Quick Suggestions to Help You Know if Your Car is Totaled
There are cars that may seem like they are in good condition and can still be driven but in most cases are considered totaled. In most cases when the repairs cost about 70% of the total value of the car, then the car is considered totaled. Below are some of the ways that you can be able to know if a car is totaled.
The first consideration that you need to make to determine if a car is totaled is knowing how old a car is. Older cars may look like they are fine but can be quite costly to fix especially when they get involved in an accident. When going to repair one thing, you may discover that other things need to be repaired as well and this can even end up costing the total cost of the car.
Another thing that you need to consider when you are trying to determine if your car is totaled is the worth of your car. Car worth is not always what is in the books but it can be measured in terms of mileage of the car as well as other features and even the area you are in can also determine the worth of your car. New cars depreciate fast and things like damages are factored in when it comes to factoring in depreciation but any upgrades to the car can help to increase the value of the car.
After an accident, things like bumpers, headlight and casing can increase the total cost of repairs which can make them to end up being expensive causing it to be a total loss. Replacing the additional features can make the total cost of repairs go higher as opposed to if you were repairing the primary features. Repairs are made costlier with the fact that you still need to pay labor cost making your car totaled.
When you get paid some salvage amount from the insurance company, you are able to keep the car if you do not want to let it go. With salvage amounts, it is important not to take the first offer you get and to know that the value of your car will be much lower after the amount is paid. Take time to do your research and list down the repairs you have done on your car since it will help to give you a bargaining power on the overall amount.
Should you have ongoing payments on, it is important to remember that the lender gets the proceeds first and you get what is left over. Since the insurance will only cover the car and not financing you may have to think other ways to cover financing of the car is totaled. When it comes to your finances, taking gap insurance will be ideal for you since it will help to cover the cost of financing in case your car gets totaled which will give you some peace of mind with your finances.
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