How to Determine the Value of a Totalled Car?
Today the total number of accidents on roads has increased to a great extent. According to recent reports, around 6 million vehicles get damaged in an accident every year in the United States. Additionally, large millions of automobiles crashed in an accident are left unclaimed by insurance agents and authorities. Have you ever wondered what happens to a car that is a total loss? Read on to find out more.
What to do with your car that is totaled?
When a car gets wrecked in an accident, it may be either in a useful state or damaged beyond repair. If it has been smashed to a state that is not fixable, it will be titled as a total loss by the insurer. Once it is branded as totaled, it loses the ability to be drivable. This indicates that it can be neither registered nor insured for use on the road. In such cases, people usually offer them to the car scrap yards. They disassembled broken vehicles to obtain useful components. So these parts can be recycled and installed for use in working automobiles. Some institutions like charitable organizations also need totaled vehicles for educational motives. Likewise, some institutions buy wrecked automobiles with an intention to rebuild it.
However, if the buyer intends to use the vehicle, they will need to properly inspect and repair it. For this, they will have to spare a lot of time and money which can often exceed the actual price of the car. This is why the insurance companies declare an extensively damaged car as a total loss. Do you have a vehicle that is a total loss or without insurance? You can sell to wreckers for good cash.
How much you can get for your totaled car?
When declaring a car as totaled most insurance companies use a common formula. This may vary according to different insurers and types of wrecked automobiles. According to experts most cars only retain 25-30% of their value after getting totaled.
Furthermore, many companies estimate a total damaged vehicle to approximately 70%-75% of its resale price. This means if a car has a value of $10,000 but requires repair work of $7000-$7500 after an accident. It will be declared a total loss.
What to do with your damaged car on which you still owe money?
If you own a newer model, there are chances that you might still owe money on it. Many people face this situation where they are stuck with totaled automobiles on which they owe money. Here’s what you can do with such vehicles:
Make sure to continue paying off the remaining debt even when you apply for the insurance claim.
When it is declared as a complete loss you can discuss the terms and conditions with your insurer.
They will first pay to any debt holders and then offer you the remaining balance.
If you owe a debt of more than the pay-out, you will need to wait until the entire loan gets paid off.
Sometimes people can find themselves in a situation when they have received a claim from the insurer. But there is still unpaid debt on it. It is referred to as negative equity. In order to get yourself out of such bad situations, you can use a personal loan. Or, you can consider getting a new car loan for rolling your negative equity.
What is the best way to sell your totaled car?
Of course, you can consider selling your totaled automobile to the insurance company. In return, they will pay a price for your car after deducting the total loss value. But if you really want to get rid of your broken vehicle for fair cash. You can buy it back for the insurance company and sell it to the car removal service.
Wreckers will take your vehicle in any imperfect condition. They will also receive a fair value for it. Get an obligation-free quote from them today. They will also remove your broken automobile for free. Also, you will get a good sum of cash in your pocket immediately.
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