Monthly Archives: November 2021

Frequently Asked Questions About Total Loss Car Value

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Insurance is a complex thing. The average person is not expected to know all of the terms and conditions, nonetheless the restrictions and limitations, of their auto insurance policy. So, after totaling your car, it is perfectly acceptable to have questions about your coverage and how much you might get.

Continue reading to review some frequently asked questions about total loss car value, including how total loss is determined by the insurance company, why your insurance payout might be less than your auto loan, your expectations when you still owe on a totaled car, and an easy alternative to earning fast cash for a totaled car in Central Indiana.

Total Loss Car Buyers Indianapolis IN 317-218-7133
Total Loss Car Buyers Indianapolis IN 317-218-7133

Total Loss Vehicle FAQS

When it a Car Declared a Total Loss?

Insurance companies declare a vehicle a total loss in one of two scenarios: 1) the cost to repair the vehicle back to the pre-accident condition exceeds its actual cash value (ACV), also known as fair market value, or 2) the cost to repair the vehicle exceeds a percentage of its fair market value.

For instance, if your car’s actual cash value is currently estimated at $3500, but the cost to repair it back to its pre-accident condition is $4500, your insurance carrier will likely declare your vehicle a total loss.

If your state has a set total loss threshold, an insurance company will declare your car totaled if the cost to repair it exceeds a certain percentage of its actual cash value. For instance, if the state’s total loss threshold is below 60%, and the cost to repair your vehicle is more than 60% of its current fair market value, it will be deemed a total loss.

Why is My Insurance Payout Less Than My Auto Loan?

Sometimes after totaling a vehicle, an insurance policy owner will discover that their insurance payout is less than the original value of their auto loan. There are many reasons why this might occur. First, keep in mind that cars depreciate in value, even more rapidly after leaving the dealership. Other reasons why your insurance payout is not enough to pay off your loan is because 1) you do not have gap insurance, 2) you have a previously rolled over auto loan, or 3) an extended warranty was included in your car loan. In the third case scenario, you may be entitled to a refund on any unused warranty if you totaled your car.

Do I Have to Pay the Remainder of My Auto Loan After Totaling My Car?

Yes, you will be responsible for paying the remainder of your auto loan after totaling your vehicle. You can choose to pay off the balance right away or you can contact your insurance carrier and negotiate a higher payout. Although rare, your carrier may agree to cut you some sort of roll-over deal or new policy discount.

Will Insurance Pay Me if I Keep My Totaled Car?

If you want to keep your totaled vehicle after wrecking it, you likely can. Most policies do allow clients to do so. But beware; there is plain language insurance policy that revokes or lessens auto insurance payouts. Some automotive insurance policies will pay a client the actual cash worth of the totaled vehicle, minus any deductibles or fees owed by the client, and still allow them to keep ownership of their total loss car.

How Can I Sell a Totaled Car in Indianapolis?

The best way to sell a totaled car in Indianapolis is to choose a junk car buying company that pays cash on the spot. Many cash for cars companies in Indiana will send a check in the mail that sometimes never even arrives. Other auto salvage companies will pay in alternative forms of cash, such as money orders or checks. Receiving cash on the spot is the best way to earn a profit off of a totaled car. Be sure to also choose a company that provides free junk car removal so that you do not have any hidden fees deducted from your offer.

Are you looking for a responsible Cash For Cars Company in Indiana that can meet and exceed all of your expectations for profitable junk car selling? Contact Benjamin’s Junk Cars at 317-218-7133 to sell a total loss car in Indianapolis, Indiana for cash on the spot. We provide free junk car haul away, so all you need to do is call!

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Central Indiana Junk Car Buyers
Call Today 317-218-7133

How to Get Rid of Old Gasoline

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Many car savvy people wrongly assume that old gasoline is harmless since it loses its combustibility over time. However, there is no room for risk when it comes to old cans filled with gasoline. It is your duty as a respectable citizen of your community to ensure that you are getting rid of gasoline, safely and responsibly.

Continue reading to learn how to dispose of old gasoline the right way.

Sell Junk Cars Indianapolis IN 317-218-7133
Sell Junk Cars Indianapolis IN 317-218-7133

Safe and Legal Gasoline Disposal

It is important to understand that you cannot simply toss old gasoline in the trash cans and set it on your curb for garbage collection day. Old gasoline, although less combustible, is still a dangerous chemical that can pose countless health and safety risks to you and those in your community. Regardless of combustibility depreciation, old gasoline is still flammable, and therefore still dangerous.

Be a Good Citizen and Know the Laws

Old gasoline is typically unusable, which is why many people find themselves in need of a disposal route. Whether you are draining motorized lawn equipment for the season, emptying the fuel tank in a junk car you are preparing to sell, or storing a surplus of gasoline that has now expired, the method in which you choose to dispose of it matters.

Not only is it important to dispose of old gasoline for the safety and preservation of our local environment and the citizens within our surrounding communities, but it is also important for legal purposes. Many jurisdictions have strict regulations and legal requirements for gasoline disposable. It is important to check with your local county to ensure you are following the proper gasoline disposal procedures. Not sure where to begin?

Here is the standard process of gasoline disposal:

1. Check the Quality

Start by inspecting the gasoline to see if there is any chance it can be reused. Old gasoline may still be reusable if it smells moderately fresh and retains clarity. In order to reuse gasoline safely and effectively, you will need to dilute it with fresh gasoline first.

2. Find a Local Hazardous-Waste Center

Your next step is to find a local hazardous waste disposal center that will accept your old gasoline. You can contact your local police department, county clerk’s office, or garbage management company for answers to your fuel disposal questions.

3. Transfer it to a Government Certified Container

Most likely, your gasoline is already stored in a container that is government approved and certified. If not, you will need to transfer your old gasoline into a government certified container before transferring it to a local hazardous waste disposal center. The conventional red gas cans you see in the store and at the local gas station are government certified containers.

4. Secure Your Cargo for Transportation

Once your gasoline is transferred to government certified containers, it is important to secure them inside your vehicle to avoid spillage in transit. It is recommended to put a box in your car and line it with plastic tarp. Then place the gasoline cans inside to reduce movement during the trip.

Have you just finished draining your junk car of gasoline and now you’re ready to get started with the selling process? Contact Benjamin’s Junk Cars at 317-218-7133 to sell your junk car in Indianapolis for cash on the spot! We serve all of Central Indiana.

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Central Indiana Junk Car Buyers
Call Today 317-218-7133