Your insurance company has the right to declare your vehicle a total loss but you do not necessarily have to accept the amount offered if you think the offer is unfair.
Being in a serious accident or having your vehicle stolen is bad enough. The last thing you need is more stress brought on by a disagreement with your insurance company. From a financial point of view, if your vehicle is a recent model and you have purchased a Limited Waiver Of Depreciation Endorsement, OPCF43, you will most likely get what you paid or full replacement cost. You may choose to buy the same vehicle again or any other vehicle when you receive the cheque. Keep in mind APA’s pre-haggled car buying service will make this process easy.
If you are no longer covered by the above Endorsement, you will receive the depreciated market value of your vehicle. While this sounds simple in theory, even car experts can disagree on used car values. You are entitled to a fair and reasonable value, not necessarily the lowest value that a similar vehicle can be purchased for nor the highest. You should definitely consult the Auto Trader or another used car website and APA members can speak to an APA counsellor. Keep in mind that the Auto Trader values are asking prices and subject to negotiation. We will gladly speak to a used car manager on our member's behalf to determine a realistic market value of the write off so you can decide whether you are being treated fairly by your insurance company. Speak to an APA Counsellor for further details.