A totaled vehicle is a disaster. It can impact your physical wellness, your financial wellness, and your sense of independence in the modern world.
And whether you were in a crash with other vehicles, collided with something stationary, or your car was hit while parked, you’ve now got a totaled vehicle that can’t be used anymore. What are you supposed to do? Here are a few quick checks to run through.
Check the Loan Status
Did you borrow in order to buy the car? If so, you’re still going to have to pay that off. The loan itself is still valid, even if you can’t use the vehicle anymore. Make sure you keep this in mind when you’re dealing with a totaled car. You might still have debt hanging over your head, which could delay your plans in getting a new car, or change your priorities when dealing with the insurance.
File an Insurance Claim
If you haven’t done so already, be sure to look into the payout options on the insurance. If the car has been truly totaled, the insurance will have already informed you it’s not worth saving. But from here on out, you’ve got a couple of options.
Number one: take their cash offer, or write to complain if you feel it’s too low. Number two: allow them to provide you with another vehicle that’s of an equivalent value. However, if your insurance doesn’t cover these options, you can decide to sell the car yourself, either for parts or whole to a junkyard.
Scrap the Car Yourself
Speaking of, if you decide to keep the car and scrap it, you should work out what would be worth more to you. Taking off parts bit by bit can usually net you a slightly larger profit, but if you’re a total beginner when it comes to salvaging cars, this can be a lot of work. If you don’t have the expertise or the time for such a job, taking it to your nearest scrapper isn’t a bad idea. You can even shop around and see which shop will offer you the most.
Get a New Car
Usually when a car is totaled, the insurance covering it will either replace the vehicle or provide you with the cash value of the model. But if your insurance doesn’t stretch this far, or you don’t like the payout options, you’re free to invest in a new car yourself.
Do it right though. Start with a site like edmunds to compare the best options for you, front and center. It’s best to make an informed decision at all times, and if one car has already been totaled, you don’t want to risk anything with the second!
If your car has been totaled, don’t panic. Let the insurance handle things, make your choice when the report comes through, and then think about getting a new vehicle. You may have to walk for some time, but it won’t be a disaster!