Totaled Your Car? Here’s What Your Next Step Should Be

In the US, approximately six million car accidents occur every year. 

While some car accidents cause car damage that can be easily fixed, others can totally wreck your car. In that case, it becomes impossible to salvage the vehicle. The car owner then has to turn towards their insurance provider or sell the car for scrap.

If you were involved in an accident that wrecked your precious vehicle, here are a few things you should consider next.

What Is A Totaled Car?

A totaled car is one that’s wrecked so badly in an accident that the cost of its repair would exceed the car’s worth. For example, if your car is worth $4000 and requires $6000 for repairs, it’ll be considered a total loss car. In this case, your car will be examined by an appraiser to determine its totaled worth. 

Usually, old cars with low resale values are easily totaled in case of accidents. This is because parts replacement and installation can be expensive for older models and easily exceed the car’s value.

Insurance For Totaled Car

If your car is insured, go to your insurance provider to verify that your car is, in fact, totaled. It’s not always obvious whether a car is a total loss or not. It might be possible that your car looks like a complete wreck, but is still worth the repair. Therefore, it’s advisable to wait for your insurance provider’s verdict before you declare it totaled. 

In case the car is declared totaled, your insurance company will give you the amount that matches the worth of your car (pre-damage).

Determining The Insurance Value

Your insurance company will take into account these factors when determining your totaled car’s worth:

Your Car’s Type

The insurance value of your totaled car depends on your car’s type among other factors. Classic and high-end cars have different depreciation values and are treated differently compared to regular cars.

Your Car’s Age

Your insurance company will take into account the age of your vehicle to determine the insurance value. Newer vehicles will have greater resale values compared to older models and will be worth more.

Your Car’s Condition

If your car is declared totaled by your insurance provider, they’ll consider the condition of your car prior to the accident to determine its insurance value. If your car’s condition is worse than other vehicles of its age, the amount will be reduced.

Estimating Your Car’s Value

After your insurance company declares your car a total loss car, they’ll estimate the market value of your car and provide you that amount. However, you can always do a little research to determine the actual worth of your car.

Determine your totaled car’s value by:

· Use the owner’s manual to find the year of your car’s model and make.

· Check your car’s mileage from behind the steering wheel. A car with less mileage will be considered to have a higher value.

· With your entire car’s information, check its market value from car data websites online.

· Once you’ve found an average value of your car, add values for the extra equipment installed in your car such as stereo systems, CD players, etc.

Not Satisfied With Your Insurance Value?

If you aren’t satisfied with the amount your insurance company has provided, check the policy to see whether or not you can have an appraiser examine your car for another opinion. 

Other options include junk car removal services. These service providers can offer decent values for your wrecked car, leaving you satisfied.

Are you looking for junk car removal services in Isanti, MN? Get in touch with Hook & Book Towing LLC to have the highest amount for your totaled car. Request a quote now!