Insurance companies say that they rely on three means of determining the value of a totaled car:
1. Computerized quotes from car dealers;
2. Car value books like the Kelley Blue Book; and
3. A market search of your local area for the prices of similar cars.
The insurance companies may use any or all of these means to help determine the value of a totaled car after your Pasadena, TX car wreck. But their definition of “local area” may not match your conception of that term. Depending upon how far away the insurance companies search for market prices, this can affect the value they place on your car.
Also, the value of your car decreases the instant you drive it off the car lot. Age, mileage, previous accidents, and average wear and tear will all be taken into account by the insurance companies in calculating the value of a totaled car. Almost certainly, any quote you receive from the insurer will be less than the amount left on your car loan if you’re still paying for the vehicle. If you have paid off the car, the amount you receive will likely be far less than that you’ll need to replace the car after the Pasadena, TX car wreck.
Texas allows you to make a “diminished value” claim for your car after your Pasadena, TX car wreck. This claim rests on the theory that any car that’s suffered an accident has lost some value (in comparison to the same car that hasn’t suffered an accident) no matter how well it’s been repaired. Insurance companies are not very receptive to diminished value claims, and you will likely need the help of a skilled lawyer to win such a claim.
Should you find yourself in the position of needing to make a diminished value claim after another person’s caused a wreck that totaled your car, we could help you win your case. Our Pasadena, TX car wreck lawyers have been winning car accident claims for our clients for more than 12 years. We’re Texas Board Certified, and we know how to get difficult claims done right. We could help you win the full legal value of a totaled car.