Category: Blogging

How To Sell Your Totaled Car

Sell your totaled car ASAP

A car crash depending on the severity of the damages, may make the insurance company declare your vehicle as a total loss. Post-accident insurance claims are complicated and at times downright confusing. It is vital that you are armed with the necessary knowledge on the procedures so you know what your are entitled to. Knowing the right information also helps prevent insurers from giving you the short end of the stick.

How Is A Car Declared As Totaled?

Steps to sell your totaled car

A misconception that most folks have is that for you to be able to sell your totaled car is to have it declared totaled if it can no longer be driven due to damage incurred as a result of collision. This is not always true. The main factor that is considered when deciding if they declare it as totaled or not is always money. To explain it simply, cars are labeled as a total loss of the cost to repair is higher than the actual car value.

For instance, a car is valued a $500 but has lots of bodywork issues that costs $800 to repair. The insurance company will simply declare or define the car as a total loss.

Why Insurers Do This?

Sell your totaled car when the insurance suggests it

Savings

If a car is worth $3000 but requires $4000 worth of repairs then they declare it as a “total loss” as the insurance company actually will save a $1000. They also make a killing by selling your totaled car as scrap too. You also save money as the insurer will pay you the value of the car before the damage so you can purchase another similar one.

Time

You and the insurer do not want to waste time waiting for lengthy repairs to occur before settling the claim. You can get back on the road quicker with a new vehicle purchase than wait for the current one to be fixed.

Factors That Determine Payout

The insurance company will pay you an amount based on what your car was worth prior to getting totaled.

Model

Different models will of course have different price tags. Also the brand and type of vehicle are some of the biggest factors when determining payment to you.

Age

Cars depreciate value over time. This is a known fact. The simple act of driving a new car out of the lot pegs the depreciation value at 11%. Within 5 years the loss can be as high as 46%. The older the car, the less value it gets. Unless it happens to be a pretty rare car in perfect condition.

Mileage

Similar to a car’s age, the more mileage there is, the lesser value it has. Check your dashboard to know how much mileage has been spent on your car.

Current Condition

The insurer will do a thorough check in order to find out the condition of the vehicle prior to the collision. They will look for signs of negligence and factor this in on how much you will receive.

Your Involvement In The Collision

The insurance company will inspect before you can sell your totaled car

This can be quite tricky and might be the longest to decide on. Your level of responsibility will have a significant effect on how much money you can get in the event you sell your totaled car. For instance, if you got hit by another car while you were in full stop, expect to get the full amount. If the cause of the collision is vague or worse, you caused the collision, chances are you might be paid a lesser amount.

Type Of Insurance

The policy you have along with the company that insured in also plays a role on how much amount is due to you. Different companies will have different means and payment calculations. Study your insurance policy.

What To Do If Your Car Is Totaled?

First step is to check the insurance policy. Talk to your insurance agent to get more information on claims. Despite their bad reputation, most agents are pretty upfront and helpful when filing claims. All parties involved want to reach a quick solution. Still, you need to know your rights, what you are entitled to so you are not cheated out of it.

Read the insurance policy and check the procedure and what to expect. Ask questions if you are unsure of anything in the policy. Know the value of the car pre-collision. Get an estimate from different sources so you can have a good idea of the car’s worth.

Sell Your Totaled Car To A Junkyard

To get more cash, it is best to sell your totaled car to a junkyard

If your car is totaled, your best option is to sell it to a reputable junk car buyer like Max Cash for Junk Cars. In this way you cut your losses and be able to move on. There is little to no benefit of trying to repair or refurbish a car that has been declared a total loss. Talk to several junkyards to learn more about how you can get cash for your junk car.

 

Please follow and like us:

Junk Cars Yard Scams You Need To Avoid Now

Junk cars scams are unbelievably not so common

When your beloved car has reached the end of its life, you want to dispose of it in a nice manner. The last thing you want is junk car yards lowballing you for your car. Knowing what your car is worth may be a tad difficult and it is made all the more worse with the behavior of unscrupulous dealers. Here are some junkyard scams you need to avoid now according to the quality people over at Junk Cars for Cash Minneapolis.

Not all are Bad

Contrary to what some people believe, most junkyards are actually quite honest when it comes to assessing your vehicle.

Always ask for the conversion rate for junk cars

Legitimate cash for junk cars will provide you with the right valuation so you can get the most out of your clunker. However, this is not always the case. It is very hard to determine exactly but reports suggest that over a million used vehicles have been title washed. What this means is that a scrap vehicle was “rid” of its scrap brand and then resold as a used car.

Wrong Units

Do you know how many pounds are there in a ton? If you answered 2000 pounds, chances are you are getting swindled. When it comes to scrapping cars, it is often valued on tonnage. The net ton is equal to 2000 pounds. However, the long or metric ton is equal to 2,2240 pounds. An unscrupulous junkyard will not tell you what units they are using. Chances are you can miss out on the real value.

Do not be too trusting. Stay vigilant on what units they are using when quoting you the price. If it smells fishy, walk away.

Tow Issues

Make sure that junk cars yard include the towing cost

Reputable junkyards often provide free towing. Unscrupulous junkyards will not tell you that but instead will charge you by subtracting the tow cost from the amount of cash you will receive for your junk cars. Their MO usually calls for giving a high offer at the start but then demand some money for towing too. In some instances, they would charge double for towing. One charge included in the cost of the car and another for towing it away.

Always ask upfront about free towing in order to avoid surprises in the end.

False Incentives

Sometimes the junkyard will try to entice you with non-cash incentives. If this is the case, be careful. Here is how it goes. They offer customers a low rate for the vehicle. They then pair this with incentives like coupons so as to make up for the difference. They might look good at first glance but the value of the coupons is actually worthless. Most of the time the coupons they offer tend to be quite restrictive. It could be a holiday discount for limited times of the year. It could be discount vouchers that can only be availed under very specific situations.

Pressure Selling Junk Cars

Don't get pressured when selling junk cars

One of the most common junkyard scams is to pressure you to sell so you give junk cars quickly without being able to get other better offers. A legitimate buyer will provide time to think about their offer as well as answer any concerns you might have. If the junkyard is pressuring you to make a decision quickly, it is time to look what others have to offer. Pressure selling is very poor customer service but is a classic con man move. Most folks make poor decisions when under pressure. This is what they are counting on you to do. Pressure selling happens over the phone or at the junkyard itself. They want to offer cash immediately while accepting any figure they provide. They will tell you that junk cars have much lower value and their one time offer expires today. Don’t fall for that trap. Walk away.

Payment Scheme For Junk Cars

Expect to get cash when selling junk cars up front

It is vital you know the mode of payment at the outset. Cash is the safest way to get the value of your car. Checks can bounce and other forms of payment may not even happen. If you are not being paid cash upon handing your junk car over, there is a huge chance you will not see one cent. If you have already signed the title to them, you simply no longer own the car. They can always claim you have already been paid. Never ever sign anything until you have actual cash on your hands. Installment payments are a big no-no in the junkyard industry. Don’t let them tell you it’s the norm.

There are many scams out there but this should not stop you from being able to sell your car at a decent price. Do your due diligence when looking for junkyards. Always walk away when something does not sound right.

Please follow and like us: