Having suffered a car accident is a traumatic experience in itself, but after such an ordeal, dealing with the aftermath of the accident can be a reason for added stress. Most people, after facing such situations, don’t know what next step they should take.
That’s why in this blog, we will outline what you can do with your totaled vehicle so that you can move past the incident quickly without much hassle.
How to Find The Value of A Total Loss Car?
After suffering from a terrible accident, now you have a totaled car in your hands. But what exactly is a totaled vehicle?
A car is called “totaled” when it is unrepairable or the cost of repairing it exceeds the vehicle’s value. An example of a totaled vehicle can be a car so damaged that none of its parts is in working condition or a car whose worth is $8,000 but requires repairs for $10,000. In both of these cases, spending money on the car is a complete waste.
Is My Car Totaled? How to Use A Totaled Car Value Calculator
Even though there is no straightforward method for determining a totaled car’s value, the following procedure will help provide you with a rough estimation.
- Ask the insurance company how much they will pay for a totaled car.
Depending on the severity of damage your car suffered, most insurance providers pay close to 20% of its fair condition value. This percentage varies from one insurance company to another, but you can use it to get an idea regarding how much an insurance company is willing to pay.
- Calculate ACV of the car
To roughly calculate the Actual Cash Value (ACV) of your totaled car, you need two values: the car’s retail price in the Brisbane market and its wholesale price. Once you have these two values, add them and divide them by two to get an average. This value should be used as an estimation only.
What to Do If My Car Was Declared Total Loss?
If your car is declared a total loss, you have two options. Either you can agree to your car being a total loss, or you can disagree. If you choose to disagree, you need to negotiate with your claim adjuster and show them proof that your vehicle is not a total loss and is worth more than what is determined.
But if you have agreed to it being a loss, you would have to:
- Remove personal belongings and license plates from the car
- Give your key to the claim adjuster
- Fill out the necessary paperwork
- Contact leasing company
After your car is given the title of “totaled”, the insurance company will purchase the vehicle. Now it’s the insurance company’s responsibility to notify the Department of Transport and Main Roads and auction off the vehicle.
If you want to keep the car for personal reasons or repair it, you can get it from the insurance company. But this way, you will receive less cash comparatively.
What Can I Do With A Totaled Car That No Longer Runs?
A car which no longer runs can still be used to put money in your pocket. There are many ways to earn cash from your totaled or completely wrecked vehicles.
- Sell my totaled car to an insurance company.
As discussed above, if the vehicle gets damaged beyond repairs, the insurance company usually purchases it from you and sells it off to any wrecker interested in purchasing them. This is an easy way to earn cash with a wrecked vehicle.
- Sell the car for parts yourself.
Another way to earn with your car is to sell the car parts and metal by yourself. This method requires skills and know-how of car wrecking. If you think you can handle it, purchase your vehicle from the insurance company and take it apart yourself. You can sell the working car parts to local body shops, and you can easily send the scrap metal to steel recyclers.
- Trade-in a totaled car to a scrap buyer.
Car scrappers usually purchase wrecked, damaged, and junk cars for cash in Brisbane and then use them for parts and steel. A good thing about these businesses is that they take care of all the paperwork. So, you can sell them your car without having to worry about the legalities of the process.
How Much Can You Sell A Totaled Car For?
The amount you can get for your vehicle depends on the car buyer you are selling to. Each has different formulae they use to calculate the value of the vehicle. But the most crucial point to note is always to choose a reliable car buyer.
One of the most reliable car buyers in Brisbane is A1AutoRecycling. They are a registered business in Brisbane and have a license to wreck vehicles of all shapes and sizes. So if you have a totaled vehicle and you want to earn top cash for it without going through the hassle of the insurance company or private sale, choose A1AutoRecycling.
They offer up to $8,999 in instant cash for totaled vehicles and provide FREE car removals in Brisbane and its surrounding area.