Top Dollar for My Wrecked Car: How Much Are You Owed?

Car Accident Attorney Phoenix, AZ

How Much Should You Be Paid For Your Wrecked Car?

When your car has been in an accident, it may be completely wrecked. One of the first thoughts you are likely having is questioning how much you can get for your wrecked car. After all, you need to move on and find another vehicle that can safely take you where you need to go. So, how do insurance companies determine how much your wrecked car is worth? Does it matter if it’s in nice condition or how old it is? These are certainly some of the factors. 

What happens once my car is totaled?

It is a sad day for almost anyone if they learn their car has been totaled. Though they may be happy to be in better condition than their car, learning you need to get a new vehicle can be stressful, especially if you are waiting to hear back from the insurance company about how much you are getting for your wrecked car. There are usually certain steps that occur when an insurance company is valuing the amount of money that your car is worth. 

  1. The first thing that an insurance company will do is send someone to look at your vehicle and assess it: what kind of damage is it in? Was the car in overall good health? How old is it? The insurance adjuster will first need to determine if the vehicle is in working condition or if it is totaled. 
  2. If the adjuster decides that your vehicle is totaled (and thus is no longer drivable), they will make a claim on how much you should get paid based on the pre-damaged vehicle. So, if you took your car to a car dealership to sell it right before the accident, they give you an offer based on this number. 
  3. The insurance company typically also sends out a third-party, supposedly unbiased appraiser to come up with a number as well. The insurance company will use both numbers and bring an amount to you that they are willing to pay.

Typically, what happens next is the insurance gives you a lowball offer. Especially for someone who is not used to working with an insurance agent, you may wish to take their offer and buy a new car. The problem is, because of how quickly a car depreciates, you will have to use your own funds in addition to what they are offering to buy a car that was the same quality as your wrecked car. Understanding more about the process an insurance agent goes through when valuing your car can help you get top dollar after your car was wrecked so you do not accept the first lowball offer you receive. If you believe your insurance company is trying to pay you for significantly less than you deserve, an attorney can help you get the price you are owed. 

If you are asking yourself how can I get top dollar for my wrecked car: how much are you owed? Contact a car accident attorney Phoenix, AZ trusts to get the answers you need. Call the Saavedra Law Firm today.