Many people find that their vehicles are beyond repair after an auto accident. If this happens to you, it is imperative to understand what is covered under your insurance policy and what process will take place to help you move on to your next mode of transportation.
The first thing to determine after an accident is whether a car is totaled. Total loss may have different guidelines depending on state and individual car insurance companies. Some basic guidelines are followed to give a general idea of when your vehicle is considered totaled. For the most part, your vehicle will be considered totaled if it can't be repaired safely or if the repairs will exceed the car's actual value. Each state also has a damage quote that your vehicle can't exceed.
Having a totaled car makes getting around difficult. In case these situations occur, many people choose to have rental coverage. This covers the cost of a rental vehicle you can use while figuring out your vehicle's situation and what you're going to do in the future. Keep in mind that your rental coverage will only last for a limited amount of time. If this time lapses, you will have to pay out of pocket. The rental coverage time aside, make sure you give yourself plenty of time to find a vehicle replacement.
Once you find out that your vehicle is totaled, you will be asked to remove your personal items and license plates. You will want to make sure to give a car key to your insurance company claims adjuster. If you have not paid for your car in full, you will want to make sure your leasing company or financing company are aware of your situation. They will need your account number and contact information regarding your claim. Make sure you know everything that is involved in your car insurance policy. If it is determined that your car is totaled, many times your insurance company will pay you the cash value of the vehicle and take ownership of your vehicle, making it less of a hassle for you. Once this is complete, the company will transfer the title into their name and sell the vehicle to a salvage buyer.
When an insurance company is going to figure out the worth of your vehicle, they will often look at the value of similar vehicles in your area. In addition, your car's overall condition will be taken into account. Factors will include things such as vehicle options, mileage and any damage that was in place before the vehicle was totaled. If you have any questions about the overall value of your vehicle, your car insurance claims adjuster will be glad to help you out.