Being involved in a car accident can cause devastating injuries and lifelong trauma. Even if your accident is minor and you walk away unscathed, you still need to deal with an insurance company to have your vehicle repaired.
Sometimes, the insurance company may inform you that your vehicle is a total loss and they will not pay to repair it. Then, what are you supposed to do?
Even if your car is older, it is worth much more than its fair market value to you. You depend on your vehicle to get to work, go to the grocery store or doctor’s office, and numerous other necessary and recreational activities.
If you can’t repair your vehicle and the insurance company is only willing to pay you a nominal amount, you may be left without transportation.
Don’t fight the insurance company alone. You need an experienced car accident lawyer in Oklahoma City to help you get full and fair compensation for the injuries and property damage you sustained.
Call Warhawk Legal today at (405) 397-1717 or visit our contact page to schedule a free consultation to discuss your case.
What Does a Car Being “Totalled” Mean?
When insurance companies declare a car totaled or a total loss, they have deemed the repair cost too high compared to its actual cash value.
In Oklahoma, a car is considered a total loss if the repair cost is more than 60% of its actual cash value (ACV). For example, if your car’s ACV is $10,000 and the cost of repairing it is over $6,000, it will be a total loss.
When determining the ACV, the insurance company considered the condition of your car just before the accident. However, the insurance company may determine the ACV to be much lower than it should be.
Insurance companies are in business to make as much profit as possible which means they want to pay out as little as possible for your claim. If they determine the ACV to be less than you believe it to be, you may dispute the insurance company’s estimate.
But, it is not easy to fight the insurance company alone. You need an experienced OKC truck accident attorney to help ensure you are not taken advantage of and you achieve the best possible outcome.
If My Car is Totaled and Someone Else Is At-Fault, What Happens?
Oklahoma has at-fault car insurance liability laws. The at-fault party’s insurance must pay your damages.
However, the insurance company may try to agree that their insured driver was at-fault in the accident.
If the other motorist’s insurance company denies your claim or drags out the process, it can leave you hanging without medical care and access to a vehicle. They may use your vulnerability during this time to get you to agree to settle your claim for less than you are owed.
Don’t let that happen. Contact an experienced Oklahoma City hit and run accident attorney immediately.
What If The Other Driver Does Not Have Insurance?
Unfortunately, Oklahoma has a higher rate of uninsured motorists than most other states which causes a hardship on the drivers who obey the laws.
Insurance companies offer uninsured motorist coverage to help their customers avoid the problems that come from being involved in an accident with an uninsured driver.
If the other driver is at fault and does not have insurance, your own insurance company will have to cover the amount of your damages minus your deductible. If you have uninsured/underinsured motorist coverage, however, you will not need to pay your deductible.
You should also consider filing an Oklahoma City uninsured/underinsured accident claim against the at-fault, uninsured driver. Just because they don’t have insurance does not necessarily mean they don’t have the money to pay your damages.
What Happens If I Still Owe Money On My Car Loan?
If your insurance payout is less than the amount you still owe on your car loan, you may be left paying for a car you no longer can use.
Insurance companies offer Gap Coverage for this situation. Gap Coverage pays the difference between the actual cash value of your vehicle and the amount you still owe on your auto loan.
For example, if the ACV of your vehicle is $10,000 and you still owe $12,000 on your loan, Gap Coverage will pay the $2,000 difference, minus your deductible.
This situation is most often experienced by new car owners since the actual cash value of their vehicle diminishes rapidly when you drive it away from the dealership.
If you do not have Gap Coverage, you are still legally bound to pay off the full amount of your car loan.
An experienced Oklahoma car accident lawyer can help you determine all available options and take action to recover the maximum amount of damages.
Contact an Experienced Oklahoma Car Accident Attorney
If you have been involved in an accident and your vehicle is determined to be a total loss, you need to consult an experienced Oklahoma City injury attorney.
At Warhawk Legal, we can evaluate your accident and the insurance coverage of both parties to determine all your options for recovering damages.
We will handle negotiations with the insurance companies and hold them responsible for paying the full amount you are entitled to.
If the other party is uninsured, you should consider filing suit against them. Our attorneys will handle all aspects of filing your suit and handling your case to help you recover the maximum possible compensation.
Call (405) 397-1717 or complete the short form on our contact page to schedule a free consultation to discuss your case.