When your car is involved in an accident, the aftermath can be a highly frustrating situation, as your vehicle is damaged. It can worsen if the insurance company declares your car a total loss and offers a low settlement amount for your precious vehicle. What can you do in this scenario? Accept the settlement or leave in frustration, right? Wrong! There is a third solution to it. You can get help from Gig Harbor, Washington, total loss appraisal clause experts.
At ADR Claims, we are a team of certified and experienced total loss appraisal clause experts. It doesn’t matter if you don’t know anything about total loss or just need guidance; we are here to help you throughout the process. We will stay with you at every step of the way and make sure you receive a fair settlement amount for your vehicle.
When your car is involved in an accident and its estimated repair value reaches or exceeds the total loss threshold limit, it is deemed a total loss. The same can be said for your car being totaled. A total loss threshold refers to the percentage of a vehicle’s value that determines it is a total loss. The total loss threshold by state differs, as per regulations set by governments.
Many insurance companies, in their policy, give the policyholder the right to call for an appraisal. This is called a total loss appraisal clause. If the insurance company offers you a settlement amount that you believe is lower, you can invoke this clause and get your vehicle evaluated. They provide you with a market-supported, detailed appraisal report that you can show to the insurance company and request a fair settlement.
If you use the total loss appraisal clause given in the insurance policy, you can expect the following things from the appraiser.
Whether you want a total loss appraisal in Arizona, Washington, or some other place, there are a few things you must consider first. You need to determine whether invoking the clause is worth it or not. The following points can help you determine that.
Total loss appraisal is a complex process that will feel exhausting and confusing at times. We want to help you, so we break it down into 5 simple steps.
The process begins when you send a formal written letter to the insurance company letting them know that, because you were not able to reach a mutual settlement amount, you are now invoking the appraisal clause. You can also email the company, but they may overlook it, so a written letter would be best.
Both you and the insurance company select a certified appraiser and pay them to evaluate the total loss amount. Ensure that your appraiser is neutral and does not work for the insurance company.
Both appraisers thoroughly evaluate the loss and discuss their findings, and then try to reach a mutually agreeable settlement amount.
If the two appraisers are not able to reach an agreeable settlement amount, they select a third-party, neutral appraiser, known as an umpire. They check the positions and documentation of the two primary appraisers. When the umpire is called, you and the insurance company both need to pay them half of their hiring cost. The amount that two of the three appraisers agree on is a binding decision.
At last, you submit the written appraisal award, and the insurance company pays you the amount agreed to in the process.
We are ADR Claims, a professional appraisal company, serving car owners for a long time. If you are looking for Gig Harbor, Washington, total loss appraisal clause experts, we have a team of them dedicated to helping you in the settlement process. If you file a diminished value claim in California, we can also help with that.
