Determining if Your Car Is Totaled
Getting into a car accident can be both scary and stressful. Looking at the damage that is done to your vehicle, you may think that you will only have a couple of hundred dollars’ worth of damage. However, if your auto insurance company decides to declare your car totaled, you may find yourself with a much bigger issue on your hands. Knowing how to deal with a totaled vehicle, and why your insurance company declares your car totaled can help to ensure that you get back on the road as soon as possible.
When your car insurance company declares that your car is totaled, it means that they have decided that it will be less expensive to send you a check for the actual cash value of your vehicle than it would be to fix the damages. There are three typical reasons that auto insurance companies will declare that your vehicle is totaled, including:
- You cannot make any repairs to the vehicle that will make it safe to drive.
- Your vehicle is worth less than what it would cost to make the repairs.
- The state, which regulates auto insurance matters, decides that your vehicle needs to be totaled due to the cost of the damage.
When determining the actual cash value (ACV) of your vehicle, there are many factors that your auto insurance company will use, including:
- Extent of the damage
- Age of your car
- Number of miles on your car
- History of maintenance
- Type of vehicle
Contact the insurance professionals at Gant Insurance Agency in McKinney, Texas for all of your auto insurance coverage needs. As an independent insurance agency, we will work with you to make sure that you have the protection that you deserve, all at the right price to fit your budget.