Having your car totaled in a wreck can be an incredibly stressful and traumatic experience, but then you get to debate with your insurance company about how much they’re actually going to pay you for the wreck. It’s no secret that insurance companies are businesses, and as businesses, their goal is to make money. That means that they’re not going to want to pay you more than they have to when it comes to a wreck claim. So, how do you know how much insurance will pay when you get in a wreck?

There are five factors that insurance companies take into account when determining how much they’ll pay out for a wreck claim. The first is the actual value of your car. They’ll look at things like the make, model, and year of your car, as well as any modifications or aftermarket additions that may have been made, and come up with a value for your car. This value may be different than what you think your car is worth, but it’s the insurance company’s best estimate of what your car is worth on the open market.

The second factor that insurance companies look at is the severity of the damage to your car. If your car is totaled, then they’re obviously going to have to pay you the full value of your car. However, if your car can be repaired, then they’ll only have to pay for the cost of repairs. The more severe the damage, the more it will cost to repair your car, and the more insurance will have to pay out.

The third factor that insurance companies take into account is who was at fault for the accident. If you are found to be at fault, then insurance companies may take into account things like your driving record and insurance history in determining how much they will pay. However, if the other party is determined to be at fault, then insurance companies may factor in things like their insurance policy limits and whether or not they have insurance at all when deciding how much to pay out.

The fourth factor that insurance companies look at is what type of insurance coverage you have. There are two main types of insurance coverage: collision and comprehensive. Collision insurance covers damage to your car that is caused by an accident with another vehicle or object. Comprehensive insurance covers damage to your car that is caused by anything else, such as weather, theft, or vandalism. If you have collision insurance, then insurance companies will typically pay out more than if you only have comprehensive insurance.

The fifth and final factor that insurance companies take into account is the deductible on your insurance policy. The deductible is the amount of money that you have to pay out-of-pocket before your insurance policy kicks in and starts paying for damages. The higher your deductible is, the less insurance companies will have to pay out for a wreck claim.

All of these factors contribute to determining how insurance companies decide how much to pay out for a wreck claim. If you’re in an accident and are unsure of what insurance will pay, then it’s best to consult with your insurance provider directly and find out exactly what factors they take into account when deciding whether or not to cover the cost of repairs. But ultimately, it’s important to remember that insurance is there as a safety net if something should happen, so make sure that you’re adequately covered no matter what happens on the road.

If you have dents that need to be removed, check out a company like Valley Collision for fast and affordable dent repair services. Whether you have a few small dings or more serious damage, they can help! They accept most insurance plans and will work with your insurance company to get the repairs covered. Visit www.valleycollision.com for more information.