Options to Consider after a Car Accident
After a car is totaled, the best it can do is get recycled. There are so many cars out there that go through this recycling process, they give out plenty of steel for making millions of new cars. In case your car suffered an accident, here are your options when deciding what to do.
You can for one accept the settlement offer. Insurance companies rate a car as totaled when the cost of repairing it is beyond half the value of the car. The figure can differ, depending on the insurance company in question. If yours was affected as much, the responsible insurance company would offer you the cash value of the car. If you go with it, they will give you the cash as they keep the car.
You can also keep the car and try and fix it. The move works well for older cars, where the present value will not get you much if any from a settlement offer. You can keep the car and attend to its repairs. Filing a claim risks you get a salvage title instead. With that title, selling it in the future will be something you cannot do.
You can also keep the car and not do much about the repairs. In cases where the damage was only on the surface, with all other components functioning as normal, you can decide to keep using it that way. It, for instance, may have a large scratch on the side, which the insurance company is not willing to settle, but does not affect the mechanics of the car nonetheless. You can, therefore, decide to live with that scratch in place.
The car can also be released on salvage grounds. After receiving offers that are too little to justify the input of the insurance company, you can instead go with the option to sell it as junk for cash. There is the option of stripping it for parts and selling those, or selling it whole to specific companies. You only need to let them know of the car and its condition, where they will make you an offer. When you accept their offer; they will come and tow the car away, leaving you with the cash from the transaction.
These options cover what you can do with a totaled car in diverse situations. From continuing to drive the car as it is to sell it for parts, you have so many options. You also have those offers from the insurance companies, which should only be considered if they make economic sense.
You can also go to this website, to learn more about what to do when the car only needs repair, to help you manage that situation effectively.