At Total Care Accident Repair, our job is to repair cars to pre-accident safety, condition and value. But from time to time we have customers who incur a Total Loss and have to help guide them thru that process.
A Total Loss is declared when the auto body repair cost exceeds the value of the vehicle minus the salvage value of the vehicle as determined by the insurance company. The insurance company will run some numbers to determine the fair market value of your vehicle and present that information to you. We recommend to our customers that they do their own research to find out the true replacement cost of their vehicle by visiting a reputable dealer like Mastria Auto Group. Customers should also take into consideration any recent service that was performed to their car like adding new tires and brakes. You can present the receipts to the insurance company and have them take that information into consideration when determining the fair market value.
When the value of the Total Loss finalized, customers are paid the pre-accident fair market value of their vehicle and then they get to go car shopping.
Often times it can be a struggle for consumers to decide what to buy, a new car or a used car. Because of the accident, people are forced into a buying decision at a time when they didn't expect it. Their totalled car was a technically a used car, but should they replace it with a new vehicle? There are lots of things to consider and I ran across this column from Farrell Backlund Insurance Agency which addresses some of the Pros and Cons. Please check it out.