Wyoming has one of the highest rates per capita for total losses in the United States. In Cheyenne, for example, recent accident data reveals that the abundance of later vehicle, cars that are ten years or older, are very costly to repair. What seems as a minor fender bender can quickly turn into a total loss.
A total loss means the insurance company will pay you the actual cash value for your vehicle. But what is the actual cash value? By the plain meaning of the words, the insured may have a different perspective as the insurer. The bottom line, however, is the money. Is the insurance company's offer the amount you are entitled to?
The actual cash value (ACV) is determined by looking at comparable vehicles in your local market. Insurance companies often use automated valuation tools that may not account for the unique characteristics of your specific vehicle, such as low mileage, recent maintenance, aftermarket upgrades, or the limited availability of similar vehicles in Wyoming's market.
Wyoming's harsh winters and rural driving conditions mean that well-maintained vehicles are particularly valuable. If your vehicle was in above-average condition, the insurance company's initial offer may significantly undervalue it.
What You Can Do
If you believe your insurance company's total loss offer is too low, you have options. Most insurance policies include an Appraisal Clause that gives you the right to have an independent appraiser evaluate your vehicle's worth. This process can lead to a significantly higher settlement.
Call for a free claim evaluation. Have your insurance company's valuation report ready to review when you call so we can go through the important details.