Introduction
Experiencing a total loss of your vehicle can be a stressful and overwhelming experience. It’s not just about the loss of your beloved car, but also the daunting task of negotiating with insurance companies, and finding a suitable replacement vehicle. Not to mention, total losses from collisions tend to be more severe accidents and people can be hurt. No matter the situation, I hope to see you get paid fairly for your vehicle. You shouldn’t be paid short for the complete destruction of one of your important investments, your vehicle.
When you’re navigating your total loss claim, one of the most effective strategies to ensure you receive a fair settlement is to prepare a well-crafted counter-offer. Assuming you don’t get a great offer up front, you’re going to want to be prepared to negotiate like a pro, so bookmark this guide for later if you’re going to do this yourself. This article will guide you through the process, focusing on Maryland’s specific regulations and offering tips on how to select comparable vehicles. This is the framework that we follow ourselves.
Understanding the Rules: COMAR 31.12.15
In Maryland, the rules of the game are defined by COMAR 31.12.15. This regulation provides a clear definition of what constitutes a “substantially similar” vehicle. Essentially, it should be the same make, model, and year as your vehicle, with similar options, condition, and mileage. Understanding this definition is crucial as it forms the basis of your counter-offer.
The insurance company will likely use a computerized guide to determine the value. Your counter-offer should be made on actual vehicle advertisements reasonably close to you.
Choosing Your Comparable Vehicles
Selecting the right comparable vehicles is a critical step in preparing your counter-offer. Here’s a step-by-step guide:
- Start with Reliable Sources: Begin your search on reputable websites like AutoTrader.com or at local dealerships. These sources provide a wealth of information and a wide range of vehicles to choose from.
- Apply the “Substantially Similar” Filter: Remember the definition from COMAR 31.12.15? Apply it here. Look for vehicles that match your vehicle’s make, model, year, condition, and mileage.
- Consider the Details: Pay attention to the finer details such as the vehicle’s options and features. These can significantly impact the vehicle’s value and should be similar to your vehicle.
- Document Your Findings: Keep a record of all the comparable vehicles you find. This will serve as your evidence when presenting your counter-offer. Print or screenshot them. Saving links and shortcuts may not be available when it comes time to share them with your adjuster.
Crafting and Submitting Your Counter-Offer
Once you’ve selected your comparable vehicles, it’s time to craft your counter-offer. Present your case in writing, clearly explaining why your valuation is more accurate than the insurer’s. Include the details of the comparable vehicles as evidence to support your claim. Remember, preparing a well-crafted counter-offer is not just about getting a fair settlement, it’s about standing up for your rights and property. Take your time and read it thoroughly.
Once your counter-offer is ready, submit it to the insurance company. Write clearly in the letter that you are kindly rejecting their offer and submitting your own counter-offer. Then, explain the amount you’re countering. Be concise and ask for a reply ASAP.
Patience is Key
Under Maryland law, the insurance company has five business days to respond to your counter-offer. However, in reality, it often takes between a week and a month for them to reply. We understand that this can be a frustrating wait, especially when you need the settlement money to purchase a replacement vehicle. But remember, patience is key. Stay politely persistent and follow up regularly until you reach a resolution.
If you feel this process is being drawn out too far, you can complain to the Maryland Insurance Administration. If enough people complain about violations of COMAR, the MIA will take note and may look further into the issue. Hopefully, your case doesn’t come to that.
Conclusion
Dealing with a total loss claim can be a challenging journey, but you don’t have to take it on alone. We can do the work of researching your vehicle, providing an accurate appraisal, and aiding with your counter-offer. Often, our services pay for themselves multiple times over when you get thousands more for your vehicle, and our services are only a fraction of that.
At Ryckman Appraisals, we’re here to help you secure the compensation you deserve. Contact us today.
