Seeing your totaled car after an accident can be devastating no matter how long you’ve had it or how much money you’ve put into it. After an accident that leaves your car totaled, it is important to assess which option is best for your particular needs. Rather than just letting your auto insurer take your totaled car and send you a check, take these tips into consideration so that you can make the best decision based on your unique situation:
- The quickest and easier option – Take the money. If your car is classified as not worth fixing, your insurer or the at-fault driver’s insurer will calculate the value of your car, minus the deductible and give you a check for the rest. When this happens, the insurer now receives the car’s title. If you have any money left over on a loan, you will be responsible for that payment.
- The most work – Keep it and Fix it. If you were able to safely drive to the repair shop after your accident, you may want to keep the car. Many choose to keep their damaged car without filing a claim and make safety repairs while ignoring the cosmetic damages.
- The easiest – Keep it and Don’t Fix it. If you don’t care what your car looks like and you plan to use it to commute to work, you may want to keep the damaged car and not fix it.
- Keep, Sell, Salvage. Many choose to sell the car for scrap or parts on their own terms rather than working with their insurer. Whether you find car building a hobby or just need some of the parts for another car you own, keeping the car and selling for salvage may work to your benefit.
- The Most Generous Option – Donate it. Donating your damaged car can get you a tax deduction that will benefit you in the long run. Car donation services will tow the car for free and sell it for parts.
Mike Leonard Insurance Agency is available to help you with all of your auto insurance needs. Contact us today to meet with an experienced agent who can help you determine which option is best for your totaled car based on your unique needs.