Factors that Lead to your Car Being Totaled
No driver ever thinks that they may end up in an accident. We are however witnessing more accidents these days. There have been reported more cases of claims as time goes. IT is made worse by there being higher repairs cost for each vehicle. You shall find some states in which if the car repair cost exceeds a certain preset percentage, the car is declared totaled. The value in question is not the one you got the car for, but what it is worth that day. 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 should first find out how old the car is. The older cars far outnumber the newer ones, as much as the latter are more popular. You may think they are cheaper to fix, but you may be wrong.
You then need to know the true value of your car. It is not the value at which you bought it. Insurers go about it by making comparisons with similar models out there. If it was damaged before, that will lower its value. But if you upgraded it, the value goes up.
The cost of repair is another indicator. If it exceeds the quoted value of the car, then it is 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.
You can still keep the car even if they say it is totaled. 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 will have this down, as well as the driver’s statements. When it comes to such cases, the insurance company rarely bothers with doing any investigations itself. They shall use the images to come up with some figures. IT is also hard to find fault lying with one party. The amount to be disbursed will in such a case be a percentage of the claim amount. This percentage shall be the same as the percentage of the total fault per party.
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. You will also come across blogs on which you can read more here.