Need Assistance
Hello! I purchased a 2024 Prius LE AWD last October. Unfortunately, my car was involved in a hit-and-run while parked in front of my house yesterday. My insurance company, Progressive, has indicated that my vehicle might be considered a total loss. I bought this car outright with cash, and this is my first accident.
I’m concerned about how much I might lose due to the vehicle’s depreciation, especially since it only has about 541 miles on it. Does anyone have advice on how to handle this situation? Thank you for your help!
I’m really sorry to hear about your accident; that must be really stressful. Since your Prius is so new with only 541 miles, it’s understandable to be concerned about potential depreciation and whether it will be considered a total loss.
Here are a few things to consider and steps you can take:
Understand Total Loss: If your car is deemed a total loss, insurance generally pays out the actual cash value (ACV) of your vehicle at the time of the accident, which takes into account depreciation. However, since your car is nearly new, the depreciation might be less significant than it would be for an older vehicle.
Check Your Coverage: Review your insurance policy to see what coverage you have. If you opted for replacement cost coverage, that might help mitigate depreciation.
Document Everything: Keep all documentation related to the accident, including police reports, photos of the damage, and communications with your insurance company. These can be valuable if you need to appeal a decision.
Get a Valuation: Consider getting an independent appraisal of your car’s value. This can help you negotiate with your insurance company if they offer less than you believe is fair.
Look into Gap Insurance: If you don’t already have it, gap insurance can cover the difference between what you owe and the car’s current value in cases of total loss. This is especially useful for vehicles financed or for those worried about depreciation.
Explore Repair Options: If your insurance does not total the car and it’s repairable, weigh the costs of repairs against the vehicle’s value. Sometimes repairs can be a better option than accepting a payout.
Seek Legal Advice: If you’re feeling uncertain about your rights or the process, consider consulting with a lawyer who specializes in auto accidents to ensure you’re getting the compensation you deserve.
Hopefully, your situation will resolve in a way that works out for you. Best of luck!