If you’ve been in a car accident, deciding whether the damage is enough to total your vehicle or if the repairs are worth it can be difficult. However, there are a few key factors to consider. Knowing these factors can help you decide whether to repair or replace your vehicle and avoid costly surprises.
What is Totaling a Car?
When an insurance company determines that the cost of repairing a car after an accident exceeds its value, they will deem it “totaled;” the insurance company will compensate for the car’s depreciated market value instead of paying for repairs. However, this number may only sometimes reflect what you initially paid for the vehicle when you bought it new.
How Do I Know if My Vehicle is Totaled?
The most critical factor in determining whether your vehicle is totaled is the cost of repairs versus its current market value. Your insurance provider will assess all these costs and compare them to what your vehicle would be worth if sold in its present condition. If repair costs exceed that market value, your insurance provider will likely declare it totaled.
Additional factors, such as age and mileage of the car, severity, complexity of damages, availability (and cost) of parts needed for repair, local regulations regarding totaled vehicles, etc., could also influence a decision to total your vehicle or not. It’s best to consult with a qualified collision repair shop that can give you an assessment based on these criteria.
Making sure your vehicle is safe and road-worthy after an accident should always be priority number one when deciding whether to repair or replace it. Then, considering all relevant factors, you can determine what’s best for you and your budget. Our qualified auto body shop can help walk you through this process, so you get back on the road confidently!
