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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The Pros and Cons of Making a Total Loss Car Insurance Claim
10 DIY Fixes That Will Save You Money on Car Repairs
What You Need To Know About Auto Insurance Policies

Is a Car Totaled if the Airbag Deploys?

Determining whether or not a car is totaled is usually the job of your insurance adjuster. Whatever they say goes in terms of the condition of your car and how much it is worth. But many car owners often confuse themselves when it comes to airbag deployment. Most people assume that if an airbag deploys, a car is instantly rendered a total loss; but this is not always the case.

Continue reading to learn more about the link between airbags and totaled cars.

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

Average Cost of Airbags

Airbags are not cheap. They can cost up to $1,000 just for the part; then you have to pay for labor, as well as, any damage done to the dashboard and steering wheel. Overall, you can expect an airbag replacement and repair to cost at least a few thousand dollars.

All insurance companies deem a car a total loss if the cost to repair it back to its condition prior to the accident exceeds the actual cash value (ACV) of the vehicle prior to the accident. Most states set the limit between 50% and 80%; here in Indiana, it’s 70 percent. So if an airbag deployment renders a vehicle so damaged that the cost to repair it is more than what the car is actually worth, it will be deemed a total loss and given a salvaged title.

However, a deployed airbag does not always cost more than a vehicle’s cash value. In some cases, the cost to replace an airbag and reconstruct the dashboard and steering platform does not exceed the fair market value of the vehicle. This is usually common among newer model vehicles, and brand new vehicles.

For instance, if you have a 2015 Lincoln Navigator, the cost to replace a deployed airbag would not cost tens of thousands of dollars, which is what a Navigator of that model would probably sell for. In contrast to this example, smaller or lighter vehicles, like a new Hyundai Accent, would likely be totaled if the airbag deployed because more damaged would be done.

Total Loss Automotive Claims

The first step to the automotive claims process is to contact your insurance provider to schedule a time to have the condition of your vehicle evaluated by an adjuster. They will determine, along with their appointed auto body experts, whether or not your vehicle is a total loss. If it is a total loss, they will tender your policy limits.

If you wish to keep your total loss vehicle, you must buy it back from the insurance company by paying them the actual cash worth, minus your policy’s deductible. Usually, you just forgo the payout they offer for the vehicle; you don’t actually pay your insurance company out of pocket. Upon keeping your totaled car, the DMV will issue it a salvaged title.

Get Top Dollar for Your Totaled Car in Indianapolis

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

Call GC’s Junk Cars at 317-608-2188 to quickly and conveniently sell a totaled car 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.

What Can I Do With a Totaled Car?

Learn your options after totaling your vehicle in an accident.

If you have just recently totaled your vehicle, you already know that you were faced with the decision of having it towed to your home, to an auto shop, or straight to the salvage yard. If you chose to take it home with you, then you are now faced with some more decisions. What are you going to do with your totaled vehicle? Continue reading to learn some helpful and some lucrative options.

Sell Totaled Car 317-608-2188

Sell Totaled Car 317-608-2188

🚗 Dismantle It for Parts

You can have a mechanic dismantle your totaled car so that you can salvage its spare parts that still work. You can even do this yourself if you are handy in the automotive field. Once you have your car dismantled, you can either use the spare parts you saved for another vehicle, or you can sell them one by one for a profit. The downside to this option is the time and the cost. You have to pay a mechanic to dismantle your car if you cannot do it yourself; and since they charge by the hour, that can be expensive. However, you make most of the money back if you can successfully sell the parts. If you dismantle the vehicle yourself, it takes a long time and a lot of effort that many people are not enthusiastic to give.

🚗 Sell It for Cash

There are countless cash for cars companies out there that will pay you cash for your totaled vehicle. However, it is important to know which company to choose for the best service and highest profit. Choose a company that has experience in the industry, and that offers free services, like estimates, pickup, towing, and more. Most importantly, you want to find a company that pays cash on the spot so that you do not have to wait for your profit.

🚗 Keep It and Repair It

This is probably the most expensive and time-consuming option, but sometimes, it is also the most fun. If you are someone who enjoys automotive work and is in need of a challenging project, keeping and repairing your totaled car could be the best option for you. Just be sure to save all the spare parts that still work to save you some money!

Some Additional Options…

✓ Insurance ClaimTurn it into insurance and wait for your check.
✓ Metal ArtTurn it into a piece of unique artwork.
✓ DonationDonate it to a junk yard or salvage center.
✓ Scrap Metal RecyclingRecycle it at a scrap metal center.

GC’s Junk Cars Will Pay Cash On the Spot 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.