What Counts in Declaring your Car Totaled
Most people believe they are good drivers enough not to be in accidents. We are however witnessing more accidents these days. This has resulted in there being more claims to process. IT is made worse by there being higher repairs cost for each vehicle. There are also some states in which a car can be totaled if the damage value exceeds a certain percentage. This value is measured against that of the car at the time of the accident, not when you bought it. This explains why there are totaled cars that are still properly functional.
You, therefore, need to know how to tell if yours is 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. Those are not necessarily cheaper to fix.
You then need to know the true value of your car. Do not look at the value which you spent on it. Insurers go about it by making comparisons with similar models out there. They will then factor in previous damage which lowers its value. You however, increase its value through any previous upgrades.
The cost of repair is another indicator. If it exceeds the quoted value of the car, then it is totaled. The cars being produced nowadays come with plenty of options, such as sensors, which add to the value of each basic component. 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 leave the car titled as salvaged. This gives you a car with even less of a value.
It is also important to determine who was at fault in the accident. This is especially necessary for the insurance companies that will have to make payments. The police reports will have this down, as well as the driver’s statements. In such accidents, the insurance company will not bother conducting its in-house investigation. They shall use the images to come up with some figures. The fault is rarely ever fully on one party. The amount to be disbursed will in such a case be a percentage of the claim amount. This percentage shall be the same as the percentage of the total fault per party.
It is thus essential that you take good care of your vehicle at all times. It needs to keep the highest value. There are plenty of sites on which you can read more info. You will also come across blogs on which you can read more here.