What Counts in Declaring your Car Totaled
It is common to think that you may never be in a head-on collision type of car accident. We are however witnessing more accidents these days. This has resulted in there being more claims to process. This is because of the higher number of accidents, and the higher cost of repairing a car. There are also some states in which a car can be totaled if the damage value exceeds a certain percentage. The value they consider is not the original car price, but the prevalent one at the time of the accident. This has resulted in cases where a car is still drivable but is being written off.
You need to find a way of telling whether yours has been totaled. You shall do so when you first find out what age your car has. The older cars far outnumber the newer ones, as much as the latter are more popular. You may think they are cheaper to fix, but you may be wrong.
You need to then now the real value of your car presently. Forget the value you got it for. An insurance company shall make a comparison with other similar models in the market. If it was damaged before, that will lower its value. If you did any upgrades, it should increase in value.
They also look at the cost of repair. If it turns out to be more than the value of the car, it shall be declared totaled. Today’s cars have so many components that make their value increase considerably. When that component is damaged, the value lost goes beyond that part.
You can still keep the car even if they say it is totaled. They shall pay the salvage amount, but then slap the ar with the salvage title. This shall minimize further the car’s value.
There is also a need to know who led to the accident happening. The insurance companies need to know this, since the one ensuring the persons who caused the accident is to pay for the damages. The police reports will have this down, as well as the driver’s statements. In such a clear situation, there is no need for the insurance company to launch its investigations into the incident. They will only look at the images to fix an amount. IT is also hard to find fault lying with one party. The amount given out will, therefore, be a percentage of the claim amount. This percentage is the same as the one that falls on the other party in the accident.
It is thus essential that you take good care of your vehicle at all times. This shall keep its value as high as possible. The internet has web pages on which you shall find more info. You will also come across blogs on which you can read more here.