QuestionQUESTION: Hi!
1) Is the actual cash value same as the market value of a totaled vehicle? If no, what’s the difference between them?
2) The at-fault car insurance usually scans the value of a totaled vehicle by a computer such as from the Autosource.com. What is that value made by the insurance?
3) Should the adverse insurance pay the actual cash value or not and how the claimant proves the actual cash value of his totaled vehicle?
I made three questions for more clarity. They are actually related. Thank you for your answer.
ANSWER: Hello Ray,
1.) They are the same thing. Actual Cash Value is the current fair market price of your vehicle.
2.) Most insurance company do not take computer generated estimations of value, like the site you mentioned. It is possible that the insurance company you are dealing with does. They usually hire a third party company to go in your local value and find similar vehicles to yours and determine what are those vehicles selling for. They average the prices and that is your offer (other things being equal, like your car is in normal to good condition).
3.) Yeah, the insurance company should pay the actual cash value. Visit:
http://www.auto-insurance-claim-advice.com/totaling-a-vehicle.html for more information and steps about how to document a total loss.
Good Luck,
Anne
http://www.spokanelegalhelp.com
---------- FOLLOW-UP ----------
QUESTION: Thank you for your answer. Can you answer an additional question? The medical bills, wage loss, property damages etc are the direct loss from the accident because they can be easily proved by the documentation/receipts, right? How about the Pain and Suffering? Can it be listed separately in a personal injuries demand such as Pain and Suffering: 2 times of the medical bills $xxxx.xx? How to show it in the personal injuries demand?
ANSWER: Hi Ray,
you are correct, you are entitled to Special damages (medical bills, wages, medicine, etc) which are those damages that are "easier" to show because you have a bill.
General Damages are those that you cannot have receipt for. Your pain and suffering, your loss of consortium, future pain, loss of earning capacity, etc. are all damages that you cannot account for. They have to be negotiated with the insurance company.
Some attorneys use a formula, but there is no formula that can give you a correct assessment out there. A 2 times the medical bills can be way to cheap for an injury with a scar in someone's face. There are just too many factors to take into account before making an injury value evaluation. They will look at your jurisdiction (what juries award there), your age, your job, your family life, and if you are represented by an attorney or no.
Visit: http://www.auto-insurance-claim-advice.com/bodily-injury-claim.html for more information about injury claim and how to be compensated for all your damages.
Also, you are encourage to talk to an attorney before making any decision in your claim.
Good Luck,
Anne
---------- FOLLOW-UP ----------
QUESTION: Thank you for your answer. But you did not answer how to show the Pain and Suffering in a personal injuries demand. Should it be listed separately from the medical bills and wage loss? Do you know it?
AnswerThere is a difference.
You do not have to list them separate. Should you? Yes, you should. You should break down all your pain and suffering, loss of consortium, fear, loss of quality of life, loss of earning capacity, and any other damage or injury you are claiming. This way you know what the insurance company is actually paying for.
Good Luck,
Anne
