How Do I Get the Most For My Totaled Car in Oregon?

How Do I Get the Most For My Totaled Car in Oregon?


A common question we get is somebody has been
involved in an automobile accident, their car has been totaled, and they want to get
paid the fair market value for their car. So you need to know some of the tricks that
insurance companies use to underpay the value of totaled cars. Now often you have a choice if somebody else
is at-fault in the accident of asking the at-fault driver’s insurance company to give
you an offer for the value of your totaled car. You have that option if you have collision
coverage to ask your own company to give you a figure. And sometimes it’s useful to ask both companies
to evaluate your totaled car and make you an offer. The surprising fact that you may discover
is that both companies may use the same source for coming up with a value because insurance
companies outsource this process. They hire third-party subcontractors that
run computer programs that produce very impressive nine page reports that says your car unfortunately
isn’t worth what you thought it was. Now, to avoid getting trapped with this technique
that is used you need to do your own research. So the key here is to research the value of
your car by going to used car lots, classified ads, online to auto trader, there’s numerous
resources out there. What you want to find is a car as close to
yours as you can that was for sale at the time of the accident. Oregon law is very specific. You’re entitled to what you could have sold
that car for the day before the accident–not a dollar less, not a dollar more. That’s what you’re entitled to. So do your own research and once you do that
research, gather those ads of cars that have a value equal to or higher than the value
you found for your car and submit those to the insurance adjusters. Say, “Wait a minute. I’m not going to accept your report. I’ve done the research. I should be able to buy exactly the same car
with the money that you pay me for my claim.” So be prepared, be armed. Now sometimes you can prepare in advance by
buying gap insurance if you have a lot of financing on your car. Some companies offer that. There’s some companies that offer new car
replacement. The old adage is that once you drive a new
car off the lot it becomes a used car and if you’re ever so unfortunate to have a new
car totaled you’ll understand the real impact of that when you try to settle your claim. So, don’t be pushed around. Do your own research. If you have further questions, check our website,
give us a call. We’ll be glad to talk to you at no charge. Some of our attorneys used to work for insurance
companies. We know all of their tricks and we’d be happy
to help you.

About the Author: Michael Flood

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