After the Accident
After you’ve had a car accident, assuming everyone involved is fine, your next thought is whether your vehicle can be repaired or not. Most drivers aren’t interested in getting rid of their car or truck and would prefer that it gets repaired if possible.
Is My Car a Total Loss?
A wrecked vehicle is considered a total loss if it cannot be safely repaired.In some cases, the vehicle can be safely repaired but the cost to fix is more than what the car is worth. An insurance adjuster will estimate the vehicle’s current worth versus the estimate of maintenance and the price of new parts, repairs and labor fees. In some states, there is a totaled vehicle threshold. In Alabama, if damages exceed 75% of the vehicle’s value, it’s considered totaled.
Will My Car Be Replaced with a New One?
If you have a premium insurance policy and your totaled car is less than 3 months old, your replacement may be brand new. Owning your new car for more than 3 months, no matter how perfect you have kept it, will get paid out based on the value versus repair costs formula that insurance companies use (there is no industry-wide formula, every insurance company has its own way of calculating costs)
Will I Receive Fair Market Value for My Totaled Vehicle?
If the adjust decides your vehicle is a total loss, they have to pay you the fair market value. They will note existing damages when looking at those caused by the accident. Then, they’ll compare local sale prices for vehicles comparable to your own. The amount they offer you is usually an average of the most recent sales in your area. At this point, you can accept their offer or look over the valuation of your vehicle and check for any mistakes. Collect documentation of differences you find. If there is enough of a difference, the claims adjuster may redo the offer in your favor.
Should You Junk Your Car for Cash?
A vehicle that is older and damaged, may not be worth much once the claims adjuster subtracts existing issues, current damage and your deductible. You can choose to not file a claim on your old car and just sell it to the salvage yard. If a claim has already been made, you can “buy” your wrecked car, truck, van or SUV back from the insurance company and then fix it yourself using pre-owned parts or just opt to sell it for cash to a junk car buyer.
Making the Right Choice for Your Totaled Vehicle
If you have the skills or the connections to get your older vehicle safely repaired following an accident, that may be a great option for you to save your car without spending a fortune. However, most people don’t have the skills to rebuild their own vehicle so selling it to a junk car buyer like Car Junks may be the best-case scenario.
CarJunks in Pompano Beach, FL will pay top dollar for your foreign or import car, truck, van or SUV. We will pay you cash on the spot for your old car and arrange for pick up as soon as that same day. Parts will then be removed, cleaned and sold through Gardner Auto Parts. Your transaction with CarJunks will help keep car parts and hazardous chemicals out of landfills. This is the best green option because recycling car parts is good for the environment.