Is your car repairable, or a Total Loss?
You have just been in an automobile accident and now you are wondering if your vehicle is repairable or if it’s totaled. Your body shop manager says that they are certain they can repair it, but the insurance company says they want to total it! What to do? Who do you believe? What are your options?
A car is generally considered totaled, or a ‘total loss’ when the cost to repair the car exceeds a percentage of the value of the car. Some states have laws that define a totaled vehicle by specific thresholds. In many States, a car may be totaled when the damage is greater than 75 percent of its value. Oklahoma is 60%, and in several States, including Florida, it’s 80%.
In a Florida case, if a vehicle is worth, let’s say $20,000 and the repair estimate is at or close to $16,000, the vehicle would likely be considered totaled. Often the full extent of the damage is unknown until the vehicle is fully dismantled, and in many cases the final repair bill, including all the supplements (that’s auto insurance speak for additional costs), exceeds the initial repair estimate. For this reason, accident vehicles with initial repair estimates of less that the State’s determined percentage are often declared a total loss, as it’s highly likely that the final cost will indeed exceed the determined percentage.
In almost all cases, the insurance company’s adjuster determines whether a vehicle is considered a total loss, and usually their word is final, despite what your friendly body shop claims. Many owners of total loss vehicles proclaim ‘but, I don’t want my (name your vehicle) totaled, I want it fixed! Almost always, it’s the insurance company’s decision, not that of the owner!
Almost all auto insurance policies have an ‘Appraisal Clause.’ It’s one of the auto insurance industry’s best kept secrets. Research it and be aware! An appraisal clause is a clause or paragraph found in most, but not all, insurance policies. It is designed to be a way of reaching a settlement when there is a dispute over the amount of a loss between you and your insurance company and can be invoked by either party. The appraisal clause is generally found in the "Damage to Your Auto" section of your policy.
For more information, call/text 786-853-0711
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