How Do You Find out the Insurance Value of Your Car?

Going through an accident with your car can be devastating. There are possibilities of several personal injuries. On top of that, your car must have gone through a lot and requires immediate fixing. If your car is backed up by car insurance, you may not need to worry much.

However, how do you find out the insurance value of your car after an accident? There is an ICBC insurance calculator available online that can be used easily. But you should have a thorough understanding of the valuation process before you need to seek the support of ICBC lawyers in surrey.

Finding out the Insurance Value of Your Car: Procedure of the Insurance Company

The insurance company uses the Actual Cash Value (ACV) formula to determine the price of the damage from the accident. This means that the repairing cost of the car is a certain percentage higher than the actual price of the car. As a result, the insurance company will pay you the value of the car before the accident and subtract the deductibles you are to pay to the insurer.

The insurer will consider several factors in determining the value of your car. This is your chance to understand the valuation process yourself to be shammed by the insurance companies. The insurer will consider the usage period, general and current condition of the car, and past accident incidents. As a result, you can be sure that the overall value of your car after the accident will definitely be incredibly lower than the price you paid to buy the car.

Even if you are a very careful owner who took care of the car, the ACV will be lower indefinitely. In addition, the ACV will still be quite low even if you have bought the car very recently. Since your car is no longer brand new and went through a road accident, you have to make peace with the fact that the post-accident value will always be very low.

How to Calculate the ACV to Understand the Value of the Car after Accident

The car insurance companies will use industry formulas to calculate the ACV. This can be really complicated for the general public. However, there are certain factors that can help you in estimating a rough value of the car after an accident took place.

First things first, you should thoroughly evaluate the current condition of your car. This includes checking the overall mileage, the car’s age, and past accident experience. The insurance company will take all these into account before coming up with a value.

After that, the insurance company will also look into the market price of similar model and specifications cars. Therefore, your job would be to gather a deep knowledge about your car and the current market of the model. You should always pay clear attention to the market price of the car in the brand new and used stage.

If you follow these suggestions, you can estimate a value that may be near the amount of the insurer. However, it is crucial to remember that the value you estimated will never be less than the value of the insurer. Eventually, your car’s worth will definitely decline after considering all the relevant factors.

How to Fight Against the Valuation Amounted by the Insurance Company

It is a normal situation to find the value provided by the insurer is much lower than the value you estimated. Do you have to accept the value in such a situation? The answer is no; you can dispute the offer.

You will have to provide proof that the value of your car is much more than what the insurance company is offering. You can search for a similar model, age, mileage, wear and tear, and condition car within your area. This way, you can gather enough information about the value of your car without any accident.

You can find strong evidence of this if you look for a car dealership physically instead of online platforms. Gather all the pieces of evidence that can show that the value of your car is much higher than what the car insurance company is offering.

Conclusion

Your car will always be invaluable to you. Facing a road accident or somehow damaging the car can be hurtful. On top of that, paying for the repairing is even more problematic. The insurance companies can be a great helping hand in such situations.

Nevertheless, you should know how to find out the insurance value of your car before the insurer offers an amount that is too low.