How to Negotiate a Total Loss Insurance Claim

Series Summary

Car insurance helps to cover the cost of car repairs after an accident, as well as medical bills stemming from an injury suffered in an accident. Insurance companies and independent agents offer a range of options in areas such as personal injury protection, property damage and collision coverage. Drivers can choose the amount of the deductible, which in turn determines the cost of the policy. A higher deductible translates to lower policy rates, but means the driver must pay more in the event of an accident. In this free video series, a licensed insurance agent provides information about becoming an insurance broker, or agent. Find out how to negotiate a total loss insurance claim, how to work in an insurance company, and how much money insurance agents earn. Learn how to become a licensed insurance broker, and discover what skills are needed to be a successful insurance agent.

Video Transcript

"Hi my name is Doug Leavy and I'm the principle owner and agent of Strategic Insurance Services located in Clearwater, Florida and I'm going to talk to you today about how to negotiate a total loss settlement on an auto claim. One of the most important things is if you are in an accident to immediately file the report. Really the first thing you should be doing if you are in an accident is to call the police. After that you would want to make sure you call in your claim to either your insurance carrier or to your insurance agent and it is important that this process begins right away. After that is started a claims adjuster will be in touch with you and they will begin to work on your claim. In terms of negotiating a total loss settlement this is really something that is going to be up to the claims adjuster and also the body shop. What the total loss refers to is that the car is unusable that it was literally totaled and cannot be repaired to be driven again. If in fact this is the case what would happen then is you would be settling with the insurance company based on the actual cash value of what the vehicle is worth today. That is usually a value that is going to be determined by things like the Kelly Blue Book values and the NADA values. My name is Doug Leavy with Strategic Insurance Services in Clearwater, Florida. Come experience a world of difference."