What to Do when your Car is Totaled
Once a car has been totaled, the option of recycling it makes the most sense. There are so many cars out there that go through this recycling process, they give out plenty of steel for making millions of new cars. If yours has been through an accident, here are some of the things you can do with it.
You can for one accept the settlement offer. Insurance companies rate a car as totaled when the cost of repairing it is beyond half the value of the car. The figure is not fixed, with different insurance companies interpreting it as they see fit. If yours was affected as much, the responsible insurance company would offer you the cash value of the car. Where you say yes, they get to keep the car as you receive the cash.
You can also keep the car and try and fix it. The move works well for older cars, where the present value will not get you much if any from a settlement offer. You can, therefore, keep it and do the repairs. If you file a claim, it may end up with a salvage title instead. You will effectively not manage to sell to anyone in the future, especially when they see that title.
You can also keep the car and not do much about the repairs. If the car sustained superficial damage, and can still move as normal, you can keep on using it. It, for instance, may have a large scratch on the side, which the insurance company is not willing to settle, but does not affect the mechanics of the car nonetheless. You can, therefore, decide to live with that scratch in place.
You can sell the car for salvage. After receiving offers that are too little to justify the input of the insurance company, you can instead go with the option to sell it as junk for cash. You can strip it for parts and sell them individually, or you can go with the option to sell it as a whole. All they need to know that you need to sell your car as junk for parts, and they will present an offer. When you accept their offer; they will come and tow the car away, leaving you with the cash from the transaction.
Among these options, you will not miss a solution to your totaled car dilemma. From continuing to drive the car as it is to sell it for parts, you have so many options. You also have several offers from the insurance company to consider, only when they make sense.
You can also go to this website, to learn more about what to do when the car only needs repair, to help you manage that situation effectively.
Cite: site here