How Do I Know If My Car is Totaled?

If you have been in an accident, or if your car has sustained major damage due to another unforeseen issue, you may be wondering if it is a total loss. Determining whether a car is totaled is an important step in the insurance claim and repair process, so it’s essential to accurately identify this status before proceeding. To determine if a car is totaled, you’ll need to consider the cost of repairs in comparison to the market value of your vehicle.

Continue below to learn more about these considerations, plus what you can do with your totaled vehicle if you do not have auto insurance coverage in Indiana.

Call 317-450-3721 For Indianapolis Cash For Junk Cars!
Call 317-450-3721 For Indianapolis Cash For Junk Cars!

What Makes a Car Totaled?

If the cost of repairing your car exceeds its market value, then it is likely to be considered a total loss. This means that the insurance company will not cover the repair costs because it would not make financial sense to do so. Instead, you will receive a payout from the insurance company that is equivalent to the market value of your car prior to its damage.

Evaluating a Total Loss Vehicle

In order to determine if your car has been totaled, there are several steps you can take. First, contact your auto insurance provider and inquire about the claims process for total loss vehicles. Your provider will likely be able to provide you with an estimated value of your car as well as information about the claims process.

It is also important to have a mechanic inspect any damage your car has sustained. This will help determine the extent of the repairs necessary, and it could potentially reduce repair costs in some cases if applicable. Once you have received an estimate from your mechanic, compare the estimated cost of repairs to the market value of your vehicle.

Ultimately, if the cost to repair your car is greater than its total value, it will be considered a total loss and you will receive a payout from the insurance provider. Remember to also take into consideration any salvageable parts that could reduce the cost of repairs.

Tips For Dealing With a Salvaged Car

By following the steps above, you can determine if your car is a total loss and begin the insurance claim process accordingly. Knowing whether or not your car can be salvaged will help you make an informed decision about how to proceed with any necessary repairs. As always, we recommend consulting with a professional before making any decisions about your automobile.

Don’t have insurance? Or you just don’t wish to claim your totaled vehicle under your insurance? Choose to sell it to a local Indianapolis auto salvage yard for cash on the spot. Contact Zore’s Inc. Cash for Cars division at 317-450-3721 to get a free, over-the-phone quote from an honest and reputable Indianapolis junk car buyer. We serve all of Central Indiana with free junk car removal!

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How Much is My Wrecked Car Worth?

After your car is involved in a crash, your first thought might be to have it repaired. But if the total cost to repair your vehicle exceeds its actual market value, you might be better off taking the insurance check or selling it to a scrap yard. Continue reading to learn how much your wrecked car might be worth, and where you can sell it for cash on the spot.

Sell Us Your Wrecked Vehicle Today
Sell Us Your Wrecked Vehicle Today! 317-450-3721

Diminished Value in Cars

All vehicles begin to reduce in value as soon they are sold and driven off the lot, but the rate at which a vehicle diminishes in value depends on a wide range of factors. Often referred to as “diminution of value”, a vehicle’s diminished value is calculated by comparing the value of the car before the accident, to the value of the car after the accident. It is important to understand the difference between diminished value and depreciation, as they are not the same thing when it comes to cars. Depreciation refers to how much a car loses value over time.

There are three types of “diminution of value”, which include inherent, immediate, and repair-related. The most common type is inherent diminished value, but for car accidents, you will want to focus on immediate diminished value.

✅ Inherent Diminished Value – Loss of value as a result of damage over time.

✅ Immediate Diminished Value – Loss of value directly after damage occurs.

✅ Repair-Related Diminished Value – Loss of value following improper repairs.

How to Sell a Wrecked Car in Indianapolis

Earn fast cash for junk cars in Indianapolis by calling 317-450-3721 right now! You can reach a friendly office attendant anytime, day or night. Selling a junk car for cash is good for the environment, makes you money, and gets unsafe vehicles off the road. There are several advantages to selling a junk car, but let the cash tempt you the most! Request a free phone quote, today.