What Counts in Declaring your Car Totaled
Most people believe they are good drivers enough not to be in accidents. But this has become common nowadays. There have been reported more cases of claims as time goes. This is because of the higher number of accidents, and the higher cost of repairing a car. You shall find some states in which if the car repair cost exceeds a certain preset percentage, the car is declared totaled. 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 can start by looking at the age of the car. The older cars far outnumber the newer ones, as much as the latter are more popular. Those are not necessarily cheaper to fix.
You should find out how much your automobile is indeed worth. Forget the value you got it for. An insurer shall start by comparing it with the same models in the market. If it was damaged before, that will lower its value. You however, increase its value through any previous upgrades.
The cost of repair shall be the next 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.
If you wish to keep the car after the totaling, you can. They shall pay the salvage amount, but then slap the ar with the salvage title. This shall minimize further the car’s value.
There is also a need to know who led to the accident happening. The insurance companies need to know this, since the one ensuring the persons who caused the accident is to pay for the damages. The police reports shall state this, as will the driver’s statements. When it comes to such cases, the insurance company rarely bothers with doing any investigations itself. They will only look at the images to fix an amount. IT is also hard to find fault lying with one party. The payable amount shall, therefore, be a percentage of the claim amount. This percentage considers the same percentage of fault for every party.
There is always a need to watch over your car well. This shall keep its value as high as possible. There are plenty of sites on which you can read more info. You shall also find blogs on which you can read more now about totaling issues.