The best sign that you and your car have been in a bit of an unfortunate accident is if you are wondering if the car is totalled. Of course, you will find out eventually. And if it turns out that your vehicle is indeed totalled. You will probably be wanting to get rid of it to make way for the purchase of a new car that isn’t totalled. So it is time to sell your totalled car, but how do you go about it? That is the billion dollar question.
How to Go About It
The definition of “totalled” revolves around the long form of the term: Total loss. That means that the vehicle in question has been so extensively damaged that the cost of repair will be higher than the value of the vehicle before it was damaged.
When you have a vehicle in that condition it will be obvious that selling it via the normal avenues will be extremely hard. The only people interested in it will be folk who have the means and know-how to part the vehicle out and sell the components individually. Chances are that you won’t be able to do it yourself due to the extremely involved nature of the procedure. So it makes sense to sell to someone who can. The problem is, most people who are out to buy vehicles are looking for a means of transport.
Insurance Company Pay-out
Your insurance company will be the ones who have labelled your vehicle as a total loss. The fact that it will be pointless to repair the car because of the cost means that the insurance company won’t pay your to get repairs done. They will probably be able to shell out for a replacement car, which is more practical anyway. They will calculate the amount to give you based on what state your vehicle was in before the accident occurred. Once this is sorted, they will either keep the car before selling it, or you will keep the car and do what you want with it. Which had better be sell it, or else.
Making a Profit
When you get a claim settlement the insurance company will deduct an amount from it. Call that amount the “salvage value”. If you can then sell the automobile at a higher price than the salvage value. It stands to reason that you will get a profit.
The method of selling totalled cars to auto wrecking companies is commonly accepted as the best route toward getting rid of the vehicle before buying a new one. And it is extremely simple as well. All you need to do is contact them, tell them the info pertaining to the condition of the vehicle. Wait for them to come over and pay you on the spot.
The best thing about this arrangement is that you will have it removed from your property completely free of charge. It is wisely advised that you take this avenue.