What is the car total loss process? Once you are in an
accident, the guarnatee firm must peruse the car and decide whether
the damage was large enough to assert a unblemished loss.
Most guarnatee clubs will want to peruse the vehicles
themselves. In most accidents, guarnatee clubs have popular ,favorite body shops
write estimates and they at last issue payment based on that estimate.
However, when there is a inherent for a car total loss, most guarnatee
companies want their guarnatee adjuster to peruse the vehicle.
Car Value
The hypothesize for this is the friction of interest that arises
from the arrangement between the guarnatee firm and the body shop. Body shops
are in the firm of fixing cars. They have a vested interest in quoting the
repairs so the car can be fixed and not assert it a car total loss.
For all practical purposes this means that you will be
waiting longer. Regularly it takes two to three firm days for the body shop to
issue a mend estimate. If the claim adjuster or the field representative has
to peruse and write their own estimate, then you will be waiting three to five
more days to get to the location of your car.
Before the adjuster comes out, she/he will submit all
pertinent data about your car (year, make, model, and mileage) to a third
party company. This firm Regularly is Ccc
Information Services Group, Inc. Ccc will do a preliminary narrative to
determine what the value of your car is so the adjuster knows what the guarnatee
company would be looking to if there is a total loss.
Depending on your state law and the specific guarnatee
company, there will be a car total loss when the guarnatee firm believes that
the cost to fix the car reaches 70%, 80%, or even 90% of its total value. It is
always a good idea to ask the adjuster what is the threshold they use to
determine a total loss.
When the car is being estimated by the car total loss
adjuster, this individual will be looking at the condition of the vehicle. They
will note how "clean" the car is, what is the exact mileage, and what
equipment and options the car has. All of this data will be reflected in
the final assessment of the vehicle.
The adjuster will then submit the inspection narrative again
to Ccc. Ccc will send a final narrative showing comparative prices for the vehicles
in your local market. They will make what the fair market value of the car
is and what a fair offer of village would be. For more data on how to
dispute this narrative visit:
http://www.auto-insurance-claim-advice.com/car-total-loss-2.html.
Next, the adjuster must decide who the lien holder of
the car is. If you have a car loan, the guarnatee adjuster must get that
information so they can touch the bank to decide how much is owed. There
are different requirements guarnatee clubs must follow. If the guarnatee
company you are dealing with is your own (you are claiming the car total loss
against your own guarnatee company) then they will be bound by the terms of the
policy, which 99% of the time requires them to pay the bank first. If you are
making a total loss against someone else's guarnatee firm (the someone that
hit you), then this requirement does not exist (there is no actual course to be
bound by).
If you have a loan, then the guarnatee adjuster will
request from the bank a Letter of Guarantee. This letter is an agreement between
the bank and the guarnatee firm that for the payment of x amount, the bank
will issue the title of the car to the guarnatee firm directly. This
process Regularly takes four to five days.
If the estimate you owe for the car is less than what the
insurance firm will pay for the car total loss, then the guarnatee firm
will pay the loan estimate and then issue you a second check directly. If the loan
amount is higher than what the car total loss offer, then you will be upside
down your loan. You will be required to continue production payments even though the
car title will be transferred to the guarnatee company.
Once you receive payment for your loss, you will be able to
go out and get someone else car. For more data the total loss process and how
to protect your interest, visit:
http://www.auto-insurance-claim-advice.com
