After a car accident, you’re going to have a lot of questions. After determining that everyone is safe, notifying the proper authorities, exchanging paperwork, and documenting the accident, you are going to have a few decisions to make about your vehicle. The most crucial decision is selecting the right collision repair facility. You want a collision center that will do quality work, provide excellent customer service, manage the insurance companies, and get you safely back on the road. However, your insurance company may urge you to use one of their recommended facilities, but you are by no means required to do so; you can choose any collision repair shop you’d like.
Once this decision has been made, the time between your car arriving at the shop, the estimate being prepared, and the insurance company’s decision can be a stressful one. What kind of repairs are needed? How much will it cost? How much is the insurance company willing to pay? How much is my vehicle worth? And the big one, will it be totaled?
When is a Vehicle Considered Totaled?
A vehicle is considered a total loss or “totaled,” when the cost of repair exceeds a certain percentage of the vehicle’s value. Depending on the severity of the accident, or other underlying issues that make a repair more complicated in order to return the vehicle to safe operating condition; even damage that appears minor can exceed the threshold that creates a total loss. In this case, the insurance company will pay you the actual cash value of the vehicle; but what if you want to keep it?
What Can I do if My Vehicle is Totaled?
So, if your vehicle is totaled, what are your options? If you own your vehicle and it can be restored, you may want to keep it. In this scenario, the insurance company will allow you to “buy back” your vehicle. This can be a confusing term, but it means that instead of receiving the actual cash value of the car, the insurance company will pay you the difference between the actual cash value and what they would make at a salvage auction. So, you still end up with a check, and you keep your vehicle. Ideally, the amount you receive will be enough to have the necessary repairs done. Depending on the amount of the repair compared to the value of your vehicle, and laws in your state, you may need to obtain a salvage or rebuilt title.
The right collision repair center can be an invaluable resource during these situations. They can make quality recommendations based on your circumstances and their years of experience to ensure that you make the best decision. The experts at Medine’s Collision Center are your accident advisors. With decades of experience, knowledge of your insurance rights, and the highest quality workmanship, Medine’s is here to get you back on the road.