Experiencing a car accident can be traumatic, and it’s even more distressing when your vehicle is declared a total loss. At Knight/Payton Wilson Insurance in Hillsborough, NC, we understand how overwhelming this can be. This guide will help you navigate your auto insurance policy when your car is totaled.
Understanding What ‘Totaled’ Means
When an insurance company declares a car ‘totaled,’ it means the cost to repair the vehicle exceeds its actual cash value (ACV). The ACV is determined by your insurer and is based on your car’s make, model, age, mileage, and condition before the accident.
What Happens Next?
Once your car is declared a total loss, your insurance company will typically offer a settlement based on your car’s ACV, minus your deductible. It’s important to review the insurer’s valuation report and check if the ACV offered is fair. If you disagree with the insurer’s valuation, you can dispute it with your own evidence of comparable vehicles and their prices in Hillsborough, NC.
Keeping or Buying Back a Totaled Car
If you wish to keep or buy back your totaled car, discuss this with your insurer. They may deduct the salvage value from your settlement. However, remember that a totaled car will have a salvage title, which may affect its insurance and resale value.
Navigating Auto Insurance with Knight/Payton Wilson Insurance
Dealing with auto insurance after your car is totaled can be a complex process. At Knight/Payton Wilson Insurance in Hillsborough, NC, we’re here to help you understand your policy and guide you through the claims process. Contact us for any of your auto insurance questions or for a quote.
