Has your car been declared as totaled? And you are thinking how to get the most money from Insurance for totaled cars then you have hit the right spot. Today, Matrix insurance Services will unlock a guide that helps you negotiate the best offer with your car insurance company for a totaled car. Planning to get the best value for your money? Let’s find out how to do that.

Understand Insurance Company Offer

Once your car is declared as “Totaled car”, it’s basically a total loss for your insurance company.As a policyholder, you are expecting that insurance company will cover this total loss and provide you with a maximum settlement amount, which you will use to buy a new vehicle. Unfortunately, this expectation is hardly met in the real world.

Your insurer will put a low offer on the table for you. It could be lower than the market value or somehow equal to prevailing market price. They do this to preserve their profits and interest.

Now the question is should you accept this offer from the insurance company or not? The answer is absolutely not. You can get a better offer from the market, in some cases. Since you need coverage and settlement from insurance company, you will have to fight this battle but very carefully. So, we are going to explain:

How to Get the Most Money From Insurance for Totaled Car?

Here are some tips that will help you negotiate a better offer with the insurer.

Market Research is your First Step

You won’t understand whether a specific offer is good or bad until you compare it with the market rate. Insurance company has provided you with an offer. Now the next step is to take independent valuation from the market experts. You can take to used car yards and get some offers. It’s a good idea to try some online marketplace as well. The basic idea is to ascertain current market value.

Gather Supporting Document

You are claiming that your totaled car has a better market value than the one offered by an insurance company. Now you need to support this claim with some documents that prove the high market value of your car. You can gather some documents that showcase complete accident reports, and existing car conditions.

This car may be totaled now but maintenance records and reports will support your claim that you keep your car in a good condition.
It’s good to print all the conversation between you and your insurance company. Sometimes, insurers make some promises and you can use them to commit to promises in the worst case scenario.

Understand Your car Insurance Policy

Before you start arguing I deserve a better offer for my totaled car, you must understand what you signed up for. In simple words, reach your policy and get complete understanding of coverage limits, exclusive and other info.

This detailed reading will help you get a clear picture of what you are entitled to in case of total loss.

Negotiate With the Insurance Company

You have market offers, insurer’s offer, understanding of your insurance policy, and all supported documents. It means you have all the weapons in your arsenal and you are fully ready to fight in the battle ground.

Now it’s time to start negotiating and send a counter offer. This whole process of negotiation won’t get done in just one sitting or phone call. It will be back to back emails and conversation.Thereby, you may lose temper. But if you want to win the battle, keep your patience intact and stay calm and police. You can damage your case by losing your temper.

Contact Manager

It’s quite possible that you don’t get a positive response from your insurance agent. In that case, ask them that you want to speak up with the manager. Just don’t say that I deserve to get more from insurance for my totaled car.

Instead support your case with evidence and documents. Use small things for your favor.

What to do when you don’t get more money from insurance for your totaled car?

Let’s say you did everything we mentioned above and still did not obtain a better offer. Then you need to involve a third party. You can request your car insurance company to bring an impartial appraiser. This expert can help you establish fair market value and easily prove that an insurance company is giving you a low offer or undervaluing the total loss.

It’s a fair request once negotiation fails. But it’s the last card you use and normally it works. You get a better offer for your totaled car. How and why? Well, the insurance company needs to hire a neutral appraisal, which means paying more money and wasting more time. They would like to settle this offer without involving a third party.

How Long Does It Take to Get an Insurance Check for a Totaled Car?

There is no exact time frame to get money from insurance for your totaled car. Law require companies to settle his claim as soon as possible but it may takes from several weeks to months. Some claims are simple where the at-fault party has sufficient coverage and they admit their fault. Things become tricky when an at-fault party denies their liabilities and makes the matter complex. Insurance companies spend more time investigating, as a result it takes longer than usual to get money from them.

Who Receives Payment for a Totaled Car?

Once you have accepted an offer from an insurance company, you want to know who will receive this money. Well, it depends on the factor whether you fully own a car or if it is a car financing or leasing option.
If you own the car, you will get the money. But when you lease this car, the insurance company will pay that company for that person.

In auto financing cases, the insurer involves the policyholder who decides whether the policy holder or finance company will receive this payment.

Final Words!

Finally you know how to get more money from insurance for totaled cars. If you need some more information regarding the matter, feel free to call us (706)-310-0000. We will provide you all the guidance and support you need to get the best value for your totaled vehicle.