Busted Bumper? 5 Things You Need to Know About Property Damage Claims
Insurance companies, rental cars, depreciation value – Oh my!
Settling a property damage claim after a car accident can be a frustrating and time-consuming experience. Far too often, the other party’s insurance company is less than timely or cooperative, leaving you in a guessing game and uncertain financial situation. Property damage claims can often be handled on your own, but should any complications arise, you may need some extra guidance along the way.
Read on for 5 helpful tips to help you navigate the claims process in North Carolina.
- If the other driver’s insurance company is uncooperative, you have another option. If you are having trouble with the other party’s insurance company, you can file a claim under your own collision insurance – even if it was their fault. Your insurance company can begin working harder on your behalf, and attempt to get reimbursement for the repairs and possibly your deductible as well.
- The insurance company is only required to pay Fair Market Value for your totaled car. If your car is considered a total loss, you should understand that Fair Market Value is the pre-accident cash value of your vehicle, often less than what is remaining on the loan. To learn more about how this is determined, and how you can negotiate value, download our free property damage e-Book now.
- If your car is repairable, consider the depreciation value. More often than not, the value of your vehicle will be diminished after an accident. For this reason, depreciation value should be part of the conversation as you negotiate with the insurance company. If the adjuster does not address the issue, you should be prepared to ask the necessary questions.
- You have the right and privilege to a rental car after the accident. And if your large SUV is being repaired, you should not be given a compact car as a rental. The other driver’s insurance company should cover your rental car fees from the time the claim is filed until they issue an offer. Learn more about your right to a rental, and how to insure your rental in our e-Book.
- If you are injured, settle your property damage claim but proceed with caution. It is typically safe to settle your property damage claim if you are still dealing with a personal injury claim. Just be sure that everything you sign pertains only to the vehicle. If you are having trouble distinguishing between the two, or if the process feels like more than you can handle, contact us for a consultation.
More Help From Our Attorneys
Our property damage e-Book can be a valuable post-accident resource to help you get the most out of your property damage claim. Download it today and keep it on hand in case a collision does occur in the future. If you’ve been seriously injured, call Ward Black Law at 336-333-2244, toll-free at 1-877-256-1214 or contact us online today for a confidential evaluation.