What is My Car Worth, if Totaled?
Any time you’re in a car accident, it’s crucial to contact the police right away and file a report. It doesn’t matter where you live, if you plan on making a claim you’ll need that police report in order to back up your side of the story and show the other party was at fault.
Sometimes you’ll have the accident in traffic, in which case it’s alright to pull over to the side of the road, but you should still insist on contacting the police and filing a report—or else the collision could potentially be judged a “hit and run” and your insurer might throw out any potential claims.
Once that’s done, you should snap some pictures and exchange insurance information with the other driver. They’re responsible for contacting their insurer to report the accident, but you should make sure to contact their insurer and follow up as well.
How Can I Know the Value of My Totaled Car?
Totaling a car has different meanings depending on your car and even the state you live in. In general, a car becomes “totaled” when the cost of replacing it is less than the cost of repairing it, or near enough that it’s not worth the hassle. Some states have laws determining when a car becomes totaled—like Alabama, where any vehicle with a repair bill in excess of 75% of its value is officially totaled.
In other cases, your insurer will determine whether your car is totaled or not based on their own standards, then issue a payout for the value of your car (minus any deductibles) to close out the claim.
Get The Value of Your Crashed Car Online
If your car is totaled and you’re not at fault, there are a few things you can expect …
First off, the at-fault party’s insurance company is obligated to get you a rental until they tender an offer for the fair market value of your vehicle — so you won’t have to be stuck without a vehicle while waiting for the insurer to do their due diligence. If you choose to refuse their offer and ask for more, you may lose the rental shortly thereafter so make sure you’re aware of that.
Their offer will depend on the “total loss value” of your vehicle. Since no two used cars are created equal, that replacement value will depend on a number of different factors—from the book value of your make and model to its mileage, damage and comparable sales from your area.
In some cases, you’ll be able to elect “owner retention” for your vehicle and actually keep your wrecked vehicle after the accident. If this is the case, then the salvage value of your vehicle will be deducted from your payout and the car will be left in your possession.
Why Keep a Totaled Car?
If the insurer takes possession of your car, they’re typically going to scrap it for quick cash and be done with it. But depending on the vehicle, you may have paid substantial extra cash for optional upgrades and premium features. These are almost never factored into scrap value, even though various valuable parts may still be intact and usable.
In other words; it’s sometimes possible to get more for your totaled car when you choose to sell it on your own instead of letting an insurer scrap it. How much more can you make? Just use our online pricing tool to get an idea in less than two minutes. Just answer a few quick questions and we’ll get you a guaranteed offer from our nationwide network of qualified buyers. If you like our offer—and you’re able to retain your vehicle—you can lock it in and sell within 24-48 hours. We’ll tow away your car for FREE and come to your home or office to deliver payment.
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It’s a Quick and Easy Process
Vehicle Details
Answer a few quick questions and provide a picture if you can.
Offer
In less than two minutes, you’ll have a guaranteed offer.
Accept
Accept the offer if you’re happy with it.
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Within 24-48 hours, we will tow your car for FREE and pay you on the spot!
