If you feel as if the other party's insurance company is not giving you a fair offer or settlement amount for your vehicle that was totaled out you should be able to negotiate with them.

As the North Carolina Department of Insurance notes that if a motor vehicle is damaged, to the extent that the total cost of repair is equal to or exceeds 75 percent of the pre-accident actual cash value (ACV), the insurer shall consider the vehicle a total loss.

When your car is totaled, the insurance company is responsible for its ACV. ACV represents the local market value of the totaled vehicle.

There are two methods normally used to determine local market value: 1. By using the local market price of a comparable vehicle; or 2. If no comparable vehicle can be located, dollar estimates from at least two qualified dealers within the local market area are normally used.

So if you disagree with the offer given to you for your vehicle that has been declared a total loss and want to negotiate a higher settlement amount see if you can get written statements from local dealers showing that your car, pre-accident, was worth more than the settlement amount offered.

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