My vehicle was totaled in a NC crash

When is a vehicle considered totaled following a North Carolina accident?

North Carolina laws for vehicles totaled in a crash are not nearly as descriptive as some other states.  The applicable law for vehicles totaled in a crash can be found at 11 NCAC 04.0418.  This regulation indicates that a vehicle is a total loss when the damaged exceeds 75% of the preaccident actual cash value.  The regulation goes on to say that the insurance company shall pay the preaccident value of the vehicle and, in exchange, receive the title to the vehicle.

How much money should you get for your totaled vehicle?

The regulation is not very clear on how an insurance company should determine the preaccident value. According to the North Carolina Commissioner of Insurance Consumer Guide to Automobile Insurance, a total loss claimant is entitled to the actual cash value of the vehicle which represents the local market value of the totaled vehicle.  The Consumer Guide indicates there are two methods for determining the local market value: 1) By using the local market price of a comparable vehicle; 2) If no comparable vehicle can be located, dollar estimates from at least two qualified dealers within the local market area.

We are aware that many insurance companies employ third-party companies such as CCC One to determine the preaccident value.  We believe that some of CCC One’s methodologies are flawed and result in valuations that are unfairly low for the totaled vehicle.

If you have a question about a total loss vehicle from a North Carolina accident, please give us a call to discuss whether your claim is being handled properly.  There is no charge for the call and we only get paid if we recover for you.

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