Totaled Car Options
Have a totaled car, truck or van? Scrap yards that buy cars will remove it, but is that the best option? Barberton Junk Cars pays cash for cars in Summit County offering fast cash for cars, we think you should explore your options before going the junk my car route. In December 2014 insurance.com posted a story titled ‘Understand your options for a totaled car’, which was composed by Des Toups. Some of the interesting findings are as follows: “Coping with the aftermath of a serious accident can be stressful, especially when trying to deal with your insurance company & the loss of your vehicle. Knowing the right questions to ask, and having a realistic understanding of the situation, can be helpful. It’s time to learn how to talk with your claim adjuster about a total loss.
Insurance company may decide your damaged car is a total loss if:
- It cannot be repaired safely
- It would cost more to repair the car than it’s worth, or
- State laws require the company to call it a total loss due to the amount of damage. This can vary from 50 % of the car’s pre-accident value in Iowa to 100% in Texas. Many states use something called a Total Loss Formula: cost of repairs + the scrap value must exceed the car’s value.
Will the insurance company buy me a new car?
A new car loses some of its value as soon as you drive it home. Some companies offer “Guaranteed Replacement Cost” coverage for newer cars, so you don’t have to worry about how much you’ll be paid. If you don’t have this coverage, your company is required to “make you whole,” as defined in your policy. This means your company will pay you the actual cash value of the car, minus the deductible for the collision coverage on your policy. Ask your adjuster to explain the details of the total loss worksheet, so that you understand the full calculation, including how the deductible is subtracted from the total. Your payment should be enough to buy a car that’s comparable to your old one.
Can I keep my car and repair it myself?
Usually a damaged car is auctioned at a salvage yard and the insurance company keeps the proceeds. If you want to keep your damaged car (and OK by state law) your company will set the fair market value—and deduct this amount from the settlement. Many states require the title to be changed to a “salvage title” which means you will not be able to register for plates until you complete the repairs & apply for a new title. The salvage laws in your state may make sense to keep your car and repair it. You might not be able to buy collision & comprehensive coverage on a rebuilt-title car.” The full article can be seen at this link: http://www.insurance.com/auto-insurance/claims/understanding-your-options-for-a-totaled-car.aspx
Barberton Junk Cars is the home of “cash for cars” in Akron, Barberton, Bath, Clinton and Cuyahoga Falls. Need fast cash for cars in the Portage Lakes, East Akron, North Akron, Wadsworth or the Chapel Hill area? To junk my car in Mogadore, Stow, Green or Highland Square visit https://www.barbertonjunkcars.com. Scrap yards that buy junk cars are common place in NE Ohio, but do they offer free towing, same-day pickup and hassle free junk my car services? The scrap yards that buy cars are usually a bit “rough around the edges” and pay minimal attention to details—it is just the nature of the individuals in the junk my car business. Although owners & managers of cash for cars establishments may have deep pockets, they naturally are not as refined in customer service. This is NOT the case at Barberton Junk Cars. Residents of Copley, Coventry Township, Springfield Township and the Merriman Valley should call (330) 732-JUNK today. Get fast cash for cars today from our junk my car buyer in Monroe Falls, Peninsula, Tallmadge, New Franklin, Kenmore, Hudson and Lakemore.