Compensation for Total Loss in a Traffic Accident

Do you need to make a Compensation Claim for a Total Loss in a Traffic Accident?

The total loss is a concept that many times our clients are not clear about, sometimes it is often confused with the damages and losses to which we are entitled for being victims of a traffic accident, and on other occasions it is confused with the concept of damage emergent (right to compensation for the value of the good that has been damaged). Therefore, it is important to clearly define what we mean when we talk about this important concept. 

 We could then define the total loss in traffic accidents, as that damage or total affectation suffered by a vehicle (motorbike, car, etc.) in a traffic accident whose repair cost exceeds the market value of the car or vehicle in the time of the accident, and that consequently would make its repair unfeasible.

In practice, insurance companies try to pay as little as possible, they consider a series of factors of various kinds to calculate the cost of your vehicle, always downwards, that is, insurers will try by all means to value your vehicle below the fair value that would correspond to you were paid, therefore it is important to have the services of lawyers specialized in traffic accidents to try to get the maximum compensation.

Insurers 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 suffered a traffic accident and have suffered a total loss of your vehicle, motorcycle, bicycle, car, electric scooter, etc., the value of this will not be what you consider , but its value will be established based on various variables that determine the fairest value. In this line we can mention some of the variables that you will have to take into account when being compensated and indemnified for total loss. 

Have you suffered a traffic accident?
Have you suffered an Accident with total loss?

What variables determine the market value of the vehicle declared in total loss?

 Some of the most determining variables that will determine the real value of our vehicle in a total loss in a traffic accident are, for example: antiquity, that is, how many years our vehicle has been registered, how many kilometers it has traveled and how long it has been driving on the roads. Another of the variables that are taken into account are the characteristics, for which the brand of the car, motorcycle, van, model, extras, etc. will be evaluated, and what is the deterioration that it has suffered over the years since it was installed. On circulation.

On the contrary, a variable that plays in our favor is, for example: the state of conservation of the vehicle that suffers the accident, many times the vehicle, despite the years of circulation, is in impeccable condition and with all annual reviews. so it can be argued that the value they give us for the car is not fair and does not cover what is established by law.

In this sense, it is also important to mention that any modification or improvement to the vehicle will also be considered as determining when establishing the real value of the vehicle that has been declared as a total loss. 

Consequently, it is of the utmost importance that you be advised by experienced lawyers who advise and guide you in the procedure to claim your compensation for a traffic accident. At Masramon Abogados we have more than 20 years of accredited experience in total loss claims, and in all types of traffic accident cases.

No-fault total loss

The total loss without fault occurs when you cannot be attributed the fault or negligence of the traffic accident suffered, that is, that the traffic accident caused corresponds to a third party with full responsibility. This can happen when, for example, the car has been parked correctly and a third party has collided with it, or when our vehicle, motorcycle, van, etc., is driving through urban roads and is collided by a vehicle behind.

In our experience of more than 20 years accredited in no-fault total loss accidents, we have seen how insurance companies will try to offer an insufficient proposal and based, according to them, on an uneconomical repair, therefore, it is essential to have specialized and experienced advice. accredited.

Misuse of Expert Evidence from insurance companies

The expert evidence is carried out by an expert (expert in the field), that is, a person who has extensive knowledge in the profession or trade he performs and who, in addition, said experience can be accredited. In this sense, insurers use expert evidence, so that, for example, the most equitable appraisal is reflected in order to compensate a victim in the event of a no-fault accident. However, our experience tells us that many times the experts chosen by the insurers do not show the knowledge corresponding to the appraisals or reports requested, that is to say that the expert reports of the insurers do not have experience or do not take into account important variables that make that their reports are always detrimental to the victims.

In this sense, it is important that the advice you hire to be able to claim fair compensation and not downward as the insurers propose, shows experience with independent experts and with accredited experience to refute with technical reports all the expert opinions proposed by the insurers.

Frequently Asked Questions about Total Loss Compensation

With most insurance companies we will find that a total loss is declared when the repair value of these breakdowns exceeds 100% of the insured sum or the market value of the car.