Did your car meet with an accident in Puyallup, Washington, and did the insurer deem it a total loss? They will evaluate your vehicle and offer you a settlement amount. However, you should not agree with your insurance company’s valuation right away. This is because they can intentionally undervalue your vehicle. The total loss appraisal clause can help Puyallup car owners in this situation, so they receive an accurate payout for their totaled vehicle.
Puyallup, Washington, total loss appraisal clause experts can help you navigate the entire process. In this blog, we will discuss total loss appraisal, what you receive from it, when to consider it, and how to properly invoke the clause. If you have encountered this situation in the past and felt your vehicle was undervalued after a total loss, stick with us till the end.
Total Loss Appraisal Explained in Easy Words
When your car meets with an accident, and its estimated repair cost meets or exceeds a certain percentage of the vehicle’s value, the appraiser declares it a total loss. Once your car is deemed a total loss, you call a professional auto appraiser to determine its accurate market value. They take factors into account, such as mileage, features, and condition before the accident, and research about comparable vehicles in your local market. Then, the professional appraiser gives an opinion of your vehicle’s accurate market value; this is called a total loss appraisal.
The appraiser collects the details of your car, evaluates its actual market price using industry tools and local data, and provides a certified report. Generally, appraisals are performed within 48 to 72 hours after receiving insurance claim details and your vehicle info.
Interpreting the Total Loss Appraisal Clause?
Insurance policies generally allow policyholders and insurance companies to settle a dispute over the assessment of a totaled vehicle under a specific provision. This provision is known as a total loss appraisal clause.
What Do You Obtain in a Total Loss Appraisal?
If you call Puyallup or Camas, Washington, total loss appraisal clause experts, they will provide you with a detailed, market-support appraisal report of your vehicle. This report reflects your vehicle’s accurate post-accident value. You can use it to challenge the insurance company and seek a fairer settlement for your totaled vehicle. In addition to a certified appraisal report, you receive the following things in a total loss appraisal.
- You get accurate market data, listings, and comps in the appraisal report that support the determined market value of your vehicle.
- You also get constant support from the Puyallup, Washington, total loss appraisal clause experts.
- Finally, you receive a thorough representation during the appraiser-to-appraiser negotiations.
When to Request a Total Loss Appraisal?
Before you summon a total loss appraisal clause, you should assess if it’s worth your time. You can challenge the insurance company for a fairer payout with professional total loss appraisals in certain conditions, which are as follows:
- Your car was deemed a total loss, and you feel the offered settlement amount is low.
- You’re confident that your vehicle is more valuable and want a strong third-party opinion to reinforce your case.
- You are ready to summon the appraisal clause and tackle its complex process.
- You need to increase your settlement amount to change the current vehicle and buy a new one.
Appraisal Clause in Washington
The appraisal clause in Washington lets the policyholder and the insurance company hire a skilled, certified appraiser. We explained the entire process in five small steps.
1st STEP: Invoking the Clause
First, you send a letter to the insurance company informing them that you are invoking the appraisal clause as you seek a fairer settlement than the one offered. Sending a letter would be best, although you can also email them.
2nd STEP: Selecting Appraisers
Both parties select an appraiser to evaluate the car’s lost value. You should hire a skilled appraiser familiar with the appraisal clause process. Your appraiser should be neutral and not connected with the insurance company in any way.
3rd STEP: The Appraisal Process Begins
The two appraisers independently assess the loss and discuss their findings. Both appraisers try to reach a mutually agreeable amount.
4th STEP: Calling for an Umpire
If the two appraisers fail to reach a settlement amount, they petition the third party, known as the umpire, who reviews the positions and documents of the first two appraisers. If an umpire is called, both the insurance company and the policyholder pay them half of the hiring cost. An amount that two of the three appraisers agree upon is the binding decision.
5th STEP: Receiving the Settlement
Finally, you submit the written appraisal award to the insurance company and receive the agreed amount.
We welcome you to My Creative Web, a team of Puyallup, Washington, total loss appraisal clause experts that helps car owners get the accurate value of their totaled vehicles. We have been in the industry for a long time, gaining extensive experience. If your car is totaled as per the total loss threshold in Washington, we are your reliable partner. Contact us for a free quote and book your appraisal.
