Are they going to total my car? It is a fair question, and many people are surprised to learn their car is going to be totaled after an accident.
If you are in an accident, and you do not have collision or comprehensive insurance, your insurance company will not pay for the damages to your automobile. If the other person is at fault in the accident, you should be able to get coverage for your vehicle damages through their insurance.
When Is Your Automobile Considered Totaled
If the cost of the repairs to your car plus the salvage value is more than the value of the vehicle, your car is considered to be totaled. If the repairs are around 70% to 75% of the value of the car, they will decide repairing your vehicle isn’t worth repairing.
This is the most common reason the insurance company considers a car totaled, but it is not the only reason. State regulations may require a car to be totaled due to the damage to the car. Your automobile could also be totaled if repairing the vehicle would make it unsafe.
What Will Happen to My Car
Once the insurance company decides it is not economically viable to repair your vehicle, they will ask for your keys. They will ask you to remove your personal belongings from the vehicle. The insurance company cuts a check for the value of the car minus your deductible. The car will be sold to a salvage buyer.
If you want to buy back your car after it is deemed to be a total loss, you should get in touch with your insurance agent to see what your options are.
If you owe more money on the automobile than what the insurance company gives you, the difference can be covered with GAP insurance. If you do not have GAP insurance, you will need to contact the loan company where you have the auto loan to discuss repayment options for the loan.