Car Totaled in a Chicago Personal Injury Accident – What to do скачать в хорошем качестве

Car Totaled in a Chicago Personal Injury Accident – What to do

What happens if your car is totaled in a Chicago personal injury accident and you owe more than it’s worth? Hey everyone, my name is Barry and I’m a Chicago personal injury attorney. My office is in Glenview but I have represented motor vehicle accident victims all over the state of Illinois. If you’d prefer to read about this topic, check out my blog article on Chicago totaled vehicles: https://chicagolegalgroup.com/my-car-... Please note that on my other YouTube channel called LawFull I talk about generic personal injury related issues. However, I decided to create this Chicago Legal Group channel which is focused entirely on Illinois law. 0:00 Introduction 0:45 Most car accidents result in property damage not personal injuries 2:00 Illinois is different than other states in assessing whether a car is totaled or not 2:30 What does actual cash value mean 3:15 The insurance company pays the finance company 4:20 You can fight the insurance company’s valuation of your car 5:15 PI attorneys don’t normally handle only property damage claims Most calls I get are about property damage. I do not handle just property damage cases. Most p.i. attorneys don’t. But I’m happy to answer your PD questions and I also created a document called the Top 13 Tips to know about Property Damage – I pinned it in the comments section below so if you want to you can download that. You can also get it by clicking right here: https://chicagolegalgroup.com/top-13-... The two most asked questions I get about property damage in Illinois is my car has been totaled, how’d they determine that and what can I do about it? The Process: Usually, an insurance adjuster comes out and looks at your car and says and does some research on Kelly Blue Book or whatever resource they want to look at and they make a determination if your car is totaled or not. Normally, they’ll say something to the effect of the repairs are 70 or 80% of the “actual cash value” (ACV) of the car. And we have therefore determined that it is totaled. Some states have a firm law on how much of the ACV has to be achieved to equal a total loss. Illinois does NOT say that. Note – Illinois law basically says that the insurance company has to put you back in the position you were before the accident. But, the position does not mean the retail value of your car. It means the “ACV” of your car. So Illinois looks at the whole totality of the situation in making this determination. Well, once your car drove off the lot you lost thousands and thousands of dollars in value on that vehicle. So let’s take a hypothetical and you can see what will happen. You buy a $10,000 car, in six months you get in an accident and it’s totaled. Allstate or State Farm says the ACV of your car is $5000 and that’s all they’re going to give you. Well you still owe your finance company $5k. So who pays that? The bad news is – you do. You need to figure out with the finance company how to pay that off. They’ll often work with you but often it’s you just keep making payments. It’s a lousy situation but that’s the way it works. Even worse? The insurance company is going to write the $5k check to the finance company – not to you. The only way you can protect yourself occurs when you buy your car or shortly thereafter. You could have purchased Gap Insurance. Can you fight your car being totaled? Sure you can do that. Don’t just roll over to the insurance company if you don’t want to. Go get your own appraisal of the vehicle and present it to the insurance company. There is a guy I know named Gary and he owns Better Auto Buying. Guys like that can do appraisals for you for a fee of course. If that doesn’t work, you always have the right to either 1. File a lawsuit against the other driver, or 2. If you’re dealing with your own insurance company, you can demand arbitration of the issue. And listen again, you can probably do this on your own as most personal injury attorneys won’t get involved in a property damage only case. If you have a question about property damage and you want to reach out to me, call 1-847-305-4105 or email me at Barry@chicagolegalgroup.com. #chicagopersonalinjury #personalinjuryattorney #propertydamage