View Here : Insurance Totaled Car
Gap insurance (or gap coverage) is a vital car insurance feature for those who need it. But many drivers believe it'll pay for any totaled car, regardless of its age or the amount owed on it.
Coping with the aftermath of a serious accident can be very stressful, especially when trying to deal with your insurance company and the loss of your vehicle.
A car insurance company's decision to total a car depends on the extent of the damage following an accident. Car insurance companies take into account several factors when deciding whether to total your car, including:
A totaled car is a car which is considered to be a total loss after an accident. This usually means that it is damaged to the extent that it is not worth repairing. For example, if the car is worth $10,000 and needs $7000 worth of work, it's not worth it and will generally be labeled as a total loss.
Typically after the settlement is paid for a vehicle that is found to be a total loss, the damaged car goes to an auction or salvage yard, where it is typically auctioned to the highest bidder and used for parts.The insurance company keeps the proceeds of this sale. If you want to keep your damaged vehicle, some insurance companies will forgo the auction process and turn the car over to you ...
The term “totaled” comes from the insurance term “total loss.” Put simply, when the cost of repairing a damaged vehicle exceeds the cost (or a set percentage of the cost) of repairing the vehicle, it makes little financial sense to spend the money for repairs.
Keeping a vehicle that your car insurance company has totaled. If you decide to accept the insurer's decision to total your car but you still want to keep it, your insurer will pay you the cash value of the vehicle, minus any deductible that is due and the amount your car could have been sold for at a salvage yard.
Sell totaled car for cash? We are the best place to sell a totaled car, truck, suv 4 cash. We love buying insurance totaled cars. Sell your totaled car fast for cash! Free pickup and Removal and we pay Cash - Call Now and sell your totaled car for Cash.
Each insurance company has its own methodology for deciding if a car is totaled and establishing its value. Many states also get into the act, further sharpening the total-loss definition.
Sometimes you have to ask. State laws vary on the topic of recouping expenses after your car is totaled. There are states that require car insurance companies for both first party and third party.