A Guide to Understanding the Insurance Claims Process for Totaled Cars

Posted on March 29, 2023 by gcsjunk

If you’ve been in a car accident recently, and your vehicle has been declared a total loss or “totaled”, it can be an overwhelming experience. You may have questions like: What is the insurance claims process? How do I get compensated for my totaled car? Do I need to file a claim with my insurer? Fortunately, understanding the insurance claims process for totaled cars doesn’t have to be complicated.

In this guide we will answer all of these questions and more so that you can navigate the process with ease. We will explain what it means to have a totaled car, how to determine if your vehicle is considered a total loss, how auto salvage works and what steps are involved in filing an insurance claim after totaling your vehicle.

By the end of this guide, you should feel confident about navigating through the insurance claims process for totaled cars. Let’s begin!

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How Insurance Carriers Define a Totaled Car

First and foremost, it’s important to understand what a totaled car is. A totaled car is also known as a total loss vehicle, which is a vehicle that has been involved in an accident and the cost of repairs exceed the actual cash value (ACV) of the car. The actual cash value is determined by looking at factors such as year, make, model, mileage, and condition of the vehicle prior to the accident. In most cases when a totaled car has been declared, your insurance company will deem it as a total loss and compensate you for its ACV minus any applicable deductions like policy deductibles.

Auto Repair Estimates

The first step in understanding the insurance claims process for totaled cars is determining if your vehicle qualifies as a total loss. This typically involves getting estimates from repair shops or auto body specialists. If the repair costs exceed the actual cash value, then the car is usually considered a total loss. Once this is established, you can move forward with filing an insurance claim and being compensated for your totaled vehicle.

Filing a Claim With Your Auto Insurer

Now we need to discuss how to file an insurance claim for your totaled car. To do this, contact your insurer and provide them with all the necessary paperwork including the ACV estimates, repair quotes and any photos of the accident. They will then work with you to process a claim so that you can get compensated for your totaled vehicle. Once everything is finalized and you have received payment from your insurer, you can move forward with purchasing a new or used vehicle as needed.

Scrapping a Totaled Car at an Auto Salvage Yard

Now that we have determined that your car is indeed a total loss, let’s talk about auto salvage. Auto salvage involves selling off any parts of a totaled vehicle that are still usable or recyclable and reusing them to repair other vehicles. This helps save time and money when repairing cars from accidents instead of having to buy new parts every time. Sometimes, Cash for Cars companies and junk car buyers in Louisville are willing to purchase entire vehicles or even parts for cash on the spot. Some auto salvage lots will even tow your junk car for free.

Be Sure to Contact Your Insurance Carrier to Confirm Policy Details

We hope this guide has been helpful in understanding the insurance claims process for totaled cars. Do note that every situation is different and there may be additional steps involved depending on where you live. If you have any questions about filing an insurance claim for a totaled car, don’t hesitate to reach out to your insurer for more information.

Are you interested in selling your totaled vehicle for a high amount of cash in the Louisville area? Contact GC’s Junk Cars at 502-804-5605 to speak with a trusted Indianapolis junk car buyer for details on how to get started! We offer free junk car removal and accept all old or broken auto parts!

Navigating the Aftermath of Totaling a Car: What You Need to Know

Posted on January 17, 2023 by gcsjunk

Being involved in an accident that totaled your car can be a stressful experience. You may be wondering what to do next and how to handle the situation. It’s important to know your rights and understand the process of dealing with a totaled car so you can make sure you get a fair resolution.

In this blog post, we will provide an overview of navigating the aftermath of totaling a car, including understanding auto salvage lots, junk car buyers, and other options for getting compensated after having your vehicle totaled. We hope this guide will help you navigate this difficult time more easily and confidently.

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What is a Totaled Vehicle?

First, it’s important to understand what totaled means in the context of a car. A totaled car, or total loss car, is one that has been deemed with severe damage that would cost more to repair than its actual cash value (ACV). Once your vehicle has been totaled, you will need to file an insurance claim with your auto insurance provider. They will determine the actual cash value of your totaled vehicle.

What To Do With a Totaled Car

Once you have determined that your car is a total loss, there are a few options for what to do next. You can either sell it to an auto salvage lot or junk car buyer in Louisville, donate it to charity, or keep it as-is, depending on the circumstances.

Sell. If you decide to sell your totaled car, auto salvage lots and junk car buyers are two of the most common options. Auto salvage yards buy totaled cars from drivers in order to resell their parts or rebuild them for later sale. Junk car buyers purchase total loss cars for scrap metal. Both auto salvage lots and junk car buyers will typically offer you a lower price than the actual cash value (ACV) of your junk car, but it can still be a good option if you need cash quickly.

Donate. If you don’t want to sell your totaled car, there are other options available. You can donate it to a charity or keep it as-is. Donating your total loss vehicle may be a good option if you don’t need the money, as many charities accept totaled cars and will offer tax deductions for them.

Keep. Keeping a total loss car is an option if the damage isn’t too severe, but it is important to understand that driving a totaled car is illegal in many states.

Get Compensated for a Total Loss Vehicle

Navigating the aftermath of totaling a car can be overwhelming and stressful. Knowing what to do and understanding your rights are key to ensuring you get the fair resolution you deserve. We hope this guide has been helpful in giving you an overview of navigating the aftermath of totaling a car, including auto salvage lots, junk car buyers, and other options for getting compensated.

Is your car totaled or totally junked? If so, trade it in for cash on the spot, then place that profit towards a new car! Contact GC’s Junk Cars at 502-804-5605 to sell a junk car in Louisville, Kentucky for an instant cash payout. We provide FREE junk car removal!

Do I Have to Repair My Wrecked Car?

Posted on July 25, 2022 by gcsjunk

After you get into a car accident, you will likely make a claim with your auto insurance carrier. But does this automatically require you to repair your vehicle? Can you choose to not repair your car after an insurance claim accident? If you are asking these questions, continue reading to learn what you need to know about auto accident insurance claims and car repairs.

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Auto Loans and Insurance Continuation

When making an auto accident insurance claim, you will be subjected to a few requirements, especially when it comes to repairs. If you are interested in continuing with your comprehensive or collision coverage, the insurance carrier will require you to repair your vehicle. That is because all insurance companies refuse to cover a vehicle that has endured ambiguous structural and mechanical damages.

Insurance companies also mandate repairs after a wreck if you are still paying off an auto loan on the vehicle. In fact, your lender may also require you to have the vehicle repaired, and by one of their own approved auto repair providers.

You Are Required to Repair Your Car If:

☑ You are still paying off an auto loan.
☑ There is a lien on your car.
☑ You want to stay insured.

Opting Out of a Claim

If the vehicular damage is minor enough that is does not interfere with the safety, performance, or efficiency of your car, or you do not care about aesthetics, you can choose to forgo making a claim through your insurance carrier. If you want, you can make the repairs to your vehicle on your terms, when it is economically available to you. But if you decide later on to take your car in for repairs, you will have to pay for the work out of your own pocket.

Doing Your Own Repairs

If you own your vehicle in full, you might be allowed to repair the damages yourself, that is, if you are handy in auto body work and automotive mechanics. Just be sure DIY auto work won’t void any of your current coverage. Check your policy first to see of you are allowed to perform your own repairs. If there is a lien on your car, you will not be allowed to repair it yourself.

Is your vehicle uninsured and simply too damaged to bother with repairs? Great news! Just contact GC’s Junk Cars at 502-804-5605 to sell your junk car in Louisville Kentucky for cash on the spot. We provide free junk removal too!

What to Do With a Totaled Car if You Do Not Have Collision Coverage

Posted on January 25, 2021 by gcsjunk

So, you’ve just totaled your car, and now you are panicking because you do not have comprehensive, nor collision insurance coverage. But that is okay! There is still a viable option for you to earn back cash for your total loss vehicle so that you may apply it toward a new car purchase. Continue reading to learn what to do with a totaled car that was not coverage by comprehensive or collision coverage at the time of the accident.

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Totaled Cars and Total Loss Vehicles

A total loss vehicle is the same thing as a totaled car. It simply means that a vehicle so far damaged, it is not worth the cost of repair. But this is lamest terms. There are actually very specific formulas used by automotive insurance companies to measure the pre-crash, and post-accident depreciated value of a wrecked or damaged vehicle. Basically, a vehicle is deemed totaled by an insurance company if the vehicle is so damaged that the cost to repair it exceeds its pre-accident value, which is the value it would have been worth prior to the damage incurred.

For instance, if a 2005 F-150 truck has a pre-crash worth $7,000 prior to an accident, but the cost to repair the damages in the accident are higher than seven thousand dollars, the insurance carrier would strike it as a total loss, or totaled vehicle.

In another example, if a 2020 C-300 Mercedes Benz is valued at $53,000, but is driven into a lake, sinks to the bottom, and must be recovered by a towing crane service, you can bet that the whole car is a loss. In this case, the insurance company would deem it so.

More specifically, the cost to repair a vehicle must exceed 50% of the vehicle’s pre-crash value in order for the state to require an insurance company to label it a total loss and issue it a salvaged title. Most states allow insurance companies to make this determination themselves, while some states set a specific law requiring insurance companies to follow the 50 percent total loss rule.

How to Earn Money Back for an Uninsured Totaled Car

If you had comprehensive or collision insurance coverage at the time of the accident, and your car is now totaled, your insurance company will issue you a check for the pre-crash value, minus your particular deductible. So, if your deductible is $1,500 and the precrash value is seven thousand dollars, you can expect the insurance company to pay you $5,500 in total. If you choose to keep your totaled car, the insurance company will deduct the scrap value as well, paying you out even less.

If you did not have any insurance coverage, or only liability insurance coverage, at the time of the accident, you will not be making a claim for compensation; that is, unless the accident was someone else’s fault, in which case, you could sue their insurance for your damages. So, for those who have wrecked their cars beyond repair, and have no insurance money coming in, what can they do? The answer is to sell a totaled vehicle to an auto salvage yard for an instant cash return. You can get paid the scrap value of your vehicle.

Where to Get Paid Instant Cash for Your Totaled Car in Kentucky

Call GC’s Junk Cars at 502-804-5605 to sell a totaled car in Kentucky for instant cash on the spot. We accept all make and model vehicles, regardless of age or condition! There is never a middleman, which means you walk away with more cash in your pocket. Furthermore, we will dispose of your vehicle according to all Kentucky EPA regulations. You can rest assured that your car will not have a negative impact on our environment. We also offer free towing haul away!