Fair Compensation Sought for Total Loss Car Accident Insurance Coverage in Lawsuit Investigation
Complaints have been filed against insurance companies for allegedly not reimbursing their policyholders with the full value of their total loss vehicle.
Consumers claim that insurance providers are violating their own contracts “by failing to reimburse policyholders for sales tax, title transfer fees, tag transfer fees, and more after a total loss car accident.”
These taxes and fees supposedly “are components of ‘actual cash value’ under the policy” and are mandatory when “purchasing or leasing a replacement vehicle to replace a total loss vehicle.”
Failure in the part of insurance companies to pay for these taxes and fees constitute a breach of contract as these are supposedly included in the insurance policies.
Did you or a family member get short-changed by your insurance provider when your vehicle totaled? Contact us today to see if you are entitled to join the Total Loss Car Accident Insurance Coverage lawsuit investigation.
The Lowdown on What Total Loss Vehicle is About
To determine the reimbursement that an insurance company pays a policyholder, an insurance adjuster investigates the crash and the damage to the vehicle after a car accident. Total loss is determined when it meets the following criteria:
- If the vehicle cannot be safely repaired
- If the vehicle repairs are going to cost more than the value of the vehicle
- If the damage exceeds the damage threshold for your state. (In some states the car is totaled if the damage is 50 percent of the pre-accident value all the way to 100 percent.)
Reimbursement usually depends on individual policies and insurance companies, but usually, the offer involves “the fair market value of the vehicle based on the state of the vehicle before the accident occurred.”
Payout is normally based on the Actual Cash Value of the vehicle if it was sold before the car accident and involves the variables:
- Vehicle year
- Vehicle make
- Vehicle model
- Physical wear and tear
- Condition of interior
- Condition of tires
Sales tax and fees for title and registration are also mandated to be covered by insurance companies in the following states:
- New Jersey
- New York
- Puerto Rico
- West Virginia
Editor’s note on Total Loss Car Accident Class Action Lawsuit Investigation:
This piece is written about the recent Total Loss Car Accident Insurance Coverage Lawsuit Investigation. If you are considered eligible to be among the class of consumers described in the class action lawsuit investigation, you may eventually be able to participate in receiving any compensation the court may award.
If you believe that what is alleged in the Total Loss Car Accident Insurance Coverage Class Action Lawsuit Investigation has affected you, please don’t hesitate to reach out to us.
We’d be happy to help you take a step in the right direction, fight this issue, and better enable you to join in on any potential consumer class action. If interested, please send an email to Outreach@ConsiderTheConsumer.com, find us on Twitter or Facebook, or even connect with us directly on our website! We look forward to hearing from you all.
Similarly, please check out our current list of Class Actions and Class Action Investigations, here.
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