Accidents are stressful, but we don't think resolving your insurance claim should be. GEICO's claims solution makes the process easy. If you've been in a car accident and your car is wrecked (also called a total loss), it means that your car cannot be repaired or that its repair costs more than it is worth. If the other person is at fault and you can't agree with their insurer about the value of your car or have your own collision coverage, you can use it to file a claim with your own insurer.
If you and the insurer cannot agree on the method for calculating the retail market value, the insurer must follow the total loss rules described in state regulations (leg). After the judgment, the agency will certify that no insurance law has been violated or, if an insurance law has been violated, it will refer it to the market conduct division for compliance. If you and your insurer can't agree on the value of your car, you may have the right to hire an appraiser if your auto policy includes an appraisal provision. If your insurer can't find comparable vehicles in the area where you normally park your car, you can expand the search in 25-mile increments until you find two or more comparable cars.
To find out if the amount offered by the insurer is a reasonable estimate of the actual cash value, ask the insurer for a “total loss assessment report”. The New Jersey Ombudsman helps consumers with issues related to insurance availability, claims processing, coverage questions, and other issues related to insurance consumer education and assistance. States regulate insurance companies, thanks to the McCarran-Ferguson Act, a 1945 federal law that exempts the insurance business from federal regulation. The insurance company and the insured will pay the chosen appraiser and bear the costs of the appraisal and the arbitrator.