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Know The NADA Value Before Accepting Any Insurance Offer



Being involved in a crash with another vehicle is a traumatic event, even when you’re not hurt and there’s no immediate need for an accident attorney. In most accidents, the resulting damage is incurred by property, such as items being carried in or towed by the vehicle, as well as the vehicle itself. If your car or truck was badly damaged in an accident, the insurance company may choose to ‘total’ your vehicle, meaning that they’d rather offer you a cash settlement for the entire vehicle instead of covering the cost of repairs. Accepting their offer of a settlement without conducting your own research into the vehicle’s true value is a dangerous mistake.

Not All Offers Are Good Offers

On the surface, it sounds like a great deal. Many drivers expect a large check that they can then use to make repairs or purchase an entirely new car. This excitement turns to dismay when the insurance company comes back with an offer that seems extremely low, especially if the car is fairly new.

Know Your NADA Value

You might think that your choice is to accept the offer or get nothing, but this isn’t the case. It’s the insurance company’s job to attempt to settle the claim for as little money as possible. However, if you research the fair market value of your vehicle before it was in an accident via the NADA Guides, and discover a higher number, the insurance company will have to match it. This is because the NADA value is considered to be the industry standard.

And remember, if you were injured in any way during an incident that resulted in your car being totaled, it’s important to involve an accident attorney immediately. Contact Spencer Calahan Injury Lawyers for a free case evaluation.