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Questions and Answers
What is actual cash value (ACV)?
What is the salvage value?
Who is responsible for the balance of a car loan?
Scenario: Lisa's car is declared a total loss, and she decides to keep the salvaged vehicle. What happens to the salvage value in this situation?
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Scenario: After a collision, Jane's car requires extensive repairs. The repair facility estimates the cost of repairs to be higher than the actual cash value (ACV) of the car. What is Jane's insurance company likely to do in this situation?
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Scenario: Sarah's car is declared a total loss by her insurance company after a collision. The insurer offers her a settlement amount for the total loss. What factors might influence the settlement offer for a total loss?
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Scenario: After a severe accident, Lisa's car is declared a total loss. The insurer offers her a settlement amount, but Lisa decides to keep the salvaged vehicle. What impact does this decision have on Lisa's total loss settlement?
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- The plaintiff’s car is 2023 Honda CRV, you assessed the vehicle as a total wreck, it was T-Boned and the airbags were deployed. The plaintiff forgot to renew his own policy, and there is no other available insurance policy covering his vehicle. The Defendant is unemployed, no assets except a 1999 Toyota Sedan which was also totaled during the accident. The defendant’s insurance accepted liability with insurance policy of $15K/$30K, PD Liability of $5K. The Defendant’s insurance declared the vehicle a total loss.
Q. As the Plaintiff’s PD Case Manager, what would you do?
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- The Plaintiff’s vehicle was rear-ended by the Defendant. You have filed a claim to both Plaintiff and Defendant’s insurance. They have acknowledged your Letter of Representation. Three days after the accident your Plaintiff’s vehicle is still in a tow yard facility. Your Plaintiff doesn’t have PD Collision coverage. She also doesn’t have money to remove the vehicle from the tow yard. The defendant insurance has not accepted liability yet.
Q. What should you do to establish the extent of the damage?
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- Your Plaintiff, Dr. Rashid, met a vehicle collision in CA-58 Freeway. He was rear-ended by the Defendant. You have filed a claim to both Plaintiff and Defendant’s insurance. They have acknowledged your Letter of Representation. Three days after the accident your Plaintiff’s vehicle is still in a tow yard facility and currently incurred storage fee of $600 and counting. Later on, Dr. Rashid was found to be prop213 as he forgot to renew his insurance. Dr. Rashid doesn’t want to pay out-of-pocket expense to remove the vehicle from the facility because he thinks the Defendant is obviously at fault and should pay everything. The defendant insurance has not accepted liability yet.
Q. What should you do to mitigate the expenses?
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