Vehicle Total Loss - Defend Your Rights and Get the Real Value of Your Car!

If you have a vehicle total loss, then you will soon learn that insurance companies are not as consumer friendly as they claim in T.V. commercials. Everyday we hear horrible stories about people getting offers for their vehicle total loss low as $50. The question usually asked is, is this legal? What is the process of settlement? We have written prior articles on the subject creating a lot of interest, so we decide to do your best to summarize the process and show you how you can protect your rights. A vehicle total loss exists when the value to fix the car is 70, 80, or even 90% of the total value of the car (it depends in your state law). For example, If the value of your car is $10,000 and if the estimate of repairs reach $7,000 ($8,000, or $9,000 depending in your location), then the car is a total loss.
Insurance companies know the value of the car before they are inspecting it. They do not disclose this value to you until the very end, but they have a good understanding of vehicle values. Usually, a third party company hired by the insurance company (usually CCC Information Services Group, Inc will do a preliminary evaluation of your car. They will look at vehicles on your local market to see the value of your car is going for .
Once they determine the value of the car, they compare it with the repair estimate and they add the rental cost (if they would have to fix it, and you have rental coverage, the insurance company will take that into account), and determine if there is a vehicle total loss.
At this point, the real evaluation of your car begins. The insurance adjuster will inspect your car for prior damage, rust, cleanness, etc. They will also look at equipment, options, and special features. They will determine if your car is in excellent, normal, average, or below average conditions (or similar terminology). They will re submit that information to CCC (or other third party company) and usually within 24 hours, this company will give a report back with several comps in your local market for a vehicle just like yours.
The insurance adjuster still has the discretionary power to add or subtract certain things, for example, if they believe the car is in exceptional condition, they might add $200 to their offer. If the car has prior damage, then they will reduce what they believe it is adequate.
Here is where the negotiation begins. The vehicle total loss is a negation; however we put it in quotes because it will not appear to be one. The total loss adjuster will give you an offer and tell you that it is a final offer, then cut the rental car (actually, they will cut the rental car the day they tell you have a vehicle total loss, some jurisdictions allow for three days after that), and tell you that if you do not settle, then they will deduct the value of the salvage of the car (the value your car is worth acraps), and send you whatever is left.
Is that legal? Yeah it is. As long as the offer was within the range that CCC (or the third party company) gave, and the rental regulations are within the state law requirement , insurance companies have the upper hand. Can you protect yourself? Yes, there are ways to defeat the above situation. You need to ask for the CCC report. This is critical. The insurance companies MUST (not optional) give it to you. They must give you the numbers they are looking at.
You can dispute this report if you believe they are not taking into account things they should be taking into account (your low mileage, for example). It is important to you do not forget about the original estimate of repair. If the insurance company is trying to make the value of your car so low, then ask them if they would fix it. If you can pin down what percentage do they use declare a vehicle total loss, then you can use a reverse math approach to argue that they need to fix the car (they will not to do that). The only way to truly win your vehicle total loss is by having all information in front of you. Do not settle until see everything. You will be surprised how many mistakes or how many things they overlook when negotiating with you.
All the best, Hector Quiroga Copyright www.auto-insurance-claim-advice.com
Hector Quiroga has a high interest in helping consumers gain knowledge of the auto insurance claim process for both property damage and bodily injury claims. He covers in great detail what a car accident investigation entails and share many helpful tips for dealing with insurance companies and adjusters.



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Save Money On Your Car Insurance

Most drivers are paying too much for their car insurance. Lets take a look at how they can reduce the cost without sacrificing essential insurance cover.
As the majority of car drivers tend to stay with their present insurer and happily pay whatever renewal price they are offered the company has no incentive to offer you its lowest quote. So it pays to shop around for insurance. The market is fiercely competitive and many insurance companies offer an introductory bonus simply to entice you to switch.
Only pay for the cover you need. While this seems like an obvious statement, it is surprising just how much extra cover we pay for but will never use. Again, shop around for policies that suit your circumstances.
For example, a growing number of companies are offering extremely competitive quotes for particular low risk groups such as older drivers, women, reduced mileage drivers and drivers with low risk jobs.
Qualifications such as the advanced driving or police driving tests can make a huge dent in your insurance bill and it may be worth your while searching out insurers that specialize in that field.
For the average driver, savings can be made by fitting accessories that reduce the risk of accident or theft. Features such as airbags and anti-lock braking systems can reduce the number of accidents on the road while vehicle immobilizers and satellite tracking systems will lower the chance of theft.
Many car manufacturers are including safety and security accessories as standard now so it pays to consider them when buying your next vehicle.
Where you store your vehicle also makes a difference to your insurance cost. Is it garaged at night? How secure is the garage? Do you have CCTV, security patrols or a manned gateway? All these factors make it harder for thieves to take your vehicle and so attract reductions in your policy cost.
While looking at ways to cut your insurance premium costs many people are tempted to reduce cover or raise the excess they are willing to pay. I personally think that this is a false economy that could cost you dearly in the event of a claim.
It is much easier and cost effective to simply select the parts of the policy that are relevant to your driving style and cut out the cover that you do not require. In this way, you are still fully covered for minimum cost.
About the Author Mark Heywood is passionate about cars and runs Kit Cars and Replicas where you can find up to date information on all aspects of choosing and building a kit car



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Life Insurance Companies

It is the promise that every insurance company keeps, to pay the beneficiary a specific amount of money on the earner of a life insurance death. After all life insurance is the protection against financial loss on death of its member. This is given in exchange for the timely payment of premiums.
Many life insurance companies now carry out aggressive marketing of their policies. Although the life insurance companies are regulated and have to be careful on their claims, any prospective buyer has to carefully consider the options before deciding on a life insurance policy. Furthermore, it is important to see the financial stability of the insurance firm before taking a policy. There are also new private sector companies entering the fray and they are promoting their policies as an investment option, apart from the life insurance. The insurance companies generally promote whole life insurance with high premiums as they get more commission on them. It is however worth knowing that term benefits with affordable premiums give cover for the term without any major frills.
Term life insurance provides death protection for a definite time period and is perhaps the simplest form of life insurance. It is basically designed to provide temporary life insurance protection on a restricted budget and it can be bought in large amounts for small premiums and hence it is suited for short-range goals. Term life insurance policies also have the advantage of having adjustable premiums. Depending on the financial state of the policy buyer, the life insurance premiums can be changed. The premiums may, however, be never raised to a maximum number of premiums stated in the policy. There is also a provision for renewing the policy when the original life insurance term ends.
All the companies promoting low cost life insurance have similar policies with a few additional benefits added or removed. The life insurance policy buyer must be able to choose the right policy and the right firm according to his research. Life insurance company reviews are found on the net and various financial magazines. It is advisable to always take reviews with a pinch of salt as they could be biased, albeit within the constraints of the law. Many of the people writing about the life insurance companies are generally employees. It is necessary on the part of the insurer to carry out a proper study and not take any of the reviews at face value.
For more information about life insurance and critical illness insurance please visit www.unbeatablelifeandcriticalinsurance.co.uk.



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