How to manage a total loss vehicle claim.
If you’ve gotten into an accident and your insurer has declared your car a total loss, you may not know what to do next. To ensure that your claims process proceeds smoothly and quickly as possible, here are some of the steps that you should take.
- Hand Over Your Car Title
Your car title is needed to process a total loss claim, so it’s important that you know where this document is. If you cannot find your title, then file for a lost title at the DMV as soon as possible so you can officially begin the claims process.
- Figure Out How Much Your Car is Worth
Do some research to get a general idea of how much your car is currently worth. Use resources like Kelly Blue Book to see what they value your make and model at. You should also look at similar vehicle listings in your area. This research should give you a good idea of what your insurer will value your car at.
- Find Out How Much You Owe Your Lender
If you have a loan tut on the vehicle, then check to see how much you still owe. This will help you prepare in the event that your loan amount is higher than your car’s current value. If your loan exceeds your car’s value, then your insurance settlement will go to your lender, and you will be responsible for paying the remaining loan amount on your own.
- Finish Paperwork ASAP
Total loss claims require a lot of paperwork. For instance, you and your insurer will have to come to a written agreement on the value of your car. You will also have to sign ownership of the vehicle over to your insurer so they can process your claim and pay the settlement to you or your lender. Prompt completion of this paperwork will help you put the ordeal behind you as soon as possible.
These are some of the steps that you should take to manage a total loss vehicle claim. Are you looking for the right insurance to cover you if your car is declared a total loss? If so, then contact the experts at The Schwab Agency in Colleyville, Texas. We are ready to get you the coverage that you need today.