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If youre not sure what to do after your car has been written off as totaled by the insurance company this is the article for you.
My car was totaled. Lets say that on the day that the car was totaled you owed 14500 on your car loan but that the current fair market value ie the blue book value of your car was only 12000. The professionals at the body shop in conjunction with your claims adjuster will determine if your vehicle is repairable. It might still run and drive but theres obviously some serious issues going on. Get your car to an auto body shop if your car is totaled youll want to make sure it gets to a shop that your insurance company has done work with.
When a car has been totaled the insurer must then compensate you for the determined value of the vehicle prior to the accident. The insurer is only going to pay you 12000 toward the value of the car leaving you with 2500 to pay on your car loan even though you no longer have a car. Simply put a vehicles acv is the your cars current value after depreciation. Your car insurance company pays the fair market value or actual cash value acv of your totaled vehicle.
We understand that dealing with an accident and the aftermath of the event can be quite. You cannot in most situations keep the wreck to sell or use for parts. When your car insurer declares your car a total loss it means it has used their total loss formula to determine that it will be more expensive to repair it than it would cost to buy a new one as a replacement. Insurance companies use a complex totaled car value calculator to determine the price of your car.
Coping with the aftermath of a serious accident can be very stressful especially when trying to deal with your insurance company and the loss of your vehicle. My car was totaled but i still owe. Rick ward director of auto claims for metlife auto home says the standard for deciding when a car is a total loss varies by company and may be set by state regulators. Were going to tell you exactly how to get a max offer for the total loss value of your car.
By michelle megna posted. How to get cash for totaled cars. Its time to learn how to. Understand your options for a totaled car.
Should you choose to accept the acv and not dispute the claim you could receive a full settlement or partial settlements. However your insurer may seek repayment from the other drivers insurer to cover the loss. Is my car totaled calculator use our totaled car value calculator your car is damaged extensively. What can i do with my totaled car.
Typically cars are totaled when damage exceeds 65 or 70 of the vehicles market value. How to sell totaled cars online. However knowing the right questions to ask and having a realistic understanding of the situation can be very helpful. In some cases that may mean you are also reimbursed for the deductible that was subtracted from your insurance payout.
Where can i sell my totaled car.
