Being involved in a car accident is usually upsetting. But when your vehicle is declared a total loss, you may be left struggling to purchase another one.
You may believe that your vehicle should be repaired and that the insurance company is being unfair. It helps to understand how insurance companies determine whether a vehicle can be repaired or declared a total loss.
The car accident lawyers at Chris Corzo Injury Attorneys have decades of experience standing up to insurance companies and protecting the rights of injury victims.
Call (225) 999-1111 or complete the short form on our contact page to schedule a free consultation to discuss your case.
Why Trust Us to Handle Your Car Accident Injury Claim?
- Experience. At Chris Corzo Injury Attorneys, we have decades of experience successfully handling thousands of car accident cases and recovering maximum compensation for our car accident injury clients.
- Results. The Chris Corzo Injury Attorneys have recovered over $10 billion in compensation for our clients, including numerous multi-million dollar verdicts and awards for our car accident injury clients.
- Dedication. At Chris Corzo Injury Attorneys, we are dedicated to helping injury victims recover maximum compensation to help them heal and move forward with their lives. We are dedicated to carefully investigating every accident to determine all possible causes and potentially liable parties to maximum compensation. We are dedicated to ensuring all current and future damages are included and accurately calculated so our client’s losses are fairly valued. We are dedicated to holding insurance companies and at-fault parties accountable for paying the full value of our client’s damages.
What Is A Total Loss Vehicle?
Louisiana Revised Statute 32:702(14) provides that the National Automobile Dealer’s Association Handbook (NADA) is used to determine the value of a vehicle when considering whether to declare it a total loss.
In Louisiana, a vehicle is considered a total loss if the cost of repairing it is 75% or more than the vehicle’s NADA value. So, if your vehicle is older and has high mileage, it may be declared a total loss even when the damage does not appear extensive.
There is an exception to the 75% rule if the damage to your vehicle is only cosmetic. For example, if hail damage results in dents to the body of your vehicle, the repair costs are greater than 75% of your vehicle. When the damage is only cosmetic, the 75% rule does not apply.
Can I Keep My Total Loss Vehicle?
You may choose to keep your total loss vehicle. However, the vehicle title may be flagged and designated as a “salvage” or “reconstructed” vehicle.
If your vehicle is flagged as “Salvage Retention” or “SR” you will not be able to renew your registration or have a new license plate issued.
A “Salvaged Vehicle” or “ST” flag means that you are not allowed to operate your vehicle on public streets and highways. You will not be able to renew or have a license and registration with this type of flag.
If your vehicle has been rebuilt and is usable on the highway after being declared a total loss, it can receive a “Reconstructed Vehicle” or “RC” flag. The word “Reconstructed” will be prominent on the vehicle’s title and all records.
You may have trouble finding an insurance carrier that will insure a reconstructed vehicle. If you’re navigating the complexities of car insurance after an accident, visit What To Do After a Car Accident in Baton Rouge for key steps to take.
What If I Owe More Than the Total Loss Value of My Car?
If you owe more than the total loss value, you are still responsible for the remaining loan on your vehicle. Insurance carriers offer “GAP” insurance for this situation.
If you purchased GAP insurance, your insurance company would pay off your loan. However, if you do not have GAP insurance, you will be responsible for paying off the difference between the total loss value and the loan balance.
If you were injured and the accident was another party’s fault, you may recover enough damages to pay off the loan balance. You need an experienced car accident injury attorney to consider all factors when determining what is a fair settlement for your damages.
How Can an Attorney Help Me Deal With an Insurance Company After My Accident?
- Experienced car accident injury attorneys are usually excellent negotiators and can help you a fair settlement for your claims as quickly as possible.
- Most experienced car accident injury attorneys will ensure that all of your damages are considered and accurately calculated to help you recover maximum compensation for all your damages.
- A good car accident injury attorney knows how to combat insurance companies’ tactics and will not allow an insurance company to take advantage of you but will hold them accountable for paying the full value of your claim.
When negotiating with insurers, having the right legal representation is crucial. Learn how to choose the best attorney for your case in our guide: How To Pick The Right Car Accident Lawyer.
Contact a Baton Rouge Car Accident Injury Attorney Today
If you have been injured in a car accident caused by another party, you may be entitled to recover compensation for your damages.
If your vehicle is declared a total loss, you need the help of an experienced car accident injury attorney to help ensure the damages to your vehicle and the value of your vehicle are calculated accurately and that you recover maximum compensation for your damages.
The attorneys at Chris Corzo Injury Attorneys have handled thousands of complex car accident cases and recovered over $10 billion for our clients. We want to help you with your car accident case.
Call (225) 999-1111 or visit our contact page to schedule a free consultation.