Is My Sarasota Car Totaled?
Assessing your health is the first priority after a Florida collision. Then, assuming you were not harmed physically, it is likely you will begin to worry about damage to your vehicle. After all, people use their cars every day for errands, work, and family commitments. Often, cars can be repaired after a crash. But there are also times when an insurance company will declare a car as a total loss.
States have different total loss thresholds. In the state of Florida, the threshold is 80%, meaning the cost of repairs cannot exceed 80% of the car’s actual value. If the cost is over 80%, the vehicle will be declared totaled.
There are times when people push back against value assessments and damage estimates. If your Florida car was declared to be a total loss and you need help fighting for a full and fair compensation package, talk to a Sarasota car accident lawyer.
Lender Could Receive Funds
Of course, there are situations when a car is totaled in a Florida accident and the owner of the vehicle has not yet made their final payment on the vehicle. They could still owe funds to a lender if they financed the car. If this is true for you, know that the lender can be compensated from auto insurance involved and any remaining amount would be allocated to you.
If you owe more on the vehicle than the car’s actual cash value, you could be responsible for paying off the car note. For instance, if you owe a bank $15,000 for the car and the value of the car at the point of total loss is $10,000, insurance would settle the bill with the lender and you would have to pay off the remaining five thousand. However, if you have gap insurance, then that insurance would cover the remaining five thousand.
Deployed Airbags Sometimes Result in Total Loss
When a vehicle does not have a high cash value, deployed airbags often lead to a total loss. This is because the cost to rebuild or replace the dash of a vehicle and install new airbags is expensive. But, if a car does have a high value, the repair could be worth it. In short, deployed airbags do not always result in a totaled car, but their deployment does increase the possibility of a vehicle being designated a total loss by an insurance company.
Remember, when negotiating with an auto insurance company, it is possible to fight back. When it comes to your injury claim and sometimes even your property damage claim, you do not have to accept an insurance company’s offer. A Sarasota car accident lawyer can try to help you if you do not agree with the actual cash value being presented or if you want to keep your totaled vehicle and need help assessing how to factor salvage costs into the final settlement offer.
Give ‘em Hale
Are you fighting with an insurance company about your Florida car being totaled? Talk to the experienced Sarasota attorneys at Hale Law. Some crashes lead to complex insurance negotiations. Our experienced attorneys will work to secure the maximum compensation amount. Because our lawyers work on a contingency fee basis, there are no fees or costs if we are unable to recover compensation. For a free consultation, call at 941-735-4529.