Beyond the related medical issues and lost wages that arise from a major vehicle collision, seeking the repair or replacement of your car can easily become a losing battle.
Regardless of who is at fault, evaluating the costs of repair versus those of replacing your vehicle, should not be left in the hands of the insurance companies.
Insurance companies prefer to make money.
Dealing with any insurance company, whether it’s your own or that of the other driver, can be a delicate road to navigate.
If you are found to be at fault for an auto accident, your premiums do not necessarily ensure that your insurance agent is focusing on your needs.
If another driver is determined to be at fault, expecting their insurance provider to care for you is often a fool’s errand and only a qualified auto accident attorney will be able to get you the compensation you deserve.
The truth is, unfortunately, that insurance companies exist to make money and this can only be done by paying out as little cash as possible when their clients cause a damaging collision.
Not all vehicle damage is created equally.
Despite popular belief, insurance companies don’t make the last call in determining if a vehicle is repairable following an auto accident.
The truth is, it is state law, not the insurance adjusters nor the repair shops, who determine what collision damage deems a vehicle unsafe following repairs.
For example, many drivers believe that the deployment of airbags during an accident will lead to the car being ‘totaled’. However, this is not state law.
Not only that, but these vehicles are not always uninsurable in the future. Many companies will require a full safety inspection once the repairs are complete, but they do not outright deny coverage just because it has been ‘totaled’ by another agency.
Carefully consider your financial future.
Fighting legal battles against insurance companies for compensation after a vehicle collision are quite complicated and tiresome ordeals.
Even if you are at fault, seeking counsel from an experienced auto accident attorney is your best bet to saving your sanity as well as your money. To begin with, any insurance settlement must be weighed against the long-term costs of replacing your vehicle.
On one hand, you could end up financing a newer vehicle, resulting in higher monthly payments. You could also end up with a car less reliable than your previous one when the insurance payment isn’t actually enough to fully replace your car.
Simply choosing to replace a totaled car can result in higher insurance rates and registration fees because a newer vehicle will be worth more.
The many variables that can affect a driver’s finances after a vehicle collision may lead them to make rash decisions. The best thing anyone can do in these moments is to stop and try to think clearly about the future ramifications of those decisions.
Just as you wouldn’t accept less than the cost of your medical bills in a settlement, nor should you rely on anyone but an accident attorney to help you determine the value of your vehicle.