Your insurance company may decide on the value of your vehicle if you are involved in a collision in Los Angeles. This value is not directly connected to the amount you paid for your car. It can be much less than the purchase price of your vehicle.
So, how do insurance agents determine the value of your car after a car accident in Los Angeles, CA? Use this article to consider the formulas used to calculate your vehicle’s Actual Cash Value (ACV). If you need legal help after a car accident, call our office to speak to the Simmrin Law Group’s car accident lawyers in Los Angeles.
Defining Actual Cash Value in Los Angeles, CA
The insurance company focuses on determining the ACV of your vehicle after a wreck. As we mentioned, ACV does not represent the price you paid to purchase your car. Instead, ACV represents the money you will be paid if your vehicle is totaled or stolen. ACV represents:
- The pre-collision value of your vehicle MINUS
- The deductible for your comprehensive insurance OR
- The deductible for your collision insurance
However, you should be aware that insurance companies generally need to release a straightforward equation to calculate the ACV of your vehicle. This can make it challenging to know what the value of your car will be after a collision.
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Factors to Determine the ACV of Your Car After an Accident
When determining ACV for your vehicle, insurance companies will first consider the pre-collision value of your car. Note that the pre-collision value of your vehicle is also not the price you paid for it. Instead, the pre-collision value represents your vehicle’s worth during the collision.
To determine the pre-collision value of your vehicle, insurance companies can take the original cost of your vehicle and lower this amount based upon:
- The age of your car
- The mileage of your vehicle
- Any previous accidents
Insurance agents may also look at the costs for other vehicles like yours in your area. They can use these prices to determine the ACV of your car. If you need more information about calculating ACV, you can contact a car accident lawyer in Los Angeles by calling our office today.
The Importance of Your Vehicle’s Value in Los Angeles
Insurance agents will use the ACV of your vehicle to determine whether or not your car is considered totaled. If repair costs for your vehicle exceed the ACV, then your insurance company may decide not to pay to have your vehicle fixed. So, why worry about how the insurance company values your vehicle after a car accident in Los Angeles?
You should not just accept the insurance company’s ACV for your vehicle. You may be able to dispute the ACV they submit by researching the value of similar cars in your area. A car accident lawyer in Los Angeles could help you investigate the costs of similar vehicles.
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Getting Compensation for Repairs After a Car Accident in Los Angeles
You may be entitled to compensation for vehicle repairs after a collision in Los Angeles. The other driver’s insurance company may be required to pay for your repairs if:
- Another driver caused your accident and
- The accident caused damage to your car
However, proving that another driver caused your accident can be challenging if you work alone. You may need professional legal help from a car accident lawyer. The team at the Simmrin Law Group can investigate your accident, starting right now. We can:
- Go over the scene of the collision
- Speak with witnesses who saw the accident
- Request the police report from the wreck
Allow us to negotiate with insurance agents for you. We could ensure you get a fair settlement for your losses. We can also take your claim to court if insurance agents in Los Angeles refuse to treat you fairly.
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Other Vehicle-Related Car Accident Damages
In addition to compensation for the value of your car after a devastating Los Angeles car crash, there are many other vehicle-related car accident damages you could recoup as part of your insurance and straightforward claims.
Through the insurance company depending on the circumstances of your case, you could get the insurance company to cover the cost of a rental car while your vehicle is being repaired. The liable party will also be required to cover repairing your vehicle or purchasing a new one.
What if You Were Leasing or Financing?
If you were financing or leasing a vehicle and the vehicle was totaled, you may have a balance to your financing company if you do not have gap insurance. The liable party could be required to cover the difference between the value of the car and what you owe as part of your car accident claim. If your credit score suffers, you could stick restitution for this impact as part of your car accident lawsuit against the at-fault party.
Additionally, suppose your auto insurance rates increase after filing a claim with your insurance company. In that case, the extra costs could be included in your settlement as your car accident lawyer calculates the value of your claim.
You can learn more about the actual value of your vehicle after the accident and the total value of your car accident claim when you discuss your damages further with your attorney.
Find Out How the Value of Your Car After a Car Accident Is Determined in Los Angeles
So, how do insurance agents determine the value of your car after a car accident in Los Angeles, CA? They often look at the original value of your car and then adjust downward based on age, mileage, and other considerations. Please find out more about how insurance companies work by calling our office or filling out Simmrin Law Group’s online contact form.
You can contact our car accident lawyers in Los Angeles right now for a FREE initial case evaluation.