Car accidents are never something anyone wants to go through. Going
through the claim process can be disheartening when you’re involved in
an accident. Many people always know what they want from an accident,
while insurance adjusters have a different view. One of the toughest
judgments an insurance adjuster needs to make is if a car is consider
totaled or a complete loss. The car owner hopes this never happens, but
it does. Where does this leave the car owner when his car is totaled?
Let us look at this subject and what you will need to know about it.
There are several reasons that an insurance company may determine that a car should be considered totaled. Let's look at some of those reasons right now. The main reason an insurance company totaled a car is if it costs more to fix than it is worth. Sometimes newer cars that have sustained a lot of damaged are totaled because they have such a high value. For most car owners what they get for a car that has been totaled can leave them blue. Insurance companies who totaled a vehicle give you fair market value for the vehicle. The main problem with this is you could still owe more on the loan than the market value is. The difference you will have to make up. This does not sit well with many owners, but that is how the process works.
How about if you want to keep a totaled car? Is it possible? Most people tend to think you cannot keep a totaled car. The truth is you can at a cost to you. If you decide to keep a totaled car the insurance company will still cut you a check for it. They will deduct your deductible and what they would have earned from an auction of the vehicle. What is left will be given back to you in the form of a check. Sometimes though an insurance company will not let you keep it depending on many factors. These are its age, damage, and how much it is likely to sell for at an auction. In the end your usually are better off letting the insurance company totaled the car and accepting the check they offer. All the added expenses you will deal with if you keep a totaled car are just not worth it.
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