How to Know When a Car is Totaled
Experiencing a car accident is stressful enough without the added confusion of dealing with insurance claims and vehicle assessments. One common issue many Florida drivers face after an accident is determining whether their car is considered a total loss.
If you find yourself dealing with a totaled car after an accident, don’t hesitate to seek professional legal assistance to ensure your rights and interests are fully protected. A Boca Raton personal injury lawyer can answer all of your accident-related questions, including if you can keep a totaled car and how to alleviate some of the stress and uncertainty of securing a settlement.
What If You Want to Keep the Car?
A car is deemed a total loss when the cost to repair it exceeds a certain percentage of its pre-accident value. In Florida, this threshold is typically 80% of the car’s value. This means if the repairs cost 80% or more of what an insurance company sees as the car’s actual cash value (ACV) before the accident, the insurer will likely declare it a total loss.
The ACV is the market value of your car considering factors such as age, mileage, condition, and depreciation. While this data is used by insurance companies to calculate this amount, there are situations where drivers want to keep their car even if it is deemed a total loss. This can happen for sentimental reasons, or you might believe you can repair it at a lower cost than the insurance estimate. Here’s what you need to know if you choose this option:
- Insurance payout. The insurance company will still pay you the ACV of the car, minus your deductible and the salvage value. The salvage value is the amount the insurance company could recover by selling the damaged car to a salvage yard.
- Salvage title. You will receive a salvage title for the vehicle, indicating that it has been declared a total loss. To make the car roadworthy again, you must repair it and then undergo a state inspection to receive a rebuilt title. This process can be time-consuming and might affect the car’s resale value.
- Repair costs. You will be responsible for all repair costs. Ensure you get a thorough assessment from a trusted mechanic to understand the full extent of the damage and potential repair costs.
Moving through the aftermath of a car accident, especially when dealing with a totaled vehicle, can be complicated, but Florida injury lawyers can provide invaluable assistance.
How Can a Lawyer Help Me?
An attorney can assist you in negotiating with insurance companies to ensure you receive a fair payout. Plus, if there are disputes about the car’s value, the repair costs, or if the accident involved serious injuries, a Boca Raton personal injury lawyer can offer expert advice and representation.
Can you retain your vehicle even if it was totaled? Property damages after accidents in Delray Beach, Deerfield Beach, and Pompano Beach have their own insurance recovery concerns. Talk to the injury lawyers at Leifer & Ramirez to learn more call 561-660-9421.
