07/05/2013
In June 2013, Alberta was devastated by flooding. Communities near the Bow, Elbow, Little Saskatchewan, Sheep and Highwood Rivers were hit especially hard. These communities include Calgary, Canmore, Banff, High River, Okotoks, Devon, Cochrane, Black Diamond, Turner Valley, Medicine Hat, Lethbridge, Drumheller, Crowsnest Pass, Lac Des Arcs, Dead Man's Flats, Exshaw, Pincher Creek, Red Deer, Redcliff, Redwood Meadows, Bragg Creek, Sundre and the Siksika Reserve.
While many of these communities are still under mandatory evacuation notices and remain in states of emergency, We at Calgary Elite Auto would like to offer some important notes as to what will happen next if your vehicle was caught in the flood. Below we have answered some of your questions as to what to do next if you were affected by the flooding in Southern Alberta. Calgary Elite Auto is also offering a FREE insurance appraisals to all in those in communities affected by the floods.
As well should you have any questions at all, or if your answer is not answered below, please feel free to call or email us anytime.
Frequently Asked Questions:
My vehicle was in the flood zone, what can I do now? The first step is to contact your insurance company and arrange for an insurance adjuster to come out and assess your car. The sooner you can arrange this the better as insurance companies will of course become very busy in the weeks ahead. This is the first and most important step towards getting your car either repaired or getting a new vehicle should yours be written off.
How do I get the most from my insurance company for my vehicle? If your insurance company does in fact deem your vehicle a total loss and writes it off, they will give you a settlement amount. This amount is not always a fair market value for your car. They will generally try to give you a wholesale value for your car, but most people cannot buy a car for this amount…. So why should they only give you this amount. Insurance companies, like everyone, is in the business of making money, and any amount they don’t have to give you is money saved by them. There are a few things you can do to try and maximize the amount of your settlement.
1) look on auto trader and kijiji, and print off several comparable vehicles to yours…. You will want to try and find the highest retail priced vehicles you can
2) you can call dealerships and find out what a retail replacement price would be for your car
3) YOU CAN ALSO GET an appraisal or retail replacement sheet from one or two dealerships. This form will show what the retail value of your car is and what it would cost to replace it.
Is it flood damage or is my vehicle going to be written off? Your insurance company will need to assess your car to determine if it is a total loss write off from the flood damage, or if it can be repaired. The way they do this is to determine if it will cost them less money to repair your car, rather than give you a settlement and write the car off. The first thing that you need to do is to get a hold of your insurance company and arrange for an adjuster to come out and assess your vehicle.
I have a loan on my flood damaged vehicle, what do I do now? If your insurance company determines that your vehicle can be repaired, you will need to book it in with a body shop that will work with your insurance company to complete the repairs. Most body shops will be able to inform you immediately whether or not they are able to work with your insurance company and how long to expect to be without a vehicle. At this point, you will continue to pay your loan as per normal.
If your insurance company writes your vehicle off, they will inform you of the accessed value of your vehicle. If you determine that this is a fair value a check will be issued to you generally within a week – the length of time until you receive your check will be dependent on how busy the insurance company is. IF you feel that the assessed value is not proper for your vehicle, there are things that you can do to get a higher settlement. Please see above Q&A. Once you and your insurance company have agreed upon a fair value, a check made payable to yourself and the lien holder (finance company) will be sent out. You will need to contact your finance provider and determine your buy-out or amount owing on your vehicle. If this amount is lower than the amount of the insurance settlement, the finance company will reimburse you the difference. IF this amount is higher than the insurance settlement, you are responsible to make up the difference to the finance company. Most of the time, the dealership where you decide to purchase your next vehicle from can assist you in finance options for the remaining balance. Please feel free to contact Shawn for more information as this can be a complicated situation.
How do I get another vehicle? If you did not owe anything on your previous vehicle and have received your check from the insurance company, this is like cash and you can go and purchase a new vehicle. If you had financed your vehicle, we can get you preapproved for a new loan prior to your settlement with your insurance company being completed to ensure no concerns with financing your next vehicle. Please feel free to visit our preapproval page and complete the credit application, in the comments section please ensure you note that you have a claim with your insurance company and your vehicle may be written off.
I have bad credit, my car was in the flood zone, how can I get a new vehicle? As per above, please complete an application to get a pre approval in place.
Can I trade in my vehicle that was damaged in the flooding? Yes you can trade in the vehicle, however you must declare that the vehicle has been involved with water damage, even if it has not been written off by your insurance company. If you trade in or sell a vehicle that has been involved with water damage that has not been declared, and at a later date it is determined that the vehicle has been damaged, you’re are fully liable and may face legal action.
My vehicle is no longer operational, what can I do with the vehicle now? Even if it looks like minor damage and your vehicle will not start, please contact your insurance company. Sometimes this can also be covered under your insurance policy.
~ I am sure there are many more questions you have, please feel free to contact us at anytime, whether you need financing or not, and we will do our best to assist you and answer any questions or direct you to the correct people.
