In the event of an accident, there are times when insurance companies would rather pay for replacing your car rather than pay for repairs. This is when they consider your vehicle completely wrecked. In a case like this, you would need to know how to determine your wrecked car value Ventura CA so as not to get cheated out of your money.
There are basically two reasons that an insurance company would declare your car a total loss.
If your car cannot be safely repaired. This means that even after all the repairs have been carried out on your car, it still might not be deemed fit to hit the road because certain safety measures could not be put back in place satisfactorily. In some states, there are laws that prohibit such cars from plying the roads.
The second reason is if the cost of repairs isn’t worth it or exceeds the worth of the car. This usually happens to older cars with a lot of mileage. Sometimes, after calculating the cost of repairs, the insurance company might find that it is cheaper to pay the replacement value. Or that the cost of repairs amounts to about 75% or more of the total cars’ worth. In cases like these, the insurance companies would label the vehicle totaled.
If it so happens that your car has been totaled for any of the two reasons above, then you are entitled to a sum payable by your insurance company that amounts to your wrecked car value.
Determining the Value of Your Wrecked Car
To accurately determine your wrecked car value Ventura CA, you might want to put the following points into consideration.
• Type of Car
This is a big determinant in ascertaining your wrecked car value Ventura CA. Generally, classic and expensive cars attract higher values as they depreciate differently. Average cars on the other hand might receive a lesser value than expected.
• Pre-Wreck Condition
Insurance companies have methods of determining the condition your car was in immediately before the accident. If it is in great condition after considering its age and mileage records amongst other things, then you stand a chance of being paid more in indemnity.
• Cause of the Accident
If the insurance company can prove that the accident was partially your fault, then your wrecked car value would be greatly reduced. This is explained by the term contributory negligence.
• Age of the Car
Insurance companies would definitely take into account how old your car is and so should you. This information should be available on the deeds of the vehicle. With the age known, and other facts like mileage, model, and type, it would be easier to estimate what your wrecked car is worth.
The loss of a car is not an easy pill to swallow, but if you can get indemnified from your insurance that matches or even exceeds the real worth of your car, then you might find yourself in a better mood. So, do not settle for less. Make sure you get what’s yours.