Learn everything you need to know about totaled car value & total loss insurance cases
Totaled Car Meaning
A damaged car is considered totaled if the cost of repairs is more than the value of the car. Whether or not a car is declared totaled has nothing to do with auto insurance coverage. It is a function of cost versus value.
Is my car totaled?
That’s never a good question to have to ask yourself. If you find yourself asking is my car totaled, that means you’ve probably recently been in a bit of an accident. The good news is that that the definition of a totaled car, also known as a total loss, is pretty straightforward. The bad news is that what damage and how much damage is needed to declare a car as totaled varies dramatically from car to car, making the is my car totaled question a bit complicated to answer.
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Totaled Car Value
Declaring your car a total loss means the insurance company has decided it will be more costly to fix your car after the accident than to pay for a replacement vehicle. This is why your insurer will not pay to repair your vehicle but offer you a check for the replacement value. It will be calculated on the basis of your car's pre-accident condition. After settling the claim, either the insurance company or you can keep the damaged vehicle, but in most
When is a car totaled
What makes a car totaled?
Let’s start with the easy part. What does it mean if your car is totaled or declared a total loss? By definition, after an accident, your car will be damaged. Your insurance company will do two things:
- They’ll assess the amount of damage to your car in terms of dollar value. Someone accredited by your insurance will inspect the damage on your car and give a repair estimate.
- Your insurance company will also look at the year, make, model, trim, mileage, location and recent prices for cars similar to yours and give it an actual cash value, or what your car was worth before the accident. If the cost of repair is greater than the value of your car, it’s totaled or declared a total loss.
Fairly straight forward, no?
How Can I Sell a Totaled Car?
That’s the harder question. If your car looks like this, it’s probably a total loss. But, the reality is there are a lot of factors that come into play. The older your car, the more extensive the damage and the more expensive the parts and labor relative to the value of your car, the more likely it is that it’ll be totaled. The more expensive the car, the more damage it takes to declare it a total loss. More damage is needed to total a new BMW than it is to total a twenty-year-old Honda.
When your car insurer declares your car a total loss, it means it has calculated it will be more expensive to repair it than it would cost to buy a new one as a replacement. In consequence, they will not want to fix your damaged car but give you a check for the replacement value calculated on the basis of its pre-accident condition. Once the claim is settled, two solutions are possible - the insurance company will keep the damaged vehicle or they will let you keep it.
Sell my car for parts?
Yes, you can. Here is how. The insurance company will deduct a “salvage value” (= the estimated value of a car at the end of its useful life) from your claim settlement. You can make a profit when you sell the damaged car for a higher price than this car salvage deduction. Enter basic information about the vehicle in our online form to get a value.
Can I benefit from my car total loss if I sell it myself?
Yes, it is possible. This is how it works. As your car insurer settles your claim they deduct a “salvage value” from your claim settlement. Salvage value is the estimated value of your car at the end of its useful lifespan. When do you stand a profit? Whenever you can sell your damaged car for more than the salvage value deduction. To get a value for your car, submit basic information about it in our online form.
Is selling my totaled car the right way to go for me?
DamagedCars.com can help you make the right decision about your totaled car. We need basic information about your car to calculate its value. Use our online form to submit it and get a reply within hours. As a licensed salvage dealer, we guarantee fair market-based offers only. Our procedure is easy and secure. You do not pay for our service, towing or paperwork. You get paid on pick-up by check. With DamagedCars.com you know if you can make a profit with your totaled car.
What do you do if your car is totaled?
That’s the important question. When your car is declared to be a total loss or totaled by your insurance company, there are a couple of scenarios that can play out. First, the insurance company can pay out a settlement check for the actual cash value of the car pre-accident less any deductible. In that case, the insurance company takes ownership of your car. The second possibility is that you opt to keep your salvage car and sell it to DamagedCars.com. If you opt to keep your salvage car, the insurance company will calculate the salvage value of your car and reduce any settlement payout by that amount. Basically, you’re buying your salvage car from the insurance company.
How much is my totaled car worth?
At DamagedCars.com, we’ll make you a market-based offer for your totaled, salvage or junk car, truck, van or SUV. With DamagedCars.com you can keep your insurance check and sell your wrecked car for its salvage value. Because repair isn’t always the best option, sell your car to DamagedCars.com where we buy cars in less-than-perfect condition, nationwide.
Have a salvage title car? DamagedCars.com can buy it!
Contact us today for a quick, no-obligation estimate. You get paid for your constructive total loss car when we pick it up. Which is fast. Forget about guessing and stressing. Now the process of selling your less than perfect car is easy!
Contact us today to sell your constructive total loss vehicle.
To get a free quote just enter the basic information in our vehicle submission form.
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