What Counts in Declaring your Car Totaled
Most people believe they are good drivers enough not to be in accidents. But there are now more accidents happening. This has resulted in there being more claims to process. This is because of the higher number of accidents, and the higher cost of repairing a car. In some states, you are most likely to end up with a totaled car, since they have set a certain percentage at which the repair cost should not exceed otherwise. This value is measured against that of the car at the time of the accident, not when you bought it. You shall thus see some cars totaled yet still functional.
You, therefore, need to know how to tell if yours is totaled. You should first find out how old the car is. There are now new cars coming into the masses, but most are still the old ones. Those are not necessarily cheaper to fix.
You should find out how much your automobile is indeed worth. It is not the value at which you bought it. An insurance company shall make a comparison with other similar models in the market. They will then factor in previous damage which lowers its value. You however, increase its value through any previous upgrades.
They also look at the cost of repair. If it turns out to be more than the value of the car, it shall be declared totaled. Today’s cars have so many components that make their value increase considerably. This explains why its value shall not be looked at as a small one when the parts get damaged.
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. 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 a clear situation, there is no need for the insurance company to launch its investigations into the incident. They shall use photos to come up with a figure. 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 is the same as the one that falls on the other party in the accident.
There is always a need to watch over your car well. It needs to keep the highest value. There are plenty of sites on which you can read more info. There are also blogs on which you can read more about how to prevent your car being totaled.