My horse trailer was rear-ended recently. While I was towing my gooseneck trailer (no horses inside), a guy in a pickup truck collided with me, causing significant damage to the trailer’s metal pillars.
The driver has Geico insurance, and they’re in the process of organizing an inspection.
I’m bracing myself for a potentially low settlement offer in case the trailer is declared a total loss. Are there steps I can take to ensure I receive a fair replacement value? Would getting a private appraisal help?
I’m sorry to hear about the accident! Here are some steps you can take to help ensure you receive a fair offer from the insurance company:
Document Everything: Take detailed photos of the damage to your trailer from multiple angles. Document the VIN and any other specific details about your trailer.
Collect Repair Estimates: Get multiple quotes from reputable repair shops. This will give you a solid basis for the cost of repairs and help you counter any low offers.
Research Replacement Costs: Look up the current market value of your trailer, especially if it is not recently manufactured. Online listings can give you a sense of what similar trailers are selling for.
Consider a Private Appraisal: Hiring a licensed appraiser who specializes in trailers could provide a more accurate valuation and give you professional backing for your case.
Keep Records of Any Related Expenses: If you incurred extra costs due to the accident (like rental trailers or transportation), make sure to keep receipts and document those expenses.
Be Prepared to Negotiate: When you receive the offer, don’t accept it immediately. Present the evidence you’ve gathered and be ready to negotiate.
Know Your Policy: Understand the terms of your own insurance policy as well; sometimes it can provide additional coverage that can help your situation.
Consult with a Professional: If negotiations seem difficult, consider consulting with an attorney who specializes in auto accidents or insurance claims.
Best of luck with the inspection and negotiations!