There are times when the total cost of fixing the damage of a wrecked vehicle is more than that of its projected market value, most insurance companies would deem that vehicle a total loss. There are insurers that declare vehicle total loss if the cost for damage repairs of a car exceeds 51% of its market value, that’s according to Edmunds.com; although there are insurers who would tip the scales to up to 80% of the damage repair costs. As a consumer, it is imperative that you are aware of the estimated value of a vehicle that’s declared a total loss, this way, you can obtain a fair settlement from your insurance provider with as little hassle on both parties as possible. Your first step toward credible information regarding these values is research.
Try to go over websites like the Kelley Blue Book, NADA Guides, and Edmunds and check out the latest market values for all types of cars. These apply to classic, contemporary, vintages, brand new, secondhand, salvaged, and totaled vehicles. The valuation guides in these websites indicate the retail and wholesale values of the vehicle, considering its mileage, present condition, and present options. There are some factors that you need to consider when determining the value of a totaled vehicle, because this value can vary from one third party valuation to another. For instance, if a new paint job or wheel change has been done to improve the condition and appeal of the car, these can definitely increase their value even if they’re declared totaled. This also applies to previous damage histories to a car, these things can diminish its value. If you’re not privy to online sources, try researching values in your local print ads, classified section of newspapers, and auto shops.
For those who don’t have all the time in the world to actually scrutinize values from reliable sources, you can just type in vehicle models that are presently for sale in your locality, they should have similar conditions, mileage, and add-on options to that of your car. Compare notes and write down their estimated prices. Don’t forget to get the average price from your options. Consult local dealers or sales representatives in your area who have cars that are similar to yours, it’s another easy way to get a good grip of an accurate average price. There are insurers that come up with their very own proprietary valuation guides, and there are those who make use of online pricing sites, or dealer surveys. So you may want to widen your scope of research so you’ll get the best projected price possible for your totaled car. Don’t forget to ask questions, especially if you can see that an adjuster’s car values sound ridiculously low for the vehicle’s present condition.
Remember, the value of a totaled car is lower than that or a car in used yet mint condition. It also has less insurance deductibles, and salvage values.