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Running head: AUTOMOBILES INSURANCE Automobiles Insurance Student’s Name Institution Affiliation Date
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AUTOMOBILES INSURANCE 2 Explain how you would have determined the value of the automobiles Based on ( Grenig, 2016), once a car gets into an accident, just like Sam’s car did, determining the value of the automobile will depend on various factors. The first factor is whether the car was new or used. The year, the make and the model of the car are some of the factors that are usually considered to determine the value of the car. The insurance company will also use different factors to determine the value of the damaged car before it can conclude that the car is totaled. This however will vary between different companies and also sate. To determine the value of the automobile, the insurance company is going to calculate the damage ratio or the total loss ratio of the cars and also consider if the cost that will be inquired is going to exceed the actual car cash value. If the repairs will cost more than the value of Sam’s cars, then the insurance company is going to consider them as totaled. What is your action plan to resolve the issue of the value for the automobiles with the claimant? The best ways that Sam would have used to resolve the issues with the automobiles would be coming up with an action that was going to leave the two parties comfortable and happy with each other’s services.
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