Car accidents are never expected, but they do happen. Up to 50 million people suffered non-fatal motor vehicle crashes.
Being in an accident is stressful enough, but what adds to the stress is not having the appropriate insurance to cover the accident. If you are a totally totaled car, you have options on how to move forward.
Not sure what to do? We’ve got you covered.
Here’s a quick guide on what to do if you have a totaled car.
Maximizing Insurance Claim For Your Totaled Car
Make sure you get as much documentation about the totaled car and the accident as possible. This includes photos, estimates, police reports, and other necessary documentation. As insurance companies have a set time limit on filing claims, you’ll want to make sure this is done in a timely manner.
You should also anticipate what your insurance company may push back on when they inevitably try to get away with offering you less of a settlement than you deserve.
Understand The Value Of Your Car
You will need to obtain the current market value of your vehicle. This can be done by searching online or consulting with an auto shop. You may also be able to contact the insurance provider of the car to get an up-to-date estimate of the car’s worth.
Knowing the value of the car can help you make an informed decision when it comes to filing a claim and tackling the post-accident process.
Steps To Take After A Vehicle Is Totaled
Contact your insurance company and understand the settlement offer. Review the offer and determine if it is within your expectations. Contact a local auto recycler who can evaluate the damaged car parts, which can often be sold to help offset the cost of the settlement.
Once the recycler has removed parts, arrange to have the car towed. Doing so will ensure that you are covered and can resume your normal lifestyle without any hindrance.
Choosing Your Replacement Vehicle
You should research vehicles within your price range to determine what type of vehicle is best for you. Consider your lifestyle, needs, and wants when choosing a replacement vehicle. Consider fuel economy, safety features, and technology options.
Research local dealers to compare prices and incentives.
Financial Preparation
If you plan to purchase a new vehicle, you will be responsible for any loan you take out and any remaining balance you may have on your totaled car. Make sure to shop around for the best financing deal – get plenty of quotes. If you decide to acquire a used vehicle, discuss with your insurer if they will provide any form of subsidy/reimbursement to you.
Make sure to budget for associated costs like registration, title transfers, and possible repairs that may need to be made to the new car. If you need cash for your car repairs, look into all of the options discussed above to see what works best for you. Do your research so you make the best decision for your financial needs.
Know Your Rights As A Policyholder
Remember to stay calm and use the resources available to you if you have a totaled car. Remain educated on your rights as the policyholder and write down what the adjuster tells you for future reference. Reach out to an attorney if you need additional assistance or feel that your rights have been wrongfully neglected.
Interested in learning more about cars? Then be sure to explore our blog for all of the answers to your question!