Total Vehicle Loss in Ohio
Your risk of suffering a car crash may be greater than you think. According to data published by the Ohio State Highway Patrol, from 2017 to 2021, there were 1,412,543 vehicle crashes in Ohio, an average of more than 282,000 crashes each year. A total of 269,148 crashes occurred in the state during 2021 alone.
When cars crash, they often sustain considerable damage. But even minor auto accidents can be traumatic events for the drivers involved. Stress levels are higher if your vehicle sustains major damage in an auto accident. Auto insurance is intended to protect drivers from financial liability in case of an accident.
Car Insurance and Total Vehicle Loss Claims
When you buy insurance, you do so with the expectation that if you must make a claim, your insurer will treat you fairly and will pay the claim in conformance with the law. Too often, however, especially when a car is rendered a “total loss,” insurance companies fail to do so. What then?
When You Total Your Vehicle: What to Expect from Your Insurance Company
If your car is severely damaged in an accident, your insurance company may declare it to be a total loss. What constitutes a “total loss” of a vehicle is subject to varying policy definitions, and it does not appear to be specifically defined in Ohio law, but generally occurs when it cannot be repaired at a cost less than the difference between its “actual cash value” before and after the damage occurred. Under Ohio law, the term “actual cash value” is defined as either the market value at the time of the accident or the replacement cost of the vehicle minus depreciation.
The ultimate amount you are entitled to receive from insurance is based on the requirements of state law and the terms of the applicable insurance policy.
If your vehicle is declared a total loss, under Ohio law, your insurance company is required to replace the vehicle, or pay you the actual cost to purchase a comparable automobile, less any applicable deductible. If you provide documentation of the purchase of a replacement auto within 30 days of receipt of a cash settlement, a proper total loss settlement also must include applicable sales taxes.
However, when settling total loss claims, some insurance companies fail to properly calculate the settlement payment, often neglecting to include sales taxes.
If these costs are not included in the settlement amount, you may be entitled to additional compensation from the insurer. Where it appears that the insurance company has failed to include these items as a general practice, moreover, a class action lawsuit may be appropriate to recover on your behalf and for all other persons similarly affected. And for that, Anderson + Wanca can help.
Call Anderson + Wanca for Total Loss Vehicle Claims in Ohio
Anderson + Wanca is a boutique class action litigation law firm. Our consumer rights attorneys at Anderson + Wanca have years of experience with class action litigation, including fighting for the rights of insureds whose total loss claims have been improperly underpaid. If you believe you have been wronged by an insurance company in connection with your total loss claim, or if you just want to be sure you have been offered a proper settlement, contact our attorneys at Anderson + Wanca. We will review your insurance policy, settlement documents, and the invoice for your replacement vehicle to see if you are being offered a fair settlement and, if not, to determine if there is a potential for a class action claim that our firm could advance on your behalf at no monetary cost to you.
Contact us today. Call Anderson + Wanca at (888) 505-0953 or email us at mailto:email@example.com to set up a free consultation regarding your total loss claim.
Anderson + Wanca works with licensed attorneys in Ohio and throughout the United States.