Study: Lower Satisfaction Among Total Loss Auto Claimants

October 28, 2011

  • October 28, 2011 at 3:29 pm
    Jester says:
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    Agents should be educating their clients on the total loss / ACV settlement process. People are paid enough to replace their totaled vehicle. Settlement must be based on finding a similar or substantially similar vehicle that can be purchased for the settlement amount. The rub comes when they don’t want to re-purchase the same vehicle. The settlement is not designed to pay the financing costs that are above and beyond the value of the vehicle. That is the insurance company’s issue. There is “gap” insurance to cover that exposure, but most people don’t want to pay the few extra dollars for the coverage. People need to be reminded that insurance covers the PROPERTY, not its CASH EQUIVALENT.



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