Market Value Recoveries
Once you have recovered your vehicle, you may discover that it has been damaged before the recovery. We specialize in obtaining both your vehicle as well as the recovery of its full market value. Oftentimes, the recovery of its full market value includes vehicles that have been declared a total loss or vehicles that have been recovered due to repossession.
Total Loss Recoveries in Illinois
If your vehicle has been declared a “total loss” due to an accident, the insurance company will attempt to pay as little as it is legally obligated to pay. In many instances, the insurance company will fail to pay for other amounts that are due to be paid to either the registered owner or the lien holder. Some insurance companies only pay what they interpret what state law and the terms of the insurance policy required. Other insurance companies fail to match “comparable models similarly equipped with the same mileage and condition” to determine market value. In other words, you need an advocate to determine the market value of the vehicle one minute before the accident. Your advocate should assist in the recovery of the full market value.
If the vehicle is declared a total loss, under Illinois law, the insurance company is also required to replace it or pay the retail value of the damaged vehicle, less any applicable deductible. If a replacement vehicle is purchased within 30 days after the insurance company has paid for the claim then a timely notification to the insurer will require the insurance company to also pay applicable sales taxes and mandatory state title and transfer costs.
A comprehensive review must be made to consider whether you have received market value plus applicable fees.
General Rule for Total Loss Recoveries
In Illinois, a vehicle is considered a total loss when the vehicle’s actual cash value is equal to or less than the cost of repairs plus the salvage value. Actual cash value refers to how much the car was worth immediately before the damage, while the salvage value is the car’s worth in its damaged state.
Damages on Repossessed Vehicles
If you have recovered your vehicle through repossession, it is imperative that we swiftly make a claim against the party and their insurance company for the damages done to the vehicle including the diminished value for the damage. Often, this will require a lawsuit against the third party driver who caused the damage.
Market Value Recoveries Expertise
Litigating market value recoveries requires a a multi-layered strategic approach. First, we recover your vehicle. Second, we recover any lost market value due to damages done before recovery from the responsible parties and their insurance carrier.
At FS CORPS, based in Illinois, our experienced attorneys will first recover your vehicle and then seek the lost market value. In this current car market, values have been on a downward spiral. It is essential to file a lawsuit as soon as practicable.
Recent Market Value Recoveries Cases
September 2024
Progressive to pay $48M settlement to 93,000 New York drivers for underpaid total loss claims, covering claims filed since July 28, 2015.