Vehicle Property Damage
In regards to auto accidents, property damage usually refers to the damage done to or by a vehicle. This damage may be covered by either your collision insurance or the insurance of the vehicle that caused the accident.
Notify the Insurance Company
After an accident, the insurance company usually must be notified as soon as possible to report the accident and submit claims. The insurance company will likely refer you to a body shop for a vehicle repair estimate. Some insurance companies require additional inspections to decide whether the car should be repaired or deemed a total loss.
What Is Total Loss?
When the cost of repair is more than the car’s actual value, it is considered a total loss. If this happens, you deserve a fair settlement from the insurance company to compensate you for the purchase of a replacement vehicle. Additional factors such as purchasing fees and sales taxes should be considered in the settlement amount.
Property Damage Release Form
After your vehicle repair estimate has been completed, the insurance company may ask you to sign a release agreeing to the property damage settlement amount.
It is crucial that you make sure the release is for property damage only. Signing a release that includes “all claims” or “personal injury claims” could eliminate your right to be compensated for your bodily injuries.
Helping People Is What We Do
At William Mattar Law Offices, it is our passion to help the victims of auto accidents throughout New York. Contact our car accident attorneys today by calling (844) 444-4444 or by completing a free initial consultation form now.