You’ve been told that your vehicle was totaled in an accident caused by another driver’s negligence or carelessness. This essentially means that the cost of repairing your vehicle exceeds the Actual Cash Value (ACV) of your car.
The adverse insurance company will look at comparable vehicles in your area to calculate an ACV. Comparables are vehicles of like make, model, year, mileage, accessories and condition. Sales tax will be added to your ACV. The amount of sales tax depends on the rate established by your city of residence.
To receive the money, you relinquish your vehicle’s title to the adverse carrier and sign a Power of Attorney and an Odometer Statement. The carrier then takes possession of your vehicle and sells it to a salvage yard. If you wish to retain your vehicle, the ACV payment will be reduced in accordance with a salvage bid that the carrier received from the salvage yard. To retain your totaled vehicle, you must apply for a Salvage Title through Motor Vehicle Division.
If you or a loved one has been involved in a car accident, motorcycle accident or pedestrian accident, reach out to the experienced lawyers at Select Law. With our extensive experience in the legal field, we know what it takes to win your case. Call us at (425) 891-6691 to arrange your FREE CONSULTATION with an experienced attorney (in person, phone, zoom or your residence/hospital)
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