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What do you do if it costs more to fix a wrecked automobile than the vehicle is worth?
Wiki User
∙ 9y ago
If you have physical damage coverage on your policy and the cost to repair the vehicle is more than the value of the vehicle then the insurance company will total the vehicle. In the case of a total loss, the insurance company will pay you the actual cash value of the vehicle less any deductible you have. On all insurance policies, where you have physical damage coverage, the insurance company has the option to repair the vehicle, pay the actual cash value of the vehicle, or replace the vehicle. Companies never replace the vehicle.
Wiki User
∙ 9y ago
Wiki User
∙ 9y agoIf it costs more to fix the vehicle than the insurance is willing to pay, you buy a new or used vehicle. Your old vehicle is considered "totalled."
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What makes a motorcycled totaled?
When a vehicle covered by insurance gets wrecked, the insurance company looks at how much it will cost to repair. If repairing the bike costs more than it is worth, then the insurance company declares it totaled and pays for a replacement.
What is a reasonable price for getting a head gasket repaired?
It all depends on what your vehicle is currently worth. If your vehicle is worth $2,000 and it costs $2,000 in order to fix it, then it definitely is not worth the cost.
What is considered totaled on a 2007 Ford Fusion?
Most insurance companies deem that if the repairs are 80% of the value of the vehicle it is a total loss. Hidden damage could easily drive the repair costs above what the car is worth. But, some companies total vehicles at 51% of its actual worth. So it depends on the insurance you have. They will pay you book value of the vehicle minus your deductible. The insurance company will then own the wrecked vehicle and will sell it to a salvage yard. You may be able to buy it back from them yourself if you so desire.
What if your car was not wrecked but needs repair and the cost of the repair is more that the worth of the vehicle?
Then you should sell the vehicle. If you cannot arrange a private party sale for the vehicle, you may want to consider selling it for scrap metal (contact local scrap and junk yards to see what price you can get for it).
Is GPS cradle worth the money?
This depends on if you are in the market for a way to mount and stabilize your GPS device. This is a great way to mount your GPS in a moving automobile or vehicle.
Turning Wrecked Cars Into Great Modes of Transportation?
Whether you are looking for a new vehicle or a second vehicle, there are affordable alternatives to paying top dollar for vehicles that you purchase from a dealership. Vehicles that have been involved in accidents or have engine problems can make great options to your vehicle needs. With a few repairs and replacement parts, you can turn wrecked cars into great driving automobiles that will provide you with the transportation that you need.Locating Wrecked Cars at Affordable PricesWrecked cars can be purchased at your local used auto parts location, online and in some cases, through auto dealerships. You can usually negotiated with the seller to get these vehicles for very low prices considering they are labeled as immobilized and are not very beneficial to the seller. When using the internet to located these vehicles you will find sites that specialize in cars and trucks that have been involved in automobile accidents. One thing that you will want to watch out for in these situations is vehicles that have bent frames. This can cause more problems than they are worth sometimes, especially if you do not have access to the equipment that can straighten out these problems for you. Another great way to find wrecked cars is to inquire with local car dealerships following sales that they may promote that allow car buyers to turn in vehicles for a certain amount of trade in value. Many dealers will have vehicles that are not running or have some damage that puts them in a category as a wrecked vehicle. Dealerships would rather make a deal with you to sell the vehicle instead of having to pay someone to tow the vehicle to a salvage yard.Salvage yards are the next place you can search for vehicles to turn into driving treasures. You can find vehicles that may have minor repair issues that can be replaced rather quickly and inexpensively. These places are also great for finding the replacement parts that you may need for your vehicle regardless of where you purchase it.Turning Wrecked Cars Into Great AutomobilesTo insure that you are getting a great deal, you will want to have a mechanic that you can trust inspect the wrecked cars that you want to purchase. This will help determine if the repairs that are needed will actually save you money over purchasing a new vehicle or put you into the driver’s seat of a money pit. It is important to remember you are dealing with vehicles that are not operating properly and only an educated and experienced professional can diagnose the problems that may be wrong with the vehicle. Try to find the replacement parts for your vehicle at places that specialize in used automobile parts. These places include salvage yards, automobile resale shops and through classified ads. You can also find inexpensive automobile replacement parts online through wholesale sites that will provide you with great results. When you are done you will find that by choosing to repair wrecked cars for your transportation needs will only cost you a fraction of the price you would pay for a new vehicle.
Can I trade in my 3 month old car when I owe 1800 on finance. Car is worth approx 11000. If so how?
Most large dealerships will allow you to trade the car in while owing money on it. The dealership will pay off the vehicle, but the costs will be rolled into your new vehicle costs.
What is a 55 Chevy sedan worth not restored?
Depends entirely on the condition of the vehicle and if it is a complete vehicle with all parts and original engine and transmission. Also depends on if it is a two-door sedan or four-door sedan, V8 or 6 cylinder, A/T. or Manual. All of this determines the value but the most important thing is condition. You would need to have the vehicle looked at and appraised by an automobile appraiser. Even then the vehicle is actually worth what someone will pay for it.
Is it possible to get a new car when in a car accident?
Theoreticaly, this is what will happen. Your car insurance will pay off your current car, minus any gap, thus creating a pay off on your credit. Which, will not only get you another car, but, probably at a better interest rate.Added: What do you mean by a "new" car? Do you mean brand new or just simply new to you?Remember - insurance will only pay up to a maximum of what the wrecked vehicle was worth BEFORE it was wrecked, which may not be enough to get you a brand new vehicle.
Totaled in a auto accident can I get my rims off of my car?
If you accept payment for the vehicle then the insurance company will own the wrecked car, rims and all. It's worth inquiring though, they may make some allowance in the offer they make if you keep the rims.
If someone totals your car and leaves the scene and is arrested for DUI is there a higher payoff for the vehicle?
No. The vehicle is worth what the vehicle is worth, no matter how it was totaled
My Car was repo'd - they want more to get it back than it is worth What if I let them keep it?
If you decide to let them keep the car. In most cases the vehicle will be sold at auction. If they are unable to obtain what you owe then they will look to you for the outstanding balance. Note: Once you drive a automobile off the lot it is never worth what you paid for it.
