Demystifying the Claims Process: Dealing with Total Loss of Your Vehicle

When you’ve been in an accident and your vehicle has suffered significant damage, one of the outcomes that sometimes surfaces is a ‘total loss’. This term, often dread-inducing for car owners, essentially means the cost to repair the vehicle surpasses its actual cash value (ACV). It’s a turning point that can leave you feeling anxious and overwhelmed, especially when you’re trying to navigate the labyrinth of insurance claims.

In this blog post, we will demystify the claims process surrounding a total loss vehicle, shedding light on what it really means, how the ACV is determined, and what happens when your vehicle is sent to the auto salvage yard. Arm yourself with knowledge and turn an otherwise stressful situation into a manageable task.

Call 317-608-2188 to Sell a Totaled Car to a Trusted Auto Scrap Yard in Indianapolis Indiana
Call 317-608-2188 to Sell a Totaled Car to a Trusted Auto Scrap Yard in Indianapolis Indiana

Actual Cash Value (ACV) for Totaled Cars

At the end of the day, your insurance provider is not there to give you a handout; they are a business that wants to pay out as little money as possible. This means that if it can be proven that repairing your car would cost more than its actual cash value (ACV), then they are likely to declare it a total loss. To determine this figure, they must take into account the age of your totaled car, its make and model, any prevailing market conditions, and a few other factors.

Auto Scrap Yards

You may be wondering what happens to your car after it has been declared as a total loss vehicle. In most cases, it will be sent off to an auto salvage yard where it can be dismantled. This is part of the process that allows your insurance provider to calculate the actual cash value and settle with you accordingly. It’s useful to keep in mind that they will not pay out more than is necessary, it can be beneficial for you to shop around for a better deal.

Insurance Claim Payments

At this stage, you may also be wondering what compensation you’re entitled to receive from your insurer. Generally speaking, you will be paid out in the form of an actual cash value claim which is calculated based on your car’s year, make, model and overall condition. This figure should reflect what a functioning car of the same make and model would cost if it were new. The amount can also be adjusted depending on the current market conditions for cars similar to yours.

Maximizing Insurance Payouts

Finally, it’s worth noting that there are certain steps you can take in order to secure a better deal from your insurer. For instance, if you have proof of valuable car parts or extras that were fitted on your car before the accident, factor these into the equation as they may add additional value. Additionally, try to get an independent assessment done to find out how much it would cost to repair your car. This process can be time consuming, but it may help you get a better deal in the long run.

Bonus Tips for Total Loss Vehicles

In addition, there are a few other things you can do in order to get the most out of your total loss vehicle situation. It might be worth contacting an Indianapolis auto salvage yard to see if they will provide a better junk car selling experience. They may offer you a good amount of cash for your junk car, plus tow it away for free. You can also reach out to a scrapyard for used auto parts and repairs. This is especially helpful if you’re planning to buy a used car down the line and the salvage yard can provide you with quality parts and accessories at a discounted price.

It is also important to remain calm during the claims process as it can often become an emotional journey. Be sure to take time for yourself and don’t be afraid to ask questions or seek advice from friends and family. Furthermore, pay attention to any deadlines or timelines provided by your insurer and be sure to comply with all of their requirements. This will help ensure that you receive the best possible outcome from your claim. Also, if your insurer offers rental car coverage, be sure to take advantage of that in order to ensure that you’re able to get around during your claims process.

In Summary

Overall, the claims process surrounding total loss of your vehicle can seem daunting and overwhelming – especially when you’re dealing with an insurance provider who is trying to pay out as little money as possible. That being said, by equipping yourself with knowledge and implementing some of the suggestions outlined above, you can transform this otherwise overwhelming situation into a task that is easier to handle.

GC’s Junk Cars pays cash on the spot for all junk cars, including totaled ones! Contact us at 317-608-2188 to sell a totaled car in Indianapolis, Indiana, today! We offer free towing with our in-house tow truck, so all you have to do is call and accept our offer!

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How to Cut Down on Costly Car Repair Bills

Do you dread taking your car to the repair shop because of expensive, unexpected bills? Many drivers experience this dilemma and are looking for ways to reduce their auto repair costs. Fortunately, there are some easy steps you can take that will help cut down on costly car repair bills. By following these simple tips and keeping up with regular maintenance checks, you’ll be able to save money on costly car repairs in the long run!

Call 317-608-2188 to Sell a Totaled Car in Indianapolis, Indiana.
Call 317-608-2188 to Sell a Totaled Car in Indianapolis, Indiana.

Good Auto Maintenance Can Lower the Risk of Expensive Car Repair Bills

Taking good care of your vehicle is essential in order to keep it running smoothly and avoid expensive repairs. Regularly scheduled maintenance such as oil changes, tire rotations, brake inspections, and engine tune-ups can all help prevent bigger problems from occurring later on. In addition, being aware of warning signs like strange noises or smells can alert you to potential issues so they don’t become more serious down the road.

Research Budget-Friendly Auto Mechanics

 When it comes time for necessary car repairs, be sure to do your research. Shop around and compare prices from different auto repair shops in order to get the best deal. In addition, you can find a lot of useful information online about car troubleshooting and potential solutions. If a repair seems too difficult or intimidating, consider talking with a friend or family member who may have more experience in this area. This way you can save money on labor costs and avoid expensive mistakes that often come with DIY repairs.

Safe Driving Helps to Avoid Expensive Car Repairs

Finally, don’t forget about preventative measures such as driving safely at all times and avoiding risky driving conditions whenever possible. Doing so will help reduce costly car repair bills by preventing accidents or other damage caused by poor driving habits.

By following these tips and staying up to date on regular car maintenance, you can save money on costly car repair bills in the long run. Taking good care of your vehicle will help ensure it runs smoothly for years to come!

When Car Repair Costs More Than Your Car

If the cost of repairing your vehicle exceeds the actual cash value, it can be deemed as a total loss. An inspection by a certified accredited mechanic must take place to properly evaluate how much the cost of repairs would be versus how much the total loss figures are. It may be feasible that extensive repairs need to take place but, in some sense, it leads to a conclusion that the vehicle is altogether beyond comprehension and any form of repair is impossible or impractical due to financial constraints. Therefore, economic points concerning actual cash value calculations and car repair bills positioned side by side should eventually conclude if it falls from its belief into precedence as a total loss.

Is the cost to repair your car more than the actual market value of your vehicle? This means your ride is totaled. Contact GC’s Junk Cars at 317-608-2188 to speak with a licensed and qualified junk car buyer in Indianapolis who pays cash on the spot for totaled car and trucks in Indianapolis, Indiana. We provide free phone quotes and junk car removal!

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Is My Car Totaled If It Is Over 50 Percent Damaged?

No matter how much you wreck or damage a car, it is never entirely void of value. However, if the cost to repair the damage exceeds a certain percentage of its current market resale value, you could be looking at a total loss. Continue reading to learn what this average percentage is, plus a bonus tip on how to earn the maximum profit by selling a totaled car in Indianapolis, Indiana.

Indiana Cash for Totaled Cars 317-608-2188
Indiana Cash for Totaled Cars 317-608-2188

Actual Cash Value (ACV)

In order to determine if a car is totaled or not due to the amount of damage it has, you need to calculate the Actual Cash Value, or ACV. This number will give you a basis to predict what the insurance company will do with your car or truck.  Actual Cash Value will be calculated by the insurance company using specific factors relevant to your vehicle, including the make and model, after-market modifications or features, pre-incident damages, and similar, regional auto sales of the particular vehicle.

3 Qualities of a Total Loss Vehicle

There are three key indicators of a totaled car. A vehicle will be deemed a total loss if it meets even one of the three:

➀ It cannot be safely repaired.
➁ The cost to repair exceeds the ACV.
➂ It meets Indiana’s total loss guidelines.

Your car does not have to be 50% damaged to meet the total loss guidelines listed above. It can be less than 50% damaged or more than 50% damaged and be deemed totaled. For this reason, it is important to have your vehicle properly evaluated and diagnosed by a licensed mechanic.

How to Keep a Totaled Car

In Indiana, you are permitted to keep your totaled car whether it is insured or not. However, if you want to still collect from your insurance, keep in mind that they will pay you the pre-crash value, but subtract your policy deductible and the amount of money that the insurance company would have gained by selling your totaled vehicle to a salvage yard. Is this the wise way to go? It depends on your intentions.

If you want to keep a totaled car for the purpose of reselling it, you should avoid claiming it under your insurance. Instead, sell directly to an Indianapolis junk car buyer for the maximum payout. This cuts out the middleman, so you make more money!

Are you looking for a well-established and ultra-professional auto salvage yard that can pay out top dollar for junk cars and motorized equipment in Indy? Contact GC’s Junk Cars at 317-608-2188 to get paid cash on the spot by a trusted junk car buyer in Indianapolis, Indiana. We provide FREE junk car removal!

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Want to Know What You Can Do With Your Totaled Car?

If you’ve just totaled your car, hopefully you are well and in full recovery. But now, you have a damaged asset on your hands. What can you do with a totaled vehicle besides hand it over to your insurance carrier? Well, the truth is, there are many alternatives to accepting the insurance payout from your policy. Continue reading to learn what all you can do with a totaled vehicle.

Indianapolis Junk Car Buyers 317-608-2188
Indianapolis Junk Car Buyers 317-608-2188

☑ Repair

There are many cases in which an insurance company deems a car totaled because it costs more than 51% of the total cash value to repair it back to its original condition, yet, it is still repairable as a luxury or modern vehicle. You see, just because it is too much for the insurance company to pay to repair it, it may not be for you. You might decide that your 2018 Mercedes should be repaired rather than totaled out. The same theory applies to other luxury or newer vehicles that can be totaled as a result of something small, like a catalytic converter or cosmetic damage. Keep in mind, you have to get a rebuilt title and prove the car roadworthy. Otherwise, many automotive insurance carriers will not insure a rebuilt vehicle.

☑ Donate

If you want to be philanthropic, it would make sense to donate your totaled vehicle. Not only is this charitable, most automotive donation organizations will tow your vehicle away for free. Best of all, you will get certain tax deductions for the depreciated value of the car you donate. Keep in mind, you would have to first buy back the car from your insurance carrier before giving it away to a charity. In this case, your insurance carrier would deduct the vehicle’s salvage value, which generally hovers around a few hundred dollars, plus any policy deductible if the accident was your fault. In the end, you would get a check for the remainder, plus a salvage title.

☑ Sell

The most popular and lucrative option for a totaled car is to keep it, and then sell it to a local salvage yard for cash. As mentioned, if you decide to keep your totaled vehicle, you will have to first have to get a salved titled through your insurance carrier. Once you have the title and your vehicle is no longer insured under the carrier, you can choose a reputable Indianapolis junk car buyer to do business with. They will haul your car away for free, plus pay you cash on the spot. Just be sure you have the title, otherwise, it can be difficult finding a cash for cars company to do business with in the first place.

Indianapolis Junk Car Buyers at Your Service

Cash for Junk Cars 317-608-2188
Cash for Junk Cars 317-608-2188

Call GC’s Junk Cars at 317-608-2188 to sell your totaled car for cash in Indianapolis. We offer free towing with our in-house tow truck, so all you have to do is call and accept our offer! We will schedule a time to pick up your vehicle and pay you cash. No title? No problem! Give us a call anyway! Call 317-608-2188 to request a free estimate, today.

General Qualities of a Total Loss Car

If you have just walked away from a recent car accident scratch-free, but the same cannot be said about your vehicle, it is important to learn whether or not your car is a total loss. Continue reading to learn what it means to have a total loss vehicle, and what you can do if this is your current situation.

Sell a Totaled Car

Call Us to Sell a Totaled Car in Indianapolis! 317-608-2188

Total Loss Vehicle

A vehicle can only be deemed a total loss by the insurance company. An insurance adjuster will come out to inspect the vehicle and determine whether or not it is totaled. A total loss vehicle is one in which the cost to repair it back to the condition it was in before the accident is MORE THAN the market value of the vehicle before the accident. For instance, if your car is worth $3,000 on the current market, but after your accident, the total cost of repairs is estimated to be $4,400, then the car is totaled.

What To Do With a Totaled Car

You generally have two options when your car is deemed totaled by your insurance carrier. You can either file the claim to receive compensation from your insurance provider (the amount of compensation will depend on various factors, including your particular policy terms and the market value of your vehicle), or you can refuse to file it with your insurance and keep the car. If you choose to file a claim with your auto insurance carrier, they will take the vehicle, title, keys, and license plate out of your possession.

If you do not file with your insurance carrier and decide to keep the vehicle, you will receive a new car title that shows the total loss. This is called a salvage car title. You will need this salvage car title if you want to sell your totaled vehicle. You can choose to sell a totaled vehicle privately, among the local community, but you will have better luck selling it to a professional junk car buyer in your town. Depending on your policy benefits, you may get more money for your totaled car through an Indianapolis Cash For Cars Company, rather than an insurance claim.

We Will Pay Top Dollar for Your Totaled Car!

Cash for Junk Cars 317-608-2188

Cash for Junk Cars 317-608-2188

Call GC’s Junk Cars at 317-608-2188 to sell your totaled car for cash in Indianapolis. We offer free towing with our in-house tow truck, so all you have to do is call and accept our offer! We will schedule a time to pick up your vehicle and pay you cash. Call 317-608-2188 to request a free estimate, today.