DYK:  Your car is declared a total loss after an accident, what does that mean?

Here are answers to three common questions:

1].  What does ‘totaled’ mean? 

The insurance company will look at your car’s actual cash value vs. the cost of repairs. If fixing your car will cost more than what it’s worth, your insurance company will consider it ‘totaled.’  You can ask your insurance company what source it used to decide your car's value.  A total loss is one which all the value of the vehicle has been paid out and it no longer has monetary value.

 

2].  What if I think my car is worth more? 

Our cars are always worth more to us than to insurance carriers.  If you think your car is worth more than what the insurance company decided, you can try to negotiate. Be prepared to show what the car would sell for in your area by getting quotes from used car dealers, with online prices and by looking at local ads for similar vehicles.  Document any special features on your car. 

 

3].  Can I fix it? 

If you want to keep your car, let the insurance company know as soon as possible. The insurance company will subtract the car’s salvage value from any amount it was planning to pay you.  After it’s repaired, you need to get a new salvage title from your state’s Department of Motor Vehicles before you can drive it. Be aware that a vehicle that has a salvage title could be harder to sell or insure in the future.  Since the vehicle has no value left (it’s all been paid out) there is no reason to attempt to put ‘full coverage’ on it.

 

 

Solo Insurance®  800-207-7656  Get a Quote: https://www.soloinsurance.net/

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