What to Do when your Car is Totaled
Once a car has been totaled, the option of recycling it makes the most sense. There are so many cars out there that go through this recycling process, they give out plenty of steel for making millions of new cars. For those whose cars have been through an accident, here are the things you can do about the situation.
our first option is normally accepting the settlement offer. Insurance companies rate a car as totaled when the cost of repairing it is beyond half the value of the car. The figure can differ, depending on the insurance company in question. In case yours is the victim in such a scenario, the insurance company will offer to pay you the value of the car. Where you say yes, they get to keep the car as you receive the cash.
You can also keep the car and try and fix it. It is what you do when dealing with an older car, whose value cannot generate a decent settlement offer. You can keep the car and attend to its repairs. If you file a claim, it may end up with a salvage title instead. With that title, selling it in the future will be something you cannot do.
You can also keep the car and not do much about the repairs. If the car sustained superficial damage, and can still move as normal, you can keep on using it. A case of the car having a large scratch on the side and the insurance company being unwilling to do anything about does not prevent you from driving the car with that scratch present. You can still drive the car with such a mark on it.
You can sell the car for salvage. In times when the insurance company makes below value offers you can decide to sell the car as junk for cash. There is the option of stripping it for parts and selling those, or selling it whole to specific companies. You only need to let them know of the car and its condition, where they will make you an offer. When you accept their offer; they will come and tow the car away, leaving you with the cash from the transaction.
These options are the perfect way for you to deal with a totaled car. You have the option to keep driving it if the damage is minimal, to selling it as junk for cash when the damage is extensive. You also have several offers from the insurance company to consider, only when they make sense.
You can also go to this website, to learn more about what to do when the car only needs repair, to help you manage that situation effectively.