Individuals who are involved in serious
automobile accidents are often shocked when they receive a valuation of the value of their
total loss vehicle. Not only do these victims have to deal with
personal injuries or
catastrophic injuries but they have to deal with insurance companies low-balling them on their car value. The reason for these "low-ball" offers is that the insurance companies rely on an inherently biased and flawed system to evaluate the comparative values of other similar vehicles to arrive at a vehicles actual cash value ("ACV"). Insurance companies send out field inventory representatives ("FIRs") to various dealerships to determine the dealer's "take" price. That is, the absolute lowest amount a dealer will take to sell the car. The insurance companies then use this number to inaccurately determine the "take" price of other cars, not taking into account the local supply and demand of the vehicle, the amount of work done on the vehicle or its true condition. There are several lawsuits filed against insurance companies based on this valuation method. Nevertheless, when you have been in an accident there are ways to fight the insurance company on their valuation of your total loss vehicle. Contact the attorneys at
Cohn & Swartzon to help you obtain the maximum ACV of your vehicle.
