Difference between current cost and repairing cost is given below.
Step-by-step explanation:
Sveral guides has been taken to find the current value of your car —for example, Kelley Blue Book, and the National Association of Automobile Dealers' NADA Guides.The most standard auto policies will not pay to repair a vehicle if it is "totaled"—that is, if the repairs cost more than the cash value assigned to the car. It is up to your insurer to decide whether to pay for repairing your car or to declare it a total loss and pay you its book value.
However, you may be able to make a case that the pieces of the car were worth more than the book value and so increase your settlement. To do that, you'll have to submit evidence such as mileage records, service history and affidavits from mechanics to show that your car was worth more than a typical car of its make and model.
When you file your claim, your insurance company will refer you to a claims adjuster, who will verify the loss and make an initial determination on what it will cost to repair the car.
- The adjuster’s estimate is a benchmark, not a total claim payment. The insurance company will not expect you to accept their adjuster’s estimate until you’ve established to your own satisfaction that it will cover the cost of repair, so don't feel pressured.
- The insurer will expect you to get at least one estimate from your mechanic, garage or car dealer, to compare to theirs.
- Your insurance company may opt to pay for the lowest bid, so don't be surprised.
- Your insurer can't require you to have repairs done at a particular shop, but they can insist that you get more than one estimate for the work to be done on your car if they feel the estimate you received is too high.
- You can negotiate, if necessary. You don’t have to accept it if you believe the amount won’t adequately repair your car. Don’t hesitate to make your points with with the adjuster if the repair estimate is too low based on what your mechanic has told you.
