"In this video we're going to talk about the total loss of a vehicle following a car accident in Louisiana. An insurance company can declare a total loss of your vehicle when the cost to fix the damage is 75 percent or greater of that vehicle's actual cash value.
So how does the insurance company calculate actual cash value or acv? This isn't necessarily the blue book value. What the insurance company is supposed to do is conduct a total loss evaluation where they go and they review the the cost of three comparable vehicles that you could buy on the open market.
They also deduct for such things like pre-existing damage to your vehicle and take off for other car accidents, etc. The car insurance company will then produce the total loss evaluation to you if you ask for it and an offer for the loss of your vehicle.
What happens next is a negotiation if you think the value should be higher or don't agree with their assessment, you can do a few things. First let the insurance company know of any upgrades you recently did, new tires new battery, etc. You can even get your own appraisal sometimes. These cost a few hundred dollars and may be worth it though. In first party claims you can invoke the right to an appraisal. Get your own appraisal and have the insurance company get their own independent appraisal and at that point the estimators can talk to each other
and figure out what the actual cost of the vehicle should be.
So a lot of times I get asked if you can keep your car after a total loss. So the answer is yes, but it's sometimes a complicated process involving the dmv and getting what's known as a salvage title. What happens is the dmv wants to certify that your totaled car is safe to drive again and had all the necessary repairs to put it back on the road.
So if your car has been totaled in an accident give us a call. We offer a free consultation and can go over what total loss means
and what your rights are after an accident. Call us today at 985-590-6182."
Have You Been Injured In A Covington Area Car Accident?
If you've been hurt in a car accident you need to speak with an experienced car accident attorney as soon as possible. Please contact me online or call my Covington office directly at 985.590.6182 to schedule your free consultation today. I help clients throughout Louisiana including Mandeville, Slidell, Bogalusa, Franklinton, Hammond, New Orleans and Metairie.