Law firms that specialize in class action lawsuits may not accept cases that involve the individual valuation of total vehicle losses, however. A total vehicle loss is defined as a car that’s been in an accident, has been totaled and the cost of repairs far exceeds the car’s monetary worth.
Some auto insurers attempt to lower the value of total loss vehicles in order to reduce payments on claims. When they make total loss calculations, insurers insert a “projected sold adjustment” that takes into account potential discounts to buyers rather than the actual marketplace value of the car.
Individuals who suspect they received a lower payout for a total loss vehicle as a result of automobile insurers making erroneous judgments may be able to join a total loss valuation claim class action lawsuit investigation with the intent to pursue rightful compensation.
While individual insurance payouts for a total loss claim seem insignificant, compensation can become substantial when a large group of insured claimants are involved in a class action lawsuit. Payments can subsequently be recovered for the individual as well as all affected members of the class action suit.
Taxes and fees should be included as part of the settlement offered for the total loss. However, when insurers fail to include such payouts as a general practice, individuals can recover their costs by joining a class action lawsuit. In such cases, the law firm Anderson + Wanca can help.