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 Has your insurance company deemed that your vehicle is a economic total loss?  You can use this tool to help you decide to accept that determination or dispute it.  It will help you to establish the value of your vehicle before the damage occurred. 

It is important to be prepared and reasonable when working with your claims specialist.

When calculating the value of your vehicle, for total loss purposes, be sure to include all options that your vehicle is equipped with, the correct mileage and the pre-accident condition of your vehicle. Empowered with this information, you can negotiate a fair and reasonable settlement with your insurance company.


Things to keep in mind:

Towing, storage and rental expense do not affect the value or your vehicle.

Don't let the tax of title fees hide the true value of your vehicle.

When settling your total loss claim be sure to negotiate the value of the vehicle before settling on taxes and title or document fees as these are automatically owed to you.


 


 

VIN: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _     MILEAGE: ______________  
     
YEAR:    _________ 
    
MAKE:   _________

MODEL: _________

OPTIONS: _____________________________________________

_______________________________________________________

_______________________________________________________

VALUE SOURCES (Choose at least three value sources)

www.autotrader.com     $______________

www.kbb.com                $______________

www.nada.com              $______________

www.edmunds.com       $______________


AVERAGE VALUE:      $______________

TAX RATE:                      _______________
(MI 6%/ OH 6.75%)    

DOC FEES:                    _______________


TOTAL VALUE:              _______________


 


The laws in the states of Ohio and Michigan both state that an insurance company must pay you the actual cash value (ACV) of your vehicle.

Insurance companies use a number of different companies like CCC Valuescope, ADP Autosource or Mitchell's Valuation to make their determination of your vehicle's worth. These evaluation services depend on a physical inspection of your vehicle.  This information is also written in your insurance policy.

The law also states they must calculate the value based on actual vehicles found in the market place within a reasonable distance from your home. It is in your best interest to request a copy of the evaluation report including all pages pertaining to the condition of your vehicle. All insurance companies are required by law to share this information with you, if you request it.

You can read the laws governing insurance practices by clicking the link to the Ohio Board of Collision?s website here .

*Ohio revised code 3901-1 54 paragraph H(7) deals with settlement of a total loss.


If you have any questions or concerns regarding these laws or how to use this calculator please contact us either by phone (419) 841-9999 or by clicking the contact us link on your left.