If you are in a motor vehicle accident and the other driver is at fault, you are entitled to have your car repaired or to be paid the actual cash value of your car at the time of the accident in the event that the cost to repair it is more than its actual cash value.
Actual cash value is how much a similar vehicle can be purchased for in the current local market.
The insurance company will appraise the damages and let you know what they proposed to do about the repair or the writing off of your car.
Do I Have to Accept What the Insurance Company Offers Me?
If the insurance company proposes to write off your car and you do not agree with the value placed on your car, you should ask them for their reasons, including an Autosource Report or whatever data was used to arrive at a value which should include cars for sale locally. If it doesn’t, this is a reason to argue that the value suggested should be higher.
You can then check the reasons for the value they arrived at. If you can demonstrate that your car had fewer kilometers, was better cared for, or had some features which made it more valuable than what they based their value on, that is the basis for you to discuss it with them.
It is very usual for an owner to consider that they cannot buy a car for the amount that they are being paid for the car that was destroyed. By looking at the Autosource Report, you should be able to identify vehicles for sale which are close in value to what you are receiving.
Some car enthusiasts love their cars and spend more money than they are worth. If all the money you spend does not increase the value of the car, then unfortunately you won’t be able to recover the extra money you spent.
Should I Get My Car Repaired or Replaced?
If your car has been seriously damaged, it is often difficult to know the full extent of the damage and whether or not it has been fully and totally repaired.
It is not unusual to get the car back from the auto body shop and in a few weeks, or a couple of months, to have electrical or other problems which were not there before the accident that you cannot prove were a direct result of the accident.
While it is a hassle, getting another vehicle that has not been involved in an accident may be a better choice for you in the long run.
Yearwood – Dyson* Lawyers offers a free 1-hour interview for all personal injury claims. Contact us or book an appointment online. For your convenience, we can meet you at our offices in Vancouver or Surrey. We also offer home, hospital and workplace visits by appointment.