How Do Insurance Companies Determine Car Appraisals?
Car accidents are among some of life’s most stressful events. Between the injury, expenses, and sheer inconvenience, it can stir up a great deal of worry. Dealing with insurance companies, for instance, might seem like a headache. But it’s a necessary part of the process.
When it comes time for the insurance company to appraise your vehicle, will you know what to expect? Despite what you may be thinking, the process is quite simple. To ensure our customers in the Eagle Rock, Los Angeles, Pasadena and Glendale areas won’t encounter any surprises during a car appraisal, your friends at CarTek Collision have put together this helpful article.
Why You Need Your Vehicle Appraised
If you’ve never been in an accident, you might be wondering why vehicle appraisals are so important. To put it simply, it’s what determines how much the insurance company will pay for your vehicle.
To do this, your insurance provider needs to determine the fair value of your car. How much are the repairs going to cost? And if those repairs are highly expensive, do they exceed the worth of your car? All these questions must be answered before your vehicle can be fixed.
Don’t Wait to Report
In the immediate wake of a crash, you’ll likely be feeling frazzled. But if you’re in any condition to start making phone calls, one of the first ones you’ll want to make is to your insurance company. Many companies will now send a claims adjuster directly to the scene of the accident. The quicker they can arrive to take a look at things, the sooner the repair process can begin.
Know that before they begin to examine the vehicle itself, they’ll need to interview you to learn of the circumstances of the accident. They’ll probably begin by asking you some basic questions. What is the car’s age and mileage? Has it been in any accidents before? All this information will factor into their final vehicle score.
What They’ll Be Looking For
Basically, what the adjuster will need to deduce is how extensive the collision damage is versus its preexisting condition. The bottom line is that if your car was in poor condition before the accident, the insurance company isn’t going to give you much money toward repairs.
Your claims adjuster will go down a checklist with several criteria. The vehicle must meet certain standards in categories like physical condition, mechanical performance, maintenance history, and more. The newer or better maintained your car is, the more money will be offered toward repairs.
In some cases, your car can be considered a total loss. This will often happen if your car is over 60-70% damaged; that exact number will rest with your insurance provider. In this case, the insurance company may offer money toward a new vehicle. In the long run, this will probably be the most economical option.
Nobody wants to hear the word “totaled” in relation to their own car. Nor do they want to accept an offer that they believe is well below their vehicle’s value. But even after your insurance company makes their initial evaluation, they’ll likely call in a third party to appraise your vehicle, so that you know there’s no conflict of interest.
Is Your Vehicle in Need of Repairs?
In the Eagle Rock, Los Angeles, Pasadena and Glendale areas, there are plenty of independent appraisers who’d be willing to look at your vehicle. Shop around if you’re not ready to commit to your insurance company’s assessment.
When the time comes for repairs, you’ll want to take your car to a service center you can trust. At CarTek Collision, we pride ourselves on our thorough and timely repairs. Contact our team to learn more about what we can do for you.