If you recently got into an accident and your car is completely totaled, one of your biggest concerns is the replacement of your car/truck. Being without transportation is a significant inconvenience, especially now since you have many doctors appointments to travel to due to your accident-related injuries.
During this process, you will most likely be asked to fill out a property damage release form. SHould you fill it out? Here at Your Insurance Attorney, we are here to assist. We are a property damage attorney office located in Miami Dade County.
What Is This Form?
A property damage release is most common after you have been in a car accident and your vehicle was totaled. When an adjuster comes to inspect the vehicle and finds that the cost of repairs is less than its current market value, you will not have to sign the form. The insurer will pay a body shop for all the necessary repairs. In this case, there is no need for a release.
When the vehicle is totaled, you may receive a check or a property damage release. If you cash the check or sign the release, you agree that the insurer’s liability toward you is completed. After this happen, you are not allowed to go back and ask for more money for the vehicle or property damage. You made a legal agreement. If you have any doubts about if the compensation is not to your expectations, do no sign. Speak with a legal expert.
Do I Sign the Property Damage Release Form?
After the stress of the accident and not having a vehicle to get you around, any amount of money to compensate sounds like a good deal. However, this is not always the case. You need to make sure that the settlement offered to you is fair and will replace the vehicle you recently lost. It is a big decision, and it is wise to sleep on it.
You may be thinking that this option will avoid a lot of time wasted and the expense of filing a car accident lawsuit where you need to get a lawyer involved, but remember once you sign the release form it waives your right to sue or bring any additional claim over the accident. Keep in mind that the form essentially “releases” the responsible party. After this, they are off the hook. Consult with a property damage attorney in order to see what option is best for your vehicle.
Am I Conflicted?
If you are bouncing back and forth with the idea of signing the form to get it over with or suing to get the money you deserve, here are some questions to ask yourself:
- Are all your damages covered?
- Do you need your insurance carrier’s permission?
- What choice will benefit you in the long run?
Whether signing a release is a good idea will depend on the circumstances of your case. If there is minimal vehicle damage and injury — and all your damages are known and accounted for — and the settlement amount exceeds those damages with a little extra thrown in, then taking the settlement and signing the release may be the right thing to do. Consulting an experienced property damage attorney may be a good idea.
An accident laywer can help evaluate the settlement offer based on the specifics of the situation and help determine whether your rights would be adequately protected should you accept the deal.
Here at Your Insurance Attorney, we are professionals committed to aiding you when it comes to dealing with a property damage release form. We will work with you or public adjusters all over the state of Florida, especially in Miami Dade County.
We genuinely care about getting results for you and accomplishing a result that satisfies your needs. Our goal is to help you through great representation from start to finish. Our insurance lawyer office will fight for you. Contact us today.