In the aftermath of a car accident, you probably have a lot of important things on your mind. First and foremost, you want to make sure that are physically OK. After that, however, your thoughts will inevitably turn to your car, how much damage it has suffered and whether or not your insurance will cover repairs.
Unfortunately, it’s possible that your insurance company will find that your car is a total loss, leaving you in an economically vulnerable position and without the transportation you need. Find out what you can do if you do end up with a total loss result and learn why you may need to hire an Oklahoma City car accident lawyer.
All About Insurance
The first thing to determine after your car accident is whose insurance will cover the costs of damage, which is more complicated than you might think.
If you live in a state that offers no fault insurance, your damage will be covered no matter who caused the accident. On the other hand, if you live in an area where standard liability insurance is the norm, then you will usually have to prove the fault of the other driver before your damages will be covered.
Finding out whose insurer will cover the costs of your accident will go a long way towards letting you know what kind of payout you may receive.
How Big of a Payout Will I Get?
If you’ve never been in an accident before, or you haven’t examined your insurance policy closely, then you may not be aware of how large of a payout your policy covers. Every insurance policy has a maximum payout, which can complicate matters when it comes to covering damages from your accident.
For example, if your accident resulted in $30,000 worth of damages, but the at fault driver’s insurance has a max payout of $10,000, you’ll be stuck covering the remaining $20,000 out of pocket. As you can see, the financial consequences from a major accident can be dire.
Prepare for a Total Loss
When you submit your claim to your insurer following your car accident, it’s possible that your car will be declared a “total loss”. In the simplest terms, this means your insurer has decided that the costs to repair your car outstrip its fair market value. Instead of paying for repairs, your insurer will give you the fair market value of the car so you can seek a replacement vehicle.
There is problem, however, when it comes to total loss cases: Your auto-loan. Say that the fair market value of your car was $10,000 and your remaining loan amount is $15,000. In this circumstance, you would have to cover the leftover $5,000 loan amount without any financial assistance, making it difficult for you to replace your car.
If you believe your car should not have been declared a total loss following your case, or if you think you have grounds for a personal injury lawsuit, you should consider consulting an Oklahoma City car accident lawyer.
Contact an Oklahoma City Car Accident Lawyer
Following a car accident, it can be hard to know what to do or who to turn to, especially if your vehicle has been declared a total loss. To get the help you need, you should hire an Oklahoma City car accident lawyer from the Parrish DeVaughn Law Firm. Our legal team is ready, willing and able to take on your case and fight for the compensation that you deserve. Schedule a consultation with us today!