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6 Things Your Insurance Company Doesn't Want You to Know If You Total Your Car - Jorgensen & Salberg LLP

The following six (6) items are things your insurance company definitely does not want you to know about when you’re negotiating the value of your vehicle.

You have been involved in a car accident and your car is totaled (this means that the car costs more to fix than it is worth). If the insurance company offers you a settlement on your total-loss claim, the following six (6) items are things your insurance company definitely does not want you to know about when you’re negotiating the value of your vehicle.

1.) The Total-Loss-Settlement Amount Your Insurance Company Offers Include Mandatory Taxes And Fees. Your insurance company is required to pay you what is known as the actual cash value (ACV) of your vehicle. ACV is the market value of the vehicle taking into consideration pre-loss condition, options, and mileage. To determine the amount it will pay you, your insurance carrier researches your vehicle’s market value by comparing your vehicle to vehicles that are for sale in your local area.

EXAMPLE: If your insurance company offers you $10,000 to replace your vehicle, and you search the local market and find your car selling for around $10,000, you may be tempted to accept their offer. However, they are trying to cheat you out of $875. Even though the ACV for your vehicle is $10,000, they have unfairly valued your vehicle at $9,125. The carrier merely included the sales tax already owed to you in their offer. If the market value of your vehicle is $10,000, the insurance company owes you $10,875 ($10,000 + 8.75% tax).

2.) Payment Of An Undisputed Part Of A Claim Is Required By Department Of Insurance Regulations, And Does Not Bar A Further Recovery Of Benefits Under Your Policy. The Department of Insurance’s regulations make it clear that every insurer shall immediately, but in no event more than thirty (30) calendar days later, tender payment of the amount of the claim which has been determined and is not disputed by the insurer. [CaliforniaCode of Regulations, Title X, Chapter 5, Subchapter 7.5, Section 2695.7(h)]

Moreover, an insurer may not issue a check in partial settlement of a loss or claim that contains language releasing the insurer or the insured from total liability unless the policy limit has been paid or there has been a compromise settlement agreed to by the claimant and the insurer. [10 Cal. C. Regs. § 2695.4(f)]

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7 Things Your Insurance Adjuster Doesn't Want You to Know

We all know what their commercials say: they’re like a good neighbor, they’re there when you need them, they’re on your side.

It’s easy to a-sume that the insurance companies are working hard to “get to the bottom” of an auto accident or to “do the right thing.” You might even believe that your own insurance company has an obligation to represent your best interests.

Insurance companies are for-profit corporations. Their biggest concern, above all else, is their bottom line. They would rather pad their own pockets than yours. And at the end of the day, they care more about their shareholders than you.

But don’t make the mistake of confusing those obligations with a duty to work toward your best benefit. That’s the kind of duty you can expect from an attorney — but insurance companies never act as your agent. (Remember: an insurance agent is an agent of the insurer, not the insured!)

And at the end of the day, if the claims adjustors a-signed to your case can find any way to pay you less money — or no money — they’ll take it in a heartbeat.

If you’ve received an early settlement offer from an insurance carrier, it’s a safe bet that the offer represents less than you’re really owed. Probably a lot less. And the insurance company already knows that.

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What Not to Say to Your Insurance Company After an Accident | Michael T. Gibson P.A., Auto Justice Attorney

Category: Your Insurance Company

If you or a loved one sustains an injury in a motor vehicle accident, contact an auto accident attorney at Michael T. Gibson. P.A. today.

It will not take long after a car accident for your phone to ring with inquiries from other interested parties or the at-fault parties’ insurance companies. Insurers frequently attempt to contact accident victims just hours after an accident or as soon as the next day. What you say to an insurer during this time can and will affect your case. Before you speak to an insurance representative, take the time to understand your rights and what you should and should not say.

The last thing that many victims want to do after an accident is to discuss the events with their insurance company. While you don’t necessarily have to share all of the traumatic details of your accident with your insurance company, you do have certain obligations as an insured that you must abide by. Under the terms of most insurance policies, an insurer agrees to notify the insurance company when an accident occurs.

Even if you feel confident that you played no part in causing your accident, you still face a contractual obligation to notify your insurer that an accident has taken place. Failure to comply with notification requirements in your policy could result in a denial of your claim, cancellation of your coverage, or increases in your policy premiums.

When providing notice to your insurance company, however, you do not have to make any statements on the details of what happened in your accident. While you must notify the insurance company of the accident, you should not explain the details of the accident, your injuries, or other potential damages at this time. Your lawyer can do that for you.

It can prove difficult to speak with an insurance company representative. Before you make or accept a call from the insurance company, understand that the adjuster will likely try to get as much information from you as possible. You have the information that they want, and you must remain in control of the conversation at all times. Do not offer up more information than you feel necessary, and be purposeful in what you say and do not say.

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Fed Speak: Bloomberg Surveillance 10/04/2022

2:12:59 - 2 years ago

Tom Keene, Jonathan Ferro and Lisa Abramowicz have the economy and the markets "under surveillance" as they cover the ...

How Auto Insurance Companies Value Your Car

Understanding how your car is valued will help you select auto insurance coverage. Learn how your insurer evaluates your car's worth.

A beneficiary, in the context of insurance, is any person or legal entity who is entitled to the benefits, proceeds, and/or earnings of a life or health insurance policy. They are often named or described with reasonable certainty in the contract of insurance. Beneficiaries of insurance policies... View Full Term

If your car is totaled or needs expensive repairs after an accident, your insurance company will pay out a claim to help you replace or fix your vehicle. But it isn't always clear how they determine the amount of money they'll give you.

One of the important factors involved in coming up with that figure is your car's value. And although that value makes a big difference when you're filing an insurance claim, most people don't know how insurance companies calculate it.

On its own, that wouldn't be such a big deal. But being in the dark about your insurer's valuation process means you might not have as much insurance coverage as you think you do. It's not uncommon for car owners to file an insurance claim and be sorely disappointed when they learn how little they'll be getting.

We want you to make the right decisions when it comes to your insurance, so we've put together a few things you should know about how your car is valued by your insurance company.

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What to Do When You Don’t Agree With the Insurance Company

Category: Your Insurance Company

Keep calm I get that you are upset. You don't want the problem to become about you and not the disagreement you are trying to solve. Ask for what you want from the company, and do so calmly and politely. Keep track of who you speak to, what they say, when and how you did it as you

I get that you are upset. You don’t want the problem to become about you and not the disagreement you are trying to solve. Ask for what you want from the company, and do so calmly and politely. Keep track of who you speak to, what they say, when and how you did it as you work through the claims process. Keep a log of all written correspondence.

Sometimes people get angry about a simple understanding. Make sure you and your insurance adjuster understand each other well. You can help them clarify what they are trying to say and then ask if it is true. It doesn’t matter if there is a simple misunderstanding. Once you get to know each other, it can be fixed. Understanding why the company made this decision is important so that you can decide if you will be able to contest it.

Ask the adjuster what they would consider if you file a claim against your policy for damage to your property. You should ensure that the adjuster has all the information about the property, including brand name, age, and any special features. If nothing else works, you can find the “appraisal” clause in your insurance policy or request it from your insurance company. This section of the policy describes how property value disagreements will be resolved. It usually states that the appraiser will be hired by you and your company. If the appraisers are unable to agree on the loss, the umpire will decide the correct value. The cost of your appraiser would be half of the umpire’s cost. However, if there is significant money at stake and you believe you have a chance of winning, the expense could be worthwhile.

You must ensure that you have all documentation if you file a claim against an insurance company. In order to allow the adjuster to document your injuries, you should provide contact information for all doctors that you visited if you were hurt. Keep track of all medical expenses, lost income, as well as travel costs. Photographs should be taken if you have scarring. Check the police report, if any, to determine if the insurance company has all relevant facts.

Proper documentation is essential to resolve your claim. If you are unable to settle your claim, send a letter to your insurance company and include a copy of the letter. If you need to prove anything, this will come in handy.

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What Is Insurance?

Category: Insurance Company

Insurance is a contract between you and your insurer. You pay a premium, and the insurance company agrees to pay for certain types of losses you may experience.

Lorraine Roberte is an insurance writer for The Balance. As a personal finance writer, her expertise includes money management and insurance-related topics. She has written hundreds of reviews of insurance products.

Gina LaGuardia has more than 25 years of experience in senior editorial roles, and is an expert in personal finance topics, including banking and lending. She has created content for financial powerhouses such as Chase Bank, American Express Canada, First Horizon Bank, BBVA, and SoFi.

Insurance is a way to protect yourself from potential financial losses. It’s a contract between you and an insurance company in which you agree to pay a premium in exchange for the company's promise to pay a set amount of money if you experience a covered event. Insurance is commonly used to cover the costs related to a car accident, medical expenses, or damage to your home, up to the limits of your policy.

For example, if you have a car insurance policy with a $25,000 limit on collision coverage and you get into an accident that causes $30,000 worth of damage to your car, the insurer would pay a maximum of $25,000 to help cover the cost of repairs.

Depending on the terms of your policy, you may be responsible for a deductible if a covered event occurs. This means you'll be responsible for covering a set amount before your insurance coverage kicks in.

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How to negotiate with a car insurance company after a total loss

When your car is a total loss, make sure to carefully review the settlement offer and counter with your own if you’re unsatisfied, using extra documentation to prove your case.

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Lena Borrelli is a freelance writer from sunny Tampa Bay who has worked with such leading industry titans as Gronk Fitness, Morgan Stanley, Wells Fargo and Simon Corporation. Her work has most recently been published on sites like TIME, Microsoft News, Bankrate, Investopedia, Fiscal Tiger, The Simple Dollar, ADT and Home Advisor. Read full bio >>

Les Masterson has more than 20 years of writing, editing and content creation experience. He has researched and written extensively about health insurance and health care for consumers, executives and hospital CEOs. Before focusing on insurance, he covered everything from local planning boards to presidential politics in his journalism career. Read full bio >>

While speeding remains a leading cause of traffic accidents, our 2021 Distracted Driving Survey shows that texting is also to blame as the biggest factor in distracted driving. Incurred losses for 2020 were $54,683,622 in auto property damage, with the Insurance Information Institute showing that although pickups experience the worst claims severity, passenger cars actually file the most claims.

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Tips for Negotiating With Insurance on a Totaled Car - AutoInsureSavings.org

Do you have a totaled car you're unsure how to proceed? Our guide will help you deal with negotiating with insurance on a totaled car so you get the best deal.

If your car has been totaled, your insurance company is going to try to pay as little as possible for the vehicle. If you think the value of your car is worth more than your auto insurance is offering, you might need these tips for negotiating with insurance on a totaled car.

Advertiser Disclosure: We strive to help you make confident auto insurance decisions. Comparison shopping should be easy. We are not affiliated with any one auto insurance provider and cannot guarantee quotes from any single provider. Our partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

One of the most common misunderstandings that most people have when dealing with an insurance company is the belief that they will be paid the price they paid for their car if it is totaled.

Your insurer is not going to give you more money for your car simply because you think it is worth more than their estimate, just as they will not allow you to determine your own insurance rates or insurance claims.

The bad news is, if you want more money for your car, you’re going to have to spend time negotiating with insurance on a totaled car, regardless of if you consider your insurer to participate in fair dealings during the total loss settlement negotiation process.

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It's Time to Sell Your Insurance Business: What's It Worth?

For my guys and gals who have narrowed down the retirement possibilities and want to sell, we need to talk about something really important: your book's value.

So, today we're going to help you figure out what your book of business is worth. I'm going to share a bit about some books we have bought, the variables that go into a book's valuation, and what you can do to increase the value of your book.

There are many things that go into the valuation of a book of a business – and we'll cover that shortly – but there are some basics we should cover first.

A book of business in the senior insurance world is going to be valued based on your annual gross commission. So, when someone says "My book was valued at 1.5x," they mean that their book is valued at 1.5x their annualized gross commission.

In most cases, when an agent is offered 1x, it's someone who just buys the book and lets it ride out. Their plan isn't to actually take care of the customers and grow the book – it's just to end up on the right side of the investment.

Be careful of offers like that. People that don't want to service the clients will offer a really low valuation. One gal I was chatting with recently had a mostly Medicare Advantage book of business. One organization offered her 90% commission in the first year, 10% in the second year, and nothing after that. That was it. That's a really low valuation.

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How to Negotiate Your Car's Value after an Accident - ValuePenguin

After getting into an car accident, you will need to seek recompense from an insurance company. It is important to realize anyone can negotiate with an insurance company if they feel they are not being adequately compensated for their damages. Here we discuss some important tips for negotiating with your auto insurance company.

After getting into a damaging car accident, there will come a time when you will need to seek compensation from an insurance company. The process of receiving a fair payout can be tricky, however.

After all, insurance companies lose money when they are forced to pay out for an accident. A claims adjuster for a company wants to pay you the smallest amount reasonably possible for your damages.

Knowing the true value of your car is vital when negotiating with an insurance company. After you get into an accident, the car will be sent to a claims adjuster who will determine how much it will take to repair it.

Depending on the type of claim it is, first-party benefits or third-party benefits, you will either deal with your own company in the case of the former or another driver’s company in the case of the latter.

With the adjuster having an incentive to not pay the full amount in either case, knowing the true value of your car will tell you if you are getting a good deal or not. We recommend you collect estimates from several sources.

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Can an Insurance Company Force You to Total Your Car? - Policygenius

Category: Your Insurance Company

Your insurance company may declare your car a total loss after an accident, but you have the option of keeping the car if you choose.

Anna Swartz is a senior managing editor and auto insurance expert at Policygenius, where she oversees our car insurance coverage. Previously, she was a senior staff writer at Mic.com, as well as an a-sociate writer at The Dodo.

Kara McGinley is a senior editor and licensed home insurance expert at Policygenius, where she writes about homeowners and renters insurance. As a journalist and as an insurance expert, her work and insights have been featured in Kiplinger, Lifehacker, MSN, WRAL.com, and elsewhere.

If your car is severely damaged in an accident, your auto insurance company may declare it a total loss, commonly referred to as “totaled.” This usually happens when the damage to the car would cost more to fix than the car is actually worth, or would cost more than a certain percentage of the car’s value. If you have comprehensive and collision coverage as part of your car insurance policy, a total loss will be covered, and you’ll be paid the actual cash value (ACV) of the vehicle.

If your insurance company declares your car as totaled, and you disagree and want to dispute your insurer’s valuation, you’ll need lots of evidence proving your car is worth more than what your insurer determined. This can involve negotiating with the insurance company, hiring your own appraiser, and going through a lawyer.

Usually, a totaled car goes to a salvage yard, but you can choose to keep your vehicle. However you cannot legally drive it until it’s fully repaired and declared a rebuilt

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Is Life Insurance Worth It? – Forbes Advisor

Jul 13, 2022 · The average cost of life insurance will vary dramatically depending on your health and age, gender, death benefit amount, type of policy (i.e., term or permanent) and more.. For …

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Negotiating Insurance if Your Vehicle Is Deemed a Total Loss

Any upgrades you made to your car could increase its value. Show the insurer photos or receipts of upgrades such as: Improved sound system; Add-on spoiler; Remote starter; New paint job; …

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What You Need To Know About Car Valuation And Insurance

Category: Your Insurance Company Agree

May 05, 2021 · You’ll typically have two different payout options if your classic car is totaled: Agreed value. You and your insurance company agree upon the value of your vehicle in …

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How Car Insurance Companies Value Cars - Investopedia

Category: Insurance Company

Mar 03, 2022 · An insurance company may consider the car to be totaled even if it can be fixed. Generally speaking, the company decides to total a car if the cost to repair it exceeds a certain …

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disputing-the-total-loss-value-from-your-insurance-company,not …

Now you may notice , the FOS takes little notice of examples in the market place, yet your policy says “for the market value, you should be able to replace your vehicle with one of the same …

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YSK If your car is totaled, tell your insurance company to find 3 ...

Category: Insurance Company

What to do: Situation 1.) Ask the insurance company to provide you with a list of 3 of the exact same trim of vehicle, in the same condition, with the same mileage for the $ they're giving you. …

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Why are you Insuring my Home for More than it’s Worth?

Category: Your Insurance

Moreover, companies require that your insurance covers at least 80% of the replacement cost of your home in order for them to fully cover your replacement costs. Let’s say your home …

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