How to Calculate Compensation for Total Loss in car accident?

car accident settlements

When we suffer a traffic accident in which we are not exclusively guilty, we can claim compensation for the damages suffered in the accident to the insurance company responsible.

In order to calculate Oklahoma car accident settlements, a multitude of factors must be taken into account, since each incident is a world and therefore cannot be generalized, being necessary to know the regulations to apply it to each specific case, so the victim will need the advice of a traffic accident lawyer who can help you with the insurance claim process.

Among the damages to be claimed arising from an accident, there are both personal (injuries suffered by the victim), as well as materials.


Normally and to a greater or lesser extent, a traffic accident involves suffering material damage to the vehicle, motorcycle, taxi, bicycle, etc., which will be of greater or lesser entity depending on the type of accident.

These material damages must be compensated, based on the fact that the burden of proof is borne by the injured party, who must prove the entity of the same for the claim to the insurer.

When such damages are liable to be repaired, the compensation will consist of their arrangement, for which it will be necessary to assess them, and they must be fully assessed.

For example, if the accident has been a chain reach and as a result of the collision our vehicle is thrown forward hitting the one that precedes us, the material damage will consist of the arrangement of both the rear and the front, provided that the responsibility is of the vehicle that hit us from behind.

On other occasions, however, the damages are of such an entity that they are not susceptible to repair. In these cases, when they are lost, they will declare the total accident vehicle to us, and the compensation will consist of the payment of the accident.

The total loss implies the loss of that vehicle, motorcycle or bicycle, which will not be repaired and is useless for the intended use.

Many injured believe that the value of the accident is paid by the insurance company of the culprit of the accident. However, there are a number of Agreements between the different insurers, which implies that the person who pays our material damages is really going to be our own company, which later and based on those Agreements will claim a specific amount from the opposing company, the insurer of the person in charge of the sinister.

In most cases the declaration of total loss is an important damage for the victims, since when the vehicles have a certain antiquity they are greatly devalued, and although we have them perfect for their use, the valuation will be low due to the years that it has, being a determining factor in the calculation of the accident, so we can hardly acquire a new vehicle with the compensation received for damages in these cases.



The first step in the declaration of total loss is the assessment of the material damages suffered. If the repair of them exceeds the venal or market value of the vehicle or cannot be fixed, they will automatically declare it sinister.

The calculation of the compensation for the total loss of our vehicle, of whatever kind, is normally carried out through Tables, called GANVAM , that indicate that value of each of the vehicle models that exist.

The main reference that is taken into account is the year of vehicle registration, which is always harmful, since we know that in a short time the vehicles lose a lot of value. There have been cases of injured with vehicles of a certain age, but they worked perfectly and were also very careful and with several extras, and yet the value of the accident of that vehicle was very low due to the years it was.

Normally the insurers perform the calculation of the downward venal value, hence it is very important that the injured party has the help of a specialist lawyer to help you assess the offer made by the company and if necessary and feasible, claim a rise of it.

Thus, after 3 or 4 years of age of the car, insurers usually offer the so-called “improved venal value”, which means increasing the amount of the venal value by a certain amount. On other occasions, what is claimed is the so-called “ affection value”, which completes the venal value, and which consists of an increase on it that fluctuates between 10 and 50% depending on the case, depending on the model and age of the vehicle and its state and extras available.


To ensure that the offer of compensation for material damages is correct, it is essential that we go to a traffic accident lawyer to advise us.

In the case of material damages that can be repaired, it will be necessary to justify them by means of the expert’s report, and with an arrangement budget that includes all of them. If the injured party chooses to fix the material damage on their own, they must justify it by means of the corresponding invoice, taking care that the amount of the settlement does not exceed the venal value, as we have seen, because otherwise the insurer may refuse to pay on the grounds that there is an unfair enrichment.

In the event that the vehicle of the class that is damaged in the accident has third party insurance, the claim of material damages may be delayed in time, since they will not be repaired as long as the insurer of the other party involved does not recognize the guilt. If we have the Crowded or friendly party that recognizes that fault of the contrary, we can expedite the process, which will be dealt with by the lawyer who defends our interests.

It should be taken into account that, in most cases, substantial material damages also imply the existence of injuries to the injured. And many times these injuries are usually serious, and compensation cannot be claimed for them as long as the injured person does not carry out the corresponding treatment and recovers.

Therefore, it is important to have the advice of a particular lawyer and specialist, so that he deals with the claim of material damages from the first moment, to try to close this part and then continue with the claim for injuries, which usually takes plus.