After a car accident, usually the first and most urgent need is to have your vehicle repaired. In today’s society, a broken or undriveable vehicle can have serious financial repercussions, not to mention extreme inconvenience.
You may already have firsthand experience of how difficult it can be to try and settle a fair value amount for your property damage with an insurance company. A regulator is not your friendly insurance agent. You and the regulator have conflicting goals: you want full and fair recovery and they want to pay you as little as possible.
Follow these steps to efficiently and effectively deal with your property damage:
1. Prepare your insurance claim. Contact your own insurance company immediately. If you have collision coverage, let them handle property damage for you. You will pay out of your own pocket for the deductible, but at least your car will be repaired in the shortest possible time. Your insurance company will collect the deduction from the guilty party, so that you will eventually be paid off.
If you don’t have collision coverage (be sure to add this to your future insurance policy), contact the offending party’s insurance company (see driver exchange card or police report for information). Notify them in writing if necessary. You have to keep reminding them to follow up and inspect the vehicle.
2. Document the damage. Take a photo. Look for hidden damage under the vehicle. Record the damage. Ask an independent appraiser to inspect the vehicle (let your attorney refer you to someone).
3. Cooperate with tuner. Don’t talk to an adjuster for the guilty party about how the accident happened unless you are accompanied by your attorney (if applicable). However, allow them to get out and inspect the vehicle as soon as possible. Working with both insurance companies is essential or you risk losing your coverage. Have your attorney present whenever anyone asks you to explain the accident.
4. Question their judgment. Drive or tow your car to another shop (or two) to evaluate the damage. Rarely are two judgments identical.
5. If your car is added up, find out how much your car is worth. You are entitled to compensation for the “fair market value” of your car. Insurance companies are very good at determining the lowest possible value for your car. Contact several car dealers and ask for ads for cars similar to yours to determine if the values they are using are accurate.
6. Don’t forget taxes, licenses, and registrations. If your car is totaled, you are also entitled to reimbursement of sales tax, registration and license costs.
7. Remember the rental car. In many cases, an attorney can help you obtain a rental vehicle (under a lien) as long as your claim is being evaluated and your vehicle is inspected. It’s important to keep rental car usage to a minimum to maximize your recovery.
