5 Takeaways That I Learned About

December 24, 2019

Miscellaneous

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Dealing with a Totaled Vehicle

After a car is totaled, the best it can do is get recycled. There are so many cars out there that go through this recycling process, they give out plenty of steel for making millions of new cars. If yours has been through an accident, here are some of the things you can do with it.
our first option is normally accepting the settlement offer. For insurance companies, a car is dismissed as totaled if the cost of repairing it amounts to over half the value it holds presently. The figure is not fixed, with different insurance companies interpreting it as they see fit. If yours was affected as much, the responsible insurance company would offer you the cash value of the car. If you accept, you will collect the cash, and the company keeps the car.
You may decide to keep the car and fix it. It is what you do when dealing with an older car, whose value cannot generate a decent settlement offer. It is best to keep the car and do the repairs yourself. If you file a claim, it may end up with a salvage title instead. You will effectively not manage to sell to anyone in the future, especially when they see that title.
You also have the right to keep the car and leave the damage as it is. In cases where the damage was only on the surface, with all other components functioning as normal, you can decide to keep using it that way. You can see this in a car that has a large scratch on the side and the insurance company refusing to do anything about it. You can still drive the car with such a mark on it.
The car can also be released on salvage grounds. After receiving offers that are too little to justify the input of the insurance company, you can instead go with the option to sell it as junk for cash. There are companies that buy the entire car for parts, and others that ask for individual parts. You only need to let them know you have a car that is ripe for parts, and they will make you an offer. Once you agree to it, they will come to tow the car, and leave you with the cash.
Among these options, you will not miss a solution to your totaled car dilemma. The range from driving the car as it is to sell it for parts ensures you never lack for options. In between you can consider what the insurance company has to offer, and see if it makes business sense.
You can also go to this website, to learn more about what to do when the car only needs repair, to help you manage that situation effectively.