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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.
My car was totaled. Were going to tell you exactly how to get a max offer for the total loss value of your car. What can i do with my totaled car. They wont replace your car or guarantee that the vehicles pre accident value will be enough to purchase a replacement. By michelle megna posted.
My car was totaled but i still owe. How to get cash for totaled cars. Typically cars are totaled when damage exceeds 65 or 70 of the vehicles market value. How to sell totaled cars online.
Understand your options for a totaled car. 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. 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. Insurance companies use a complex totaled car value calculator to determine the price of your car.
You cannot in most situations keep the wreck to sell or use for parts. However knowing the right questions to ask and having a realistic understanding of the situation can be very helpful. Your car insurance company pays the fair market value or actual cash value acv of your totaled vehicle. It might still run and drive but theres obviously some serious issues going on.
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. Where can i sell my totaled car. Should you choose to accept the acv and not dispute the claim you could receive a full settlement or partial settlements. Simply put a vehicles acv is the your cars current value after depreciation.
We understand that dealing with an accident and the aftermath of the event can be quite. You can find out the threshold by contacting your insurance agent. 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. The professionals at the body shop in conjunction with your claims adjuster will determine if your vehicle is repairable.
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. Its time to learn how to. 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. When a car has been totaled the insurer must then compensate you for the determined value of the vehicle prior to the accident.
However your insurer may seek repayment from the other drivers insurer to cover the loss.
