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Is my car totaled

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Is my car totaled

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Is my car totaled

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Is my car totaled

Is my car totaled

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Is my car totaled

Is my car totaled

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Is my car totaled

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Can I make insurance company declare my car totaled?

Is my car totaled

Is my car totaled

Is my car totaled

I was in an accident (due to an animal in the road) which left me in a pond. My car wasn't completely submerged. About a foot or 2 on the drivers side and around 3 1/2 feet on the passenger side. I hit some piping in the pond that damaged the front end: i.e radiator, air conditioner, power steering, some other stuff, idk I'm not exactly car savvy. The interior is wrecked! the impact busted a transmission line and all the fluid came out and the insurance appraiser ran it with no fluid. Not knowing about the loss of fluid, they told me I could drive it from the tow yard to the mechanical shop (less than 1 mile). I did, but of course I didn't make it. The car stopped going. they are saying the damage reaches around $9000.00. Its a 2005 Dodge Magnum SXT (no hemi). the value of the car is about $15,000 give or take a thousand. I've been told by everyone, including different mechanics, that I'm am most likely going to have all sorts of problems with it in the future. I pay close to $800 a month for this car, but I have gap insurance. So I'M covered if it is deemed a total loss. And i want my car totaled since I could have future problems AND the fact that it's not worth nearly as much no that it's been involved in a car accident with flooding. But it's not looking like they are going to total it. they say that the damage needs to exceed the value. But MY question is, is that, arent they concerned about the likely possibility of re-opening a claim, maybe even multiple times? And is there anyway I could convince them to total it out?? PLUS I have environmental asthma and a huge deathly allergy to mold, mildrew, spores. ect.. and I am so afraid they're going to miss something that got wet (it took them five days to even appraise it) and mold or mildew grows, and I end up in the hospital. (it's happened before). AND my 3 year old has the environmental asthma as well. So I'm TERRIFIED to have this car and I want my car totaled ..what else can I do. Is my car totaled once I make things clear to them?

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Is My Car Totaled? When a Car’s Body Damage Makes it a Total Loss

Is my car totaled

If your car, truck, or SUV has been involved in an accident and needs significant body repair, you might wonder if the damage is extensive enough for the insurance company to declare your car totaled. Not surprisingly, insurance companies have formulas that they use to determine how much body damage is enough to render a vehicle a total loss. The process begins, as all good body shop repair processes do, with a complete teardown of the vehicle and a thorough assessment of the accident damage. This allows the insurance company to understand both the amount and type of damage your car has sustained. The insurance company will then determine the vehicle’s fair market value using a third party valuation product (discussed in this article about total loss valuation). If the cost of the repair exceeds the insurance company’s damage threshold, they will declare the car totaled.

So, what is the amount of collision damage your vehicle can sustain before the insurance company will declare your car totaled? In other words, when is your car totaled? While there is no absolute indication, generally, if the car’s cost to repair exceeds 70% of its fair market value, the insurance company will declare the car totaled. Some insurance companies will begin consideration of a total loss at 60%, and some may go as high as 80%. Certain types of damage can also affect the total loss calculation. High cost assemblies, like engines and transmissions, can cause a car to be totaled more readily. This is especially true for late model cars, where a used or recycled replacement assembly is not available or appropriate. A significant amount of unibody damage can also increase the likelihood of a total loss, as unibody damage can be costly and complicated to repair. Interestingly, frame damage on a body-on-frame vehicle like a pickup truck or full size SUV is not as much of an issue, as replacing the entire frame with a new unit is a fairly straightforward proposition.

What if your vehicle would be hard to replace, and you would rather have it repaired than declared a total loss? Or what if your car is almost new, and you would rather your insurer declare your car totaled? The fact of the matter is, the insurance company’s contract with you is to repair your car if possible, and reimburse you for its value if repairs are not economically feasible. In other words, as a general rule, it’s either a total loss or it isn’t, and there is not much wiggle room in that discussion.

As with most insurance products you can buy, the differences between auto insurance policies (including total loss damage thresholds) is only visible if you “look under the hood.” It’s a good idea to discuss with your agent how your insurance carrier handles total losses, so that you're not surprised if and when you are involved in an automobile accident and your car needs enough auto body repair to raise the issue of a total loss. To protect your loved ones, let them know to talk with their insurance agents in advance of trouble.


If My Car Is Totaled How Much Do I Get from Insurance?

Some policyholders are under the impression that their auto insurance carriers will pay them whatever the value they declared when they insured the car, if it is ever declared total loss. Considering premiums are calculated based on declared value of the insured automobile, it isn’t difficult to see why people make such assumptions. The fact of the matter is that insurance companies follow their own rules when it comes to determining the value of a vehicle that is lost totally due to an insured peril.

In other words, every insurance policy is there to pay for the actual loss. The rule is that policyholders should not be better off after they are paid for a claim. If your car’s open market value is $10,000 and you get paid $15,000 when it is totaled you would have an incentive to make your car disappear so to speak. This would create a moral hazard skewed against the insurer and they cannot have that.

Regardless of how much ever high you declare the value of your car you would only get the open market value. They have no control over how you value your car and cannot be responsible for over-valuation. Nonetheless, they are happy to charge you more if you declare the value too high. In which case, you would be paying high premiums for nothing.

How to Determine Actual Cash Value of a Car?

Fair open market value of a vehicle would be its Actual Cash Value (ACV). You may have bought your automobile several years ago as new or second hand at great expense. Over the years it loses its value as most things. Insurance companies only look at its value at the time they have to pay for a total loss. That is why what they may pay may not satisfy you at first but you may understand their reasoning pretty quickly.

Generally, loss adjusters rely on resources like The Kelly Blue Book (KBB) when they are determining ACV because it is transparent and they can show you other vehicles that are similar age, model and condition as yours. In other words, they pay you enough to buy a car just like the one you lost and not what it was when you bought it. Depending on your policy terms and conditions, you would be paid reasonable additional costs like vehicle registration fee and taxes as well.

However, It is worth pointing out that sometimes loss adjusters may try their luck with a low figure and see if you would bite. You should be prepared for it and find out how much your automobile would sell if you were to sell it on the open market in its latest condition. Think about all the extras and it is condition when you are looking up its value at KBB. A well looked-after auto would be worth a little more than a neglected one.

So, there may be room for negotiation and you could try it. You may need to explain yourself as to why you think you deserve more and your research would be handy at that time. Reasonable approach may result in increase in the claim check.