Have you been injured in a car accident in Miami, Florida? Shaked Law Personal Injury Lawyers can help when you call (305) 937-0191 . We offer a free consultation with a Miami car accident lawyer who will explain your options and fight to protect your rights.
Salvage value is an important concept after a serious collision, especially when your car is declared a total loss. Insurance companies often use it to minimize payouts, which can leave you with less than you deserve.
Our team understands how these calculations work and will push back to ensure you receive fair compensation.
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Why Choose Shaked Law Personal Injury Lawyers for Help With a Car Accident Claim in Miami, FL
Dealing with the aftermath of a car accident can feel overwhelming, especially when insurance companies prioritize their profits over your recovery. At Shaked Law Personal Injury Lawyers, we are proud of the experience, recognition, and results that reflect our commitment to clients.
Here are some of the reasons clients in Miami, FL, choose our team:
- Our attorneys bring over 100 years of combined experience in personal injury law.
- We have secured hundreds of millions of dollars in settlements and verdicts for injured clients.
- Our team includes Board-Certified Civil Trial Lawyers and members of the Multi-Million Dollar Advocates Forum.
- Our attorneys are recognized among the top lawyers by Expertise.com and The National Trial Lawyers Top 100.
- We hold top ratings from respected organizations, including Super Lawyers and Avvo.
When you are facing the challenges of a serious accident, having the right support makes all the difference. For trusted guidance, contact us today to schedule a free case evaluation with a Miami personal injury attorney.
What Is a Salvaged Vehicle in Florida?
Generally, a salvaged vehicle has damage that would cost more to repair than the vehicle would be worth. Many insurance companies will total a vehicle when the cost of repairs exceeds a certain amount, typically 75 to 85 percent of the vehicle’s value.
In Florida, the threshold for totaling a vehicle is repairs costing 80% or more of the vehicle’s value.
How To Estimate the Salvage Value of a Car After an Accident in Florida
The automobile salvage value is the amount the insurance company can recover when selling the vehicle to a salvage company. Determining the salvage value of a car depends on numerous factors, including but not limited to:
- The market demand for the salvaged car parts
- The overall condition of the vehicle
- The model and make of the vehicle
- The vehicle’s mileage and age
- The extent of the damage to the vehicle
Insurance companies often use computer programs or guides to determine the salvage value after an accident. These systems may not accurately calculate the salvage value of a car after an accident.
The salvage value can be a significant factor when negotiating an insurance settlement for property damage.
How Does the Salvage Value After an Accident Impact an Insurance Settlement in Florida?
You have three options when an insurance company totals your vehicle after an accident. Those options are:
- Accept the insurance company’s settlement. The company pays you the fair market value of the vehicle, and it retains ownership of the vehicle.
- You can also accept the settlement offer but keep your vehicle. If you keep your vehicle, the insurance company deducts the salvage value from the settlement offer.
- Decline the settlement offer. You may make a counteroffer to try to negotiate a higher amount for fair market value and/or a lower salvage value if you want to keep the car.
If you are unsure whether the settlement offer for your totaled vehicle is fair, you should speak with an attorney before accepting the offer. Once you accept a settlement offer and sign an agreement, you waive your right to demand more money for your vehicle.
What Happens to a Totaled Vehicle After an Accident?
When a vehicle is totaled, the insurance company must submit an application to the Florida Department of Highway Safety and Motor Vehicles (FLHSMV) for a salvage title. If you keep the vehicle, you must apply for a salvage title.
Salvaged vehicles cannot be driven on public roads unless they are repaired to a roadworthy condition. At that time, the owner must apply for a rebuilt title.
Who Is Responsible for a Property Damage Claim in Miami, FL?
Florida drivers are required to purchase a minimum of $10,000 in property damage liability (PDL) insurance coverage. Therefore, if another driver causes your car accident, their insurance company could be liable for up to $10,000 in property damages.
Collision insurance is optional coverage in Florida. However, most lenders require borrowers to purchase collision insurance as a condition of the loan. If you have collision insurance coverage, it can help cover the cost of vehicle repairs after an accident.
Underinsured motorist insurance can also help cover property damage costs after an accident if the at-fault driver does not have sufficient insurance to pay for damages.
An experienced Miami car accident attorney helps you evaluate all options for receiving a fair settlement for your car accident claim.
Call Today for More Information About Salvage Value After Accidents in Miami, FL
Being injured in an accident in Miami, Florida, can be devastating. You do not have to go through the claims experience alone. Call Shaked Law Personal Injury Lawyers for help. We are fierce advocates for our clients, working diligently to secure the compensation they need and deserve.
Reach out today to schedule a free consultation with a Miami car accident lawyer.
