Compensation for Total Loss in a Traffic Accident
Do you need to file a claim for compensation for a total loss in a traffic accident?
Total loss is a concept that many of our clients don't fully understand. Sometimes it's confused with the damages and losses we're entitled to as victims of a traffic accident, and other times it's confused with the concept of consequential damages (the right to compensation for the value of the damaged property). Therefore, it's important to clearly define what we mean when we talk about this crucial concept.
We could then define total loss in traffic accidents as the total damage or impairment suffered by a vehicle (motorcycle, car, etc.) in a traffic accident whose repair cost exceeds the market value of the car or vehicle at the time of the accident, and which would consequently make its repair unfeasible.
In practice, insurance companies try to pay as little as possible. They consider a range of factors to calculate the value of your vehicle, always aiming for a lower price. In other words, insurers will try by all means to value your vehicle below its fair market value. Therefore, it is important to have the services of lawyers specializing in traffic accidents to try to obtain the maximum compensation.
Insurance companies only want to pay the market value, that is, the market value that the vehicle had just before the accident occurred.
On the other hand, it is important to keep in mind that if you have been in a traffic accident and your vehicle, motorcycle, bicycle, car, electric scooter, etc., has been totaled, its value will not be what you consider it to be. Instead, its value will be determined based on various factors that establish the fairest possible compensation. Along these lines, we can mention some of the factors you will need to consider when seeking compensation for a total loss.
What variables determine the market value of a vehicle declared a total loss?
Some of the most determining variables that will establish the real value of our vehicle in a total loss in a traffic accident are, for example: antiquityThat is, how many years old our vehicle is, how many kilometers it has traveled, and how long it has been on the road. Another variable taken into account is its characteristics; for this, the make of the car, motorcycle, van, model, extras, etc., will be evaluated, as well as the deterioration it has suffered over the years since it has been in circulation.
On the contrary, one variable that works in our favor is, for example, the state of conservation of the vehicle that suffers the accident. Many times, despite the years of circulation, the vehicle is in impeccable condition and has all the annual inspections, so it can be argued that the value they give us for the car is not fair and does not cover what the law establishes.
In this regard, it is also important to mention that any modification that does not improve the vehicle will also be considered a determining factor when establishing the real value of the vehicle that has been declared a total loss.
Therefore, it is of utmost importance that you seek advice from experienced lawyers who can guide you through the process of claiming compensation for a traffic accident. At Masramon Abogados, we have over 20 years of proven experience in total loss claims and all types of traffic accident cases.
No-fault total loss
A total loss without fault occurs when you cannot be held responsible for a traffic accident; that is, the accident is entirely the responsibility of a third party. This can happen, for example, when you have parked your car correctly and another vehicle has collided with it, or when your car, motorcycle, van, etc., is traveling on urban roads and is rear-ended.
In our experience of more than 20 years accredited in total loss accidents without fault, we have seen how insurance companies will try to offer an insufficient proposal based, according to them, on an uneconomical repair; therefore, it is essential to have specialized advice with accredited experience.
Misuse of Expert Testimony by Insurance Companies
Expert reports are prepared by an expert in the field, that is, a person with extensive knowledge of their profession or trade, and whose experience can be certified. In this sense, insurance companies use expert reports to determine, for example, the most equitable valuation for compensating a victim in the event of a non-fault accident. However, our experience tells us that often the experts chosen by insurance companies do not demonstrate the necessary knowledge for the valuations or reports requested. In other words, the insurance companies' expert reports lack experience or fail to consider important variables, which means their reports are often detrimental to the victims.
In this regard, it is important that the consultancy you hire to claim fair compensation, and not a low amount as proposed by insurance companies, demonstrates experience with independent experts and proven expertise to refute all the expert reports proposed by the insurance companies with technical reports.
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