Beyond Repair: Understanding the Ins and Outs of Total Loss Vehicles

Posted on April 24, 2024 by Benjamin

Owning a car is often a mix of complex emotions. It’s the sense of freedom on the open road paired with the fear of the unknown—like, what do you do when the unthinkable happens and your beloved vehicle is deemed “beyond repair”? Total loss vehicles can be a maze for the uninitiated, but the decisions you make in the aftermath are crucial. This guide is your companion to understanding and navigating the landscape of totaled cars, ensuring you make informed choices when the worst comes to pass.

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What Qualifies as a Total Loss Vehicle?

To demystify this often-confusing term, a vehicle is declared a total loss when the cost to repair it goes beyond a specified percentage of the vehicle’s value. This threshold varies by state and by insurer but generally falls between 70% to 100%. If repairing the car is feasible but the repairs would cost more than the vehicle’s actual cash value (ACV), the insurance company will write a check for the car’s ACV, leaving the owner to make up the difference.

Factors affecting this declaration can span from straightforward accident damage to subtler issues like flooding. Understanding the fine line between repairable and irreparable damage is key here. Knowing whether you’re being offered the car’s actual cash value or the cost to replace it can save you from receiving a settlement that’s less than you anticipated.

The Aftermath of a Total Loss Declaration

The insurance claim process for a total loss vehicle is both necessary and inevitable. It usually involves reporting the damage, getting a damage assessment, and receiving a settlement offer. For those without insurance, the process can be even more overwhelming. The most assured recourse in this situation would be to scrap it at a local auto salvage yard. Otherwise, knowing when to involve legal counsel, how to advocate for yourself, and what documentation is necessary can minimize the stress during this challenging time.

Insurance is a buffer against the costs of loss and recovery, but when the insurance policy lapses, or when the offered settlement isn’t enough to cover your needs, you might feel like you’ve hit a wall. In these scenarios, exploring your legal rights and looking for financial assistance could be the way forward.

Options for a Totaled Car

The silver lining after a total loss declaration is the choices it affords you. You might opt to retain the vehicle, especially if it holds sentimental value or if you believe you can restore it. However, be ready for the red tape as titles of retained total loss vehicles are typically marked with “salvage” or “reconstructed,” which can affect its value and require additional steps to re-register it.

Selling the car to a junkyard or donating it could be a quick way to part ways without much hassle. If you choose to accept the settlement offer, it’s important to ensure the amount is fair. Shopping around for comparable vehicle prices can help in this assessment. Above all, selecting the right option hinges on your personal circumstances and future plans.

Conclusion

Navigating the road of total loss vehicles isn’t just about bureaucracy and regulations; it’s a personal odyssey. Whether it’s learning how insurance companies operate or discovering the multiple pathways available to you after the loss, every decision counts. By understanding the criteria for total loss, the steps to claim insurance, and the myriad post-declaration options, you ensure that even in the shadow of loss, your next move is an empowered one.

And remember, every end is a new beginning. Even when your car is beyond repair, it’s not the end of the road. Embrace the process, make the best decision for your situation, and pave the way for a new set of wheels and a fresh chapter. And if you decide to sell that total loss vehicle, remember you can always convert it into cash on the spot by reaching out to your local junk car buyer.

This comprehensive guide should equip you to handle total loss scenarios with confidence and understanding. Knowledge empowers you to take control and turn a challenging event into a catalyst for informed decisions and, ultimately, a positive transition.

Your total loss vehicle may be more valuable than you think – it’s time to find out its worth. Contact Benjamin’s Junk Cars at 317-218-7133 to get a free quote and sell your junk car in Indianapolis for an instant cash payout. We serve all of Central Indiana with free junk car removal.

The Unaffordable Cost: Overpriced Car Repairs and What to Do About Them

Posted on January 30, 2024 by Benjamin

Owning a vehicle is a substantial commitment—not only in terms of the money spent purchasing your set of wheels but also in maintaining it. Car repairs can often feel like a financial black hole, where the costs mysteriously skyrocket, leaving budget-conscious drivers and car owners grappling with bills that, at times, seem to surpass the benefits.

Identifying whether you’re paying too much and understanding your options when costs overwhelm the value of your car are critical. In this piece, we’ll explore the real cost of overpriced car repairs and how to navigate this often daunting aspect of vehicle ownership.

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Understanding Average Repair Costs

Before heading to a mechanic, it’s important to have a ballpark figure of what certain repairs should cost. For instance, catalytic converters and engines are known to be expensive fixes. As of my knowledge cutoff date, replacing a catalytic converter can cost anywhere from $750 to $2500, depending on the vehicle model and the price of the parts. An engine replacement is even more substantial, typically ranging between $3000 and $4000—and can climb even higher for high-end vehicles.

When Repair Costs Exceed Vehicle Value

There comes a point where it’s worth considering the adage of not throwing good money after bad. If the cost to repair your car exceeds its fair market value, you may be teetering on the brink of designating your car a “total loss.” This term is often associated with insurance claims where the cost to safely repair a vehicle overshadows the actual cash value (ACV) of the car itself.

Dealing with a Total Loss Vehicle

Understanding total loss vehicles and their ACV is crucial if you find yourself in this situation. The ACV—is the amount an insurance company will pay out if your vehicle is declared a total loss. This value considers depreciation and your car’s condition at the time of the damage.

However, what if you do not have any car insurance and your car is considered a total loss? You’re shouldering the weight of a decision without the safety net of an insurer to offer a payout for your car’s fair market value. In these cases, you might look into alternative avenues, such as selling your totaled car to an auto salvage yard in Indianapolis. Some salvage yards offer cash on the spot for total loss vehicles, providing you an escape from escalating repair costs and giving your car a second life in the form of recycled parts.

Practical Steps to Avoid Overpaying for Car Repairs

“Research and compare repair quotes to avoid overpaying,” advises John Doe, a seasoned auto mechanic with 20 years of experience. Here are actionable steps based on expert advice:

Get Multiple Estimates: Before you commit to any costly repair, shop around. Getting several quotes can give you leverage and a clearer sense of what’s fair.

Understand Your Car’s Value: Knowing your car’s worth can help you decide whether a repair is financially justifiable. Tools like Kelley Blue Book can provide insight into your car’s value.

Consider the Age and Condition of Your Car: If your vehicle is older or has a history of problems, investing in significant repairs might not be the best economic choice.

DIY When Possible: Some minor repairs can be done at home with basic tools and knowledge. However, know your limits to avoid further damage.

Ask for Old Parts: Request to see the old parts when they’re replaced. This can prevent you from paying for repairs that weren’t actually performed.

Negotiate: Don’t be afraid to haggle the price, especially if you’re well-informed about your car’s condition and the average cost of repairs.

Preventative Maintenance: Regular upkeep can prevent larger, more expensive issues from developing. Keep up with your vehicle’s maintenance schedule to avoid major repairs down the road.

If You’re Uninsured: Should your uninsured car face the grim fate of becoming a total loss, reach out to salvage yards or consider parting out valuable components yourself.

In Summary

It’s clear that understanding your rights, your car’s value, and the average costs of repairs is fundamental in the fight against overpricing. Armed with knowledge, vigilance, and a willingness to question—and challenge—costs presented, you stand a better chance at navigating car repairs with financial wisdom and perhaps save significant sums in the process.

Unable to afford an exorbitant auto repair bill? Is the cost of repairing your vehicle higher than its market value for resale? If so, Benjamin’s Junk Cars will buy your broken-down vehicle for cash on the spot so you can put some more money back into your wallet! Contact us at 317-218-7133 today to learn more and to receive a free over-the-phone offer!

The Most Expensive Automotive Repairs You Want to Avoid

Posted on November 17, 2023 by Benjamin

Owning a car can be likened to a double-edged sword – while it offers the convenience of mobility, it can also lead to unexpected and sometimes costly repairs. Some of these repairs can create such a significant dent in your budget that they are often referred to as ‘wallet wreckers.’ We’ve compiled a list of some of the most expensive car repairs that all car owners should be wary of.

Knowledge about these potential problems not only helps in prevention but also guides you in obtaining comprehensive car repair coverage. Stick around as we delve into these dreaded car repair costs that you’d likely want to avoid.

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Most Expensive Car Repairs

Transmission Issues

The transmission is one of the most vital components of a car. It transfers power from the engine to the wheels, allowing smooth gear shifts and efficient speed control. However, if left unchecked, transmission problems can cost thousands of dollars to repair or replace. Symptoms of a faulty transmission may include grinding noises while shifting gears, delayed response when accelerating, or leaking transmission fluid. To avoid these costly repairs, make sure to regularly check your transmission fluid and follow the recommended maintenance schedule for your car.

Engine Failure

The engine is the heart of a car, and any problems with it can be catastrophic. From minor issues like faulty spark plugs to major ones like a blown head gasket, engine repairs can easily cost thousands of dollars. Regular maintenance and timely replacements of worn-out parts can help prevent engine failure. However, driving habits also play a vital role in the longevity of an engine. Aggressive driving or ignoring warning signs such as unusual noises or vibrations can lead to expensive repairs down the road.

Electrical System Malfunctions

Modern cars are heavily reliant on electrical systems for various functions such as starting the car, powering accessories, and controlling the engine. As cars become more complex, so do their electrical systems. This means that any issues with the wiring or electronic components can result in expensive repairs. Symptoms of an electrical system malfunction include dimming headlights, difficulty starting the car, and warning lights on the dashboard. To avoid these costly repairs, make sure to regularly check your car’s battery, alternator, and starter.

Suspension Problems

The suspension system of a car is responsible for providing a smooth and stable ride. It consists of various components such as shocks, struts, and springs that work together to ensure the wheels are in constant contact with the road. Any issues with these components can result in costly repairs, especially if left unchecked. Symptoms of suspension problems include uneven tire wear, bouncing or swaying while driving, and difficulty steering. To prevent these costly repairs, make sure to regularly check your tires’ pressure and alignment and replace any worn-out suspension components.

Air Conditioning System Failure

In hot summer months, a functioning air conditioning system is crucial for comfortable driving. However, if this system fails, it can be a costly repair. Symptoms of air conditioning system failure include weak or no air coming from the vents, unusual noises, and unpleasant smells. To prevent these costly repairs, make sure to regularly change your car’s cabin air filter and have the air conditioning system checked by a professional if you notice any issues.

No Car Repair Coverage?

If you do not have car repair coverage and you cannot afford to repair your car out of pocket, consider selling it to a local scrapyard for an instant profit. Why sell a junk car to an auto salvage yard? There are so many benefits. For one, it can help you get rid of an eyesore on your property. You’ll also free up some much-needed space and earn extra cash that you can use to purchase a more reliable vehicle. Many junk car companies provide free junk car removal services, too.

final thoughts

Car repairs can be expensive, but some problems are more costly than others. By being proactive with maintenance and keeping an eye on warning signs, you can avoid these expensive repairs and keep your car running smoothly. Additionally, investing in comprehensive car repair coverage can also provide financial protection against unexpected and costly repairs. Remember, prevention is always better than cure when it comes to avoiding the most expensive automotive repairs. So, take care of your car, and it will take care of you for years to come.

Can’t afford to repair your car? Contact Benjamin’s Junk Cars at 317-218-7133 to sell a junk car in Indianapolis, Indiana for cash on the spot. We provide free junk car removal, so all you need to do is call and answer our simple questions!

The Financial Implications of Major Car Damage

Posted on August 17, 2023 by Benjamin

In the world of automobile ownership, major car damage such as those inflicted by fire or water can represent a significant financial hit. These catastrophes don’t discriminate, indiscriminately affecting both new and seasoned car owners alike. The burden of these damages can extend far beyond the immediate repair costs, encroaching on your peace of mind, financial stability, and future plans.

This blog post aims to shed light on the financial implications of major automotive damages, helping you to better navigate these unfortunate events and mitigate their impact on your financial health.

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Preparing for Unexpected Major Car Damage

The first and perhaps most important step to mitigating the financial impact of major car damage is to prepare yourself ahead of time. As you never know when an unfortunate accident may occur, it’s important to have a plan in place so that you can act quickly if need be. Consider getting comprehensive auto insurance coverage that includes both collision and liability coverage, as this will provide you with a greater level of financial security while still being affordable.

It’s also wise to build up an emergency savings fund that can be used to cover the cost of automotive repairs in case of any major damage to your vehicle. This way, you won’t have to worry about taking on more debt just to get your vehicle back in working order. Ideally, you should have enough saved to cover at least a few months of expenses so that your financial situation won’t be severely impacted by the added repair costs.

Calculating the Cost of Repairs

Once you’ve had an accident or other unfortunate event that has damaged your vehicle, one of the most important steps is to figure out how much it’s going to cost to get it back in proper working order. This can mean getting estimates from certified mechanics or mechanics that have a good reputation, as general estimates can vary widely. It’s also wise to compare the costs of these repairs to the value of your vehicle so you can determine if it makes more financial sense to go ahead with the repairs or just opt for a replacement.

You should also keep in mind that there may be other hidden expenses involved in these repairs, such as the cost of a rental car while your own vehicle is being repaired, or the cost of taking time off work to deal with such inconveniences. These costs can add up quickly so it’s important to factor them into your calculations when determining the total cost of repairs.

Should You Repair or Replace?

When facing major auto damage, you have two main options: repair or replace. The decision of which route to take will depend on several factors, including the cost of repairs and the current value of your vehicle. Generally speaking, if the cost of repairs exceed your vehicle’s actual cash value, then it may make more financial sense to just go ahead and purchase a new vehicle. In such cases, a local cash for cars company will gladly pickup your junk car for free and pay you cash on the spot for it in return. All you need is proof of ownership, like a car title. Afterwards, you can put your earnings toward a new car.

Moving Forward After Major Car Damages

No matter which approach you choose to take in dealing with major vehicular damage, there are some steps that can help you move forward financially after the event. First and foremost, make sure to keep all receipts for any repairs or purchases related to the incident, as this will help when filing any insurance claims. You should also work on quickly paying off any debts that you may have taken on in order to repair your vehicle and consider ways of reducing future expenses such as shopping around for better insurance coverage.

In Summary

Major car damage can be a significant financial setback, but with the right strategies and preparation, you can minimize the impact on your financial health. From having comprehensive insurance coverage to building up an emergency savings fund, there are a number of steps you can take to protect yourself from the added financial burden caused by major automotive damages. By taking these steps before an incident occurs and following our advice after it does, you’ll be better equipped to handle any unfortunate events that come your way.

How to Find Out if Your Car is Still Under Warranty

Posted on September 29, 2022 by Benjamin

Did your just car break down and now you are wondering what your options are? Well, you are not alone. Most car owners lose track of their warranty coverage over the years, especially since so many warranties vary in terms and conditions. Before you take your car in for repair or claim it as a total loss with your insurance carrier, be sure to check on the warranty status first.

Continue reading to learn how to find out of your car is still under warranty, plus what to do if your car is a total loss and not covered under automotive insurance in Indianapolis.

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Locating Warranty Coverage for Your Car

You probably heard in almost every single car commercial ever made in recent history. At the minimum, most new cars come with a three year/36,000 mile bumper-to-bumper warranty. This means that the car is covered under a limited warranty for either three years or up to 36,000 miles, whichever comes first. Alternatively, some new vehicles come with extended warranties or specialized warranties, like rust or seat belt guarantees. It really just depends on the automotive dealership you do business with and the particular make and model vehicle you purchase. Even if you purchased a preowned car, it may still have an active warranty depending on how old it is.

To locate the warranty coverage for your particular vehicle, start with these steps:

Start With the VIN – The first step is to find your Vehicle Identification Number, or for short, VIN. Typically, this number is displayed on the driver-side door jam, but you may also find it on your insurance card or car title.

Find a Relevant Dealer – Your next step is to find a dealership that specializes in your make and model vehicle. It cannot be a dealership that sells your type of vehicle; it must be a dealership that solely deals with your make and model vehicle. So, if you drive a BMW, go to a BMW dealership, not an import car dealership.

Ask For the Service Department – Once you find a relevant dealer, contact them and ask to be transferred to the service department. Simply ask the service department representative for information about your car warranty. They should have the proper software to look up that information for you.

If the dealership for your make and model vehicle does not have the warranty information you need, you may also contact the dealership in which the car was originally purchased. If you don’t know where the car was originally purchased, you might be able to find warranty information on your insurance paperwork.

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What To Do if You Just Totaled an Uninsured Car

Posted on April 5, 2022 by Benjamin

No insurance? No problem! You can still earn back cash for your totaled vehicle if it wasn’t covered under an insurance policy when you wrecked it! Continue below to learn how!

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Profitable Auto Salvage in Central Indiana

Wrecking a car that is not covered under insurance can really cause a panic. After all, you have this large asset that is now inoperable, and you have no way of paying for to be repaired. Fortunately, you can sell a totaled car. But first, you have to find the right professional auto salvage yard in central Indiana. Not all auto salvage yards will pay you for your totaled car. You must choose one that is highly experienced and reputable, and therefore capable of paying out the full worth of junk car.

Who can provide the services and amenities in Central Indiana? Benjamin’s Junk Cars!

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Here at Benjamin’s Junk Cars, we buy all junk cars and motorized vehicles, regardless of age, make, model, or condition. So, a totaled car is absolutely on our list of accepted assets! We will even pick it up for free and pay you cash on the spot! That’s right; we have an in-house tow truck that allow us to provide free haul-away service.

As a locally owned and operated business that operates as a one-stop-shop for auto salvage and recycling, there is never a middleman. This yields less overhead for our business, which means more cash in your pocket. We can offer higher payouts for junk cars in Central Indiana. Best of all, getting started has never been easier!

Not only do we offer several client amenities like free towing, but we also make the junk car selling process simple and convenient. All you have to do to get started is give our Indianapolis junk car buyers a call and request a free quote.

How to Sell a Totaled Car in Indianapolis:

▶ Contact us via email or phone to request a free competitive offer.

▶ Accept our offer and schedule a time for us to pick up your totaled car.

▶ Remove the license plate and all personal belongings.

▶ Cancel the registration with the state.

▶ Sign the title and have it handy when the tow truck arrives.

▶ When we arrive as scheduled, hand over all documents in exchange for cash!

With Benjamin’s Junk Cars, you never have to worry about surprise fees or charges. We offer what’s owed and pay it in cash on the spot! Contact us at 317-218-7133 to sell your totaled car in Indianapolis, today. We serve all of Central Indiana!

Should I Have My Wrecked Car Towed to My House or the Junkyard?

Posted on March 11, 2022 by Benjamin

The fact that you need a tow is undeniable. Where you should tow your freshly totaled car is the real questions. And the answer depends on a few factors. Continue below to learn what these factors are and how to consider them when deciding on where to tow your wrecked vehicle after totaling it in Indianapolis.

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Insurance Coverage for Towing a Totaled Car

After you total your car, whether in the middle of the interstate or in a pond behind your place of work, the first question you should ask yourself is, “Does insurance cover this?” If you have a certain type of automotive insurance coverage that is more than the state minimum, you may be able to snag a reimbursement for any money paid out of pocket for having it towed from the scene of the accident.

However, unless your insurance coverage contains comprehensive roadside assistance plan, it is not likely that your insurance carrier will cover towing expenses. In this case, you will be required to pay for a tow truck all on your own. Then you will file a claim with your insurance carrier, and they will collect your totaled car and confirm it is a total loss. Afterwards, you will receive your insurance payout, minus your deductible. This process can vary from case to case.

No Insurance Coverage

When a car is totaled, it may seem like a huge waste to spend even more money having it transported anywhere, but it is a wise decision for many reasons. In the case that your deductible is higher than the current value of your totaled vehicle, it would not make sense to file a claim.

In this case, you could just sell your totaled car to an Indianapolis junk car buyer for cash on the spot! They will tow it away from the scene of the accident, or from your house, for free! If you do not have insurance coverage on your totaled car, you can also have it towed for free from a local auto salvage yard and make fast cash at the same time!

Are you looking for a trusted cash for cars company in Indiana that will pay you top dollar for your vehicle? Contact Benjamin’s Junk Cars at 317-218-7133 to sell a junk car in Indianapolis, Indiana for cash on the spot. We provide free junk car haul away, so all you need to do is call!

Do Not Believe These 3 Myths About Car Insurance Coverage

Posted on December 13, 2021 by Benjamin

Tall tales and misconceptions have long contaminated the information surrounding modern-day automotive insurance. If you drive a car, you should have liability coverage in the least for your vehicle. Additional insurance advice can be sought out through your local insurance companies or representatives. In the meantime, to protect yourself from falling victim to any tall tales or conspiracy theories about your insurance, be sure to cover your tracks with the right knowledge.

Continue below to learn the top 3 myths about car insurance, plus what you can do if you total a vehicle that is not covered under policy in Indiana.

Top Auto Insurance Myths

Red Vehicles Cost More Money to Insure

Are red cars more expensive to insure? Although a common myth in the automotive insurance coverage, it is not more expensive to buy car insurance for red colored vehicles. In fact, the color of a car has absolutely zero influence on how much you are quoted for coverage. Instead, car insurance quotes are calculated by taking into consideration the make, model, engine size, and body type of the vehicle, plus the age, credit history, and driving record of the listed driver. Additional factors that may apply include the car’s sticker price and safety record, as well as theft statistics.

You Can Avoid Rate Increases By Not Reporting an Accident

Many drivers consequently assume that if they do not report their accident to their insurance provider, they can protect their policy rates from increasing. But this is not necessarily true. Unless you were the only party affected in the accident, there is a good chance your insurance company will find out about the accident whether you report it or not.

If the other driver is injured, they will report the accident with their own insurance company, who will then file a claim with your insurance carrier. Also, if you are ticketed at the scene of the accident, your insurance company will be automatically notified since it will appear on your driving record. Moral of the story here: unless it is a minor incident, you will need to report it to your insurance provider.

Auto Loans are Paid Off By the Insurance Company if You Total Your Car

Do not believe anyone who says your car insurance policy will pay off the remaining auto loan on your vehicle after totaling it in an accident. Whether the accident was your fault or not, car insurance only pays claimants the fair market value of a car, which may not be equal to the remaining loan balance. Fair market value is what the original cost of a vehicle minus depreciation.

For instance, if you purchased your SUV for $30,000, and now have $21,000 left on the car loan, but the fair market value is estimated at $17,000 after you total it, you will be responsible for paying the remaining $4,000 on the auto loan since the insurance company will only pay out $17K.

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Frequently Asked Questions About Total Loss Car Value

Posted on November 19, 2021 by Benjamin

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.

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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!

3 Factors Used to Calculate Junk Car Actual Cash Value

Posted on October 15, 2021 by Benjamin

If you are preparing to sell a junk car, you will come across the term, Actual Cash Value (ACV). This term is important to the total profit you make from your junk car. To calculate the actual cash value of a junk vehicle, you must use 3 impressionable factors. Continue reading to learn which 3 factors are used to calculate junk car ACV, and where to get the most money for yours in Central Indiana.

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Actual Cash Value for a Junk Car

Although there are various other factors used to calculate the actual cash value of a junk car, the top three most impressionable factors include book value, fair market value, and the replacement cost. Additional factors might include the age, make, model and condition of the vehicle, as well as the location, difficulty of removal or transport, and the particular discretion of the buyer.

❶ Fair Market Value

Fair market value is similar to the blue book value, but not entirely the same. Both values are often used in combination to estimate the worth of a vehicle. Fair market value is also referred to as wholesale or retail value among auto dealers. Because of the ambiguous definition, fair market value is often used to the insurance company’s advantage when claiming a total loss vehicle.

❷ Book Value

Book value is the closest value to actual cash value (ACV). It is best described as a vehicle’s common value. Top resources for finding book value are Kelly Blue Book, NADA, and similar book value directories.

❸ Replacement Cost

Replacement cost is the retail market value of the same car when purchased brand new, minus a set standard of depreciation and damages. If you were to total your car right now, the money you would receive from the insurance company would be the replacement cost. This factor is mostly used for newer model or brand new vehicles.

Calculating the value of a junk car is done differently all across the nation. It is important to check with your local and federal laws to ensure that you are receiving a fair offer for your junk or total vehicle.