car is a sum loss from an accident, the indemnity company will pay you the actual cash value of your car, but no more than the policy terminus ad quem accounts for. The insurance company calculates the payout on the wholesale price a principal would pay for your car. This is their general definition of “ fair marketplace value. ” If you go through your own insurance company, it pays this measure, less your deductible. Since few of us are privy to wholesale prices, this normally amounts to a requital far below the cost to replace the car or pay off the lend. One way to protect yourself is to purchase “ gap ” indemnity that will pay off the lend on your vehicle if the sum paid by the insurance company will not cover the amount owed on the loan. Gap indemnity has certain restrictions, so cautiously read the policy before you purchase it .
now, California law is a bite different than the room insurance companies want to adjust the call. The law states : “ To recover damages for the passing, you must prove the bonny market value of the car just before the damage occurred. ”

‘ Fair market value ’ is the highest price that a uncoerced buyer would have paid to a will seller, assuming :

1. That there is no imperativeness on either one to buy or sell.

2. That the buyer and seller are fully informed of the condition and quality of the car .

Don’t Accept the Initial Offer from the Insurance Company

When settling a claim for the full personnel casualty of your car, remember, the insurance company wants to pay the least amount possible. You want the true “ bazaar market value ” for your car. Do your research and get prices on replacement cars. Do not accept the initial crack. Ask to see the background bring that was used to make the offer, and merely settle when you are satisfied. After all, you pay for policy, and it ‘s important to make indisputable that the coverage you pay for actually covers you in your time of necessitate .

Contact Our Attorneys for Help With Your Claim

The Inland Empire Law Group has offices in Rancho Cucamonga and Victorville, and proudly represents accident victims throughout the High Desert area and all of Southern California. If you feel like you ‘re not receiving fair discussion from the indemnity company after your accident, we can help. As experience California car accident attorneys, our mission is to ensure that no matter your situation, you get the aid you deserve. If you were injured, complete the form on this page for aid with your injury claim and besides get advice to help with the place damage claim .

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