I Totaled My Car, Now What?
A totaled car is not only a major inconvenience, it can also raise a number of questions you've never had to deal with before. From insurance company jargon to the state of your finances, it's an experience that can make otherwise rational people make decisions that actually work to their disadvantage.
Before you do anything else, consider the following about when and how a car is declared a total loss, and what you can do about it. You might be able to sell your totaled car for more than you think.
There are some insurance companies that allow you to keep a totaled car. In this case, the insurance company will pay you the predetermined value of the car minus the policy deductible minus what the car would have fetched at the junkyard or auction (AKA the salvage fee.)
If the insurance company value is less than what you still owe on the car, you will still be responsible for those payments. If you have GAP insurance, this insurance will go toward a lienholder if it's a financed car. Or you can skip all this hassle, and sell your totaled car to CarBrain without dealing with the insurance company — and you may even get more for it. Get your guaranteed offer now.
How Does My Insurance 'Total' a Car?
An insurance company is the one to determine when you have a totaled vehicle, but definitions often differ from company to company. Unofficially though, cars are totaled when they're more trouble to fix than they're worth. Each insurance company has their own cut-off when it comes to the percentage, but it's usually between 70 – 75% of the car's total value. This means if you have a $15,000 car that's sustained $14,000 worth of accident damage, an insurance will declare it a totaled car or a total loss car.
How Is Total Loss Value Calculated?
Insurance companies determine the value through general blue book values as well as specific neighborhood demand. The totaled value of a car comes from those standard prices, and will factor into the calculation of your insurance totaled car payout. There's no formal total loss formula you can plug into your phone, but it starts with your insurance adjuster. This person is there to come up with a concrete number, which takes into account several factors. One is the actual cash value of the car, which is how much you should have gotten for the car if it had not been in an accident.
The adjuster also takes into account the state of vehicle: miles, wear and tear, and and the options and trim level of the vehicle. For instance, a totaled Honda Civic with 150,000 miles might not be worth as much as a totaled Mustang with 10,000 miles. Based on all these factors you have to decide what to do with your totaled car.
Our expert evaluators can help you get an accurate estimate for your cars value, FAST!
Can I Sell a Total Loss Vehicle?
It's not uncommon to wonder if you can sell your vehicle after you finally process the thought 'my car was totaled'. You can choose to negotiate a price with a private buyer or a junkyard, which can mean multiple showings and hours devoted to getting a price that will make the hassle worth your while. To sell totaled car, owners have to be ready to play a game that is often more trouble than it's worth. A better option may be to go online and use CarBrain to get a free online evaluation of your car. CarBrain makes it simple to see what your car is worth, and provides a no haggle streamlined process for owners to get rid of totaled cars quickly.
Your Totaled Car Value
To get the most value out of your totaled car, checking the value at different places isn't a bad idea. When you sell a totaled car you are getting money with no hassle, and often you might be able to get an insurance payout and sell it afterwards. Ultimately, what you decide to do with your vehicle is up to you, whether you choose to sell to a private party, settle with your insurance, repair it yourself or scrap it for parts. But that decision probably isn't going to be very easy to make.
Maybe you have a deep attachment to your car, maybe you're emotionally shaken after the accident, or maybe you just don't want to deal with the hassle. But the fact is that it's usually not a good idea to try and fix an a car that's been totaled. Trying to skimp and save on the repairs will typically make the car less safe on the road, and fixing it properly will likely cost far more than you realize. Selling it on your own will also eat up much of your time and effort, from taking photos to meeting potential buyers.
How Selling a Totaled Car Works
Selling a totaled car comes with frustrations and complications. Selling a car online, however, is much easier. CarBrain is designed to help people find ways to get rid of their cars quickly without compromising on the value of the car. It's a free online service with free towing and no fees. All we need is one to two business days notice to tow your totaled car.
We give you a cash-value offer, and then let you decide what to do next. Even if your car is in less-than-perfect condition, we can usually get you an offer in just 90 seconds (or less!) All we require is the keys and the title. If your car isn’t paid off, we may be your only chance at getting a cash-value offer that's actually beneficial. There's no haggling, no justifying, and no selling. It's fast, easy, and guaranteed! You can get your offer now to see how much your car is really worth.
Still Have Questions About Your Totaled Car?
How Much Will Insurance Pay for My Totaled Car?
In the unfortunate event of a car accident we all seek the reassurance of compensation for our totaled cars but, “Will the insurance pay enough for my car?” “How do they determine my total loss value?”
Should I Fix My Car After A Collision?
After a car accident your tires might be flattened, the glass could be shattered, and your bumper cover can be sticking out like sore thumb but, Is this car worth repairing? What is the cost to fix after a car accident? Here’s a complete guide to collision repairs.
What Should I Do With My Totaled Car?
Handling a totaled car can be a stressful situation. Most car buyers like dealers and the local community are not interested in vehicles like this and your only immediate option is the junkyard. Are there any alternate options on what to do with a totaled car?
