Georgia Insurance Case Study

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After your Georgia car accident, one of the most frustrating things you will likely have to handle can be dealing with the insurance company. Waiting to speak to insurance agents, scheduling and attending estimates on your vehicle, discovering where to have you vehicle looked at, determining how much damage was done and the costs of repairs, finding out if the insurance company will pay for the damage are all tedious, time consuming and taxing questions you will want answered. Even if you do not have medical bills and doctor visits to deal with, you will need to determine how much property damage has been done and what it will take to get back on the road quickly and safely. If your car accident caused what appears to be extensive damage to your vehicle, you may be wondering if your car was “totaled,” or if the insurance company will consider it a total loss.…show more content…
However, this is not always accurate. Other factors aside from actual cash value and costs of repairs come in to play when deciding whether a car is totaled, and every insurance company has their own set of criteria and each state has different regulations. Moreover, there is not one set formula in the insurance industry for computing actual cash value of your vehicle. In Georgia, most insurance companies utilize a Total Loss Formula (TLF) when determining if your vehicle has been totaled. According to this method, the salvage value of your vehicle will be added to the costs of repairing your vehicle. This amount is then compared to the actual cash value of your car, and if the salvage/repair sum is lower than the actual cash value, most insurance companies will deem your vehicle a total loss. Unfortunately, only qualified insurance appraisers who work for the insurance company are authorized to make this

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