What to Know if Your Car Is Totaled in a South Carolina Crash

Average repair costs in the United States depend on the severity of damage and the availability of parts. If the cost of repairing your vehicle exceeds the actual cash value, then your vehicle will be considered a total loss. Having a claims adjuster inform you that your vehicle is totaled can be jarring, making you wonder how much you will be paid for your damaged car. Given that South Carolina is one of the most dangerous states to drive in, you must understand how an insurance claim would work if your vehicle is damaged beyond repair.

At Oxner and Stacy, our car accident attorneys in Georgetown, SC, have helped individuals who have experienced significant vehicle damage get back on their feet. For over 30 years, we have been fighting for the “little guy,” and we are ready to put our knowledge and passion to work for you.

When is a Vehicle Considered Totaled in South Carolina?

Insurance companies in South Carolina consider a vehicle to be a total loss if the cost to repair the vehicle is greater than 75% of the car’s fair market value. The cost of repairing a car includes the cost of parts and labor. However, South Carolina insurers are allowed to declare a total loss even if the repair costs are less than 75% of the vehicle’s value. Or if the fair market value of the vehicle is less than $2,000. An insurance company can declare a vehicle a total loss by filing an SCDMV Form TR-3. (This form requests a salvage title, which we will discuss shortly.)

Determining the Actual Cash Value of a Vehicle

An ACV is the cost to replace your vehicle, considering wear and tear and other depreciation factors, such as your vehicle’s accident history. Insurance companies will evaluate the year, make, model, mileage, features, and other factors when determining a vehicle’s ACV. While you may assume that insurers use Kelley Blue Book or Edmunds to determine a vehicle’s ACV, insurance companies use their standards and algorithms.

What If I Decide to Keep My Vehicle?

Did you know that if your vehicle is deemed totaled, you can choose to keep it? If you decide to keep your car, then your insurer will reissue the title and brand the vehicle as ‘salvage.’ A salvage title indicates that your car has little financial value and cannot be legally operated on public roads.

If you retain the salvage, the insurer will pay you the difference between the current value of your vehicle and the ACV. If you decide to repair your vehicle, then a new certificate of title will be reissued stating that your car is salvage-rebuilt under South Carolina Code §56-19-480 (E).

Legal Guidance in Handling an Insurance Claim

The state of South Carolina imposes criminal sanctions for failing to follow the law, resulting in hefty fines and even imprisonment. Ignorance of the law is no defense, with law enforcement being more vigilant than ever before. However, it is the insurance company’s responsibility to follow the letter of the law, which does not mean that something may not slip through the cracks from time to time.

Don’t be fooled, the insurance company is not in the business of helping claimants but is only interested in padding their bottom line. A claims adjuster can only assess your claim, not provide you with legal advice. If you want to know that your best interests are being represented, it is best that you speak with a Georgetown car accident lawyer. Whether you are looking to challenge the insurance company’s valuation of your vehicle or want to ensure that you are appropriately acquiring a salvage title, our legal team is ready to assist you.

Speak with a Georgetown Car Accident Attorney Today

Considering the damage that your vehicle may sustain in a collision, you want to rest assured that you fully understand your options. At Oxner and Stacy, our lawyers are not afraid to negotiate with insurance to obtain the settlement you deserve. If we believe that your insurer is undervaluing your vehicle, we will keep advocating for higher reimbursement.

If you or a loved one has been injured while traveling around The Hammock Coast or the surrounding area, do not hesitate to contact our Georgetown office. To arrange your free consultation to speak with one of our Georgetown car accident lawyers, we can be reached online or by calling (843) 983-2352.