Totaled Car Insurance Claims: How to Estimate a Claim

Instead of dealing with totaled cars, most people prefer to exchange junk cars for cash. This is in addition to the money they can get after a successful totaled car insurance claim.

Totaled Car Insurance Claims

junk carWhen the insurance company labels your car as totaled, this means that the company has decided that it would cost more to repair the damages than buying a similar car. In this case, it’s ideal to file for a totaled car insurance claim.

Figuring out the amount of a totaled car insurance claim involves a long process. As such, while waiting for the completion of the process, try estimating the amount on your own by following these steps:

Get the Car’s Information

Write down the year, model, and make of the car. To get this information faster, check the car’s owner’s manual. You’ll find the car’s year, model, and make in there.

Take note of the car’s total mileage. The less mileage it has, the better the chance that you’ll get a higher auto value.

Apart from the accident that totaled it, include information about any car accidents involving the car. If the car hasn’t been involved in any car accidents before, you may get a higher amount for it.

Check the Car’s Value

Find out the car’s approximate value through reliable sources, like National Automobile Dealers Association (NADA). Check with different sources to get an average value for the car.

During this search, include any extras that you’ve added to the car, as this can raise its original value. Include add-ons, such as non-standard stereo speakers, stereo systems, and CD players.

Estimate

Add the value of the improvements that you’ve added to the car to its average base value. This can provide you with almost the same amount the insurance company may end up paying for the car.

Before selling your totaled or junk car for cash, file a totaled car insurance claim. If you can’t get a good price by selling it, the money you can get from the insurance company can still be enough.

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