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.

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!

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What You Need to Know About Paying for Auto Body Work

Posted on July 29, 2021 by Benjamin

Auto body work is not cheap. There is really no getting around paying a large sum of money to have any type of collision repair done after a car wreck or accident, especially for newer model vehicles or vehicles with parts that are no longer manufactured. So, to protect yourself from making a potentially risky financial decision, be sure you know a thing or two about paying for automotive collision repair. Continue below to get started with some auto body work advice.

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Understand Your Car Insurance Policy Deductible in Full

One of the best things you can do to prepare for paying for auto body work is to understand your car insurance policy front to back. Make sure you know what your deductible is, which is usually around $500 or so. It is very common to increase your deductible for car insurance to $1000 in order to get better rates, so remind yourself of this before speaking with your insurance carrier after a car accident. Furthermore, if the car accident was your fault, be prepared to pay the entire deductible. If the car accident was someone else’s fault, be prepared to pay out-of-pocket for any repairs that you need in the meantime, because it can be a long time before you are compensated by the at-fault driver’s insurance company.

Choose Your Auto Body Shop if Your Insurance Carrier Lets You

In many cases, insurance companies will provide a list of approved auto repair shops in your area, but not require you to choose from one. Some insurance companies make it a requirement for you to choose from their list of auto repair shops, but if yours doesn’t, that is a good thing. You see, it is common for auto repair shops to cut corners on insurance claim work because the negotiated rates they have with the insurance company are not good. So, it is better for you to look around and select your own preference of auto body repair shop.

Look Around at More Than a Few Auto Body Repair Shops in Your Area

Although it may seem excessive to request several estimates from multiple auto body repair shops in your city, when it comes to auto body work, it is quite necessary. Auto body work is not cheap, and even with insurance you will be paying a hefty fee. In order to get the best price possible from the highest quality body shop, you must go around town and request several estimates. Be sure to take notes as you go along so that you can remember what each auto body shop quoted you and the amenities they offer.

Sell Your Wrecked Car to a Local Indianapolis Junk Car Buyer if it is Totaled

A totaled vehicle doesn’t do you any good, especially if you don’t have any insurance coverage. If this happens to you, sell your totaled car to a local junk car buyer in Indianapolis, Indiana for cash on the spot. You can put this easily earned cash toward a new down payment for a new vehicle and be back on the road in no time. Just be sure to choose the most qualified and reputable Indianapolis Indiana Cash For Cars Company around.

Would you like to make fast cash for junk cars in Indianapolis Indiana right now? Contact Benjamin’s Junk Cars at 317-218-7133 to learn how to make instant cash for junk cars in Indianapolis, Indiana! We will pick up your junk car and haul it away for free!

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Will Insurance Pay Me if I Keep My Totaled Car?

Posted on October 26, 2020 by Benjamin

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. Continue reading to learn more about the possible insurance payout outcomes of keeping a total loss vehicle, and your options for earning a profit if the insurance company does not pay up.

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The Basics Total Loss Vehicle Insurance Facts

Insurance policies vary so greatly from person to person, and among companies, that there is not a baseline across the board. Your policy might be entirely different from the next person’s policy, and perhaps even different than other policies offered by your carrier. However, most insurance policies do have a baseline structure for total cars and payouts. Here are the fundamental facts you need to know:

Automotive insurance clients with full coverage will receive compensation from their insurance carrier to pay for the damages of the wrecked car.

Clients with full coverage auto insurance will receive compensation to cover the market value of the vehicle if the car is deemed a total loss (totaled).

Clients with full coverage car insurance who wish to keep their totaled car must inform their insurance carrier of their decision.

Full coverage auto insurance clients who choose to keep their totaled car will receive less compensation, or none at all, from the insurance company.

What to Do With a Totaled Car

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. In this case, you can choose to use the insurance payout to repair your vehicle as much as possible, and then pay for the remaining repairs out of pocket. Or you can choose to sell your totaled vehicle to an Indianapolis junk car buyer for instant cash.

In some cases, car insurance companies will not allow clients to retain ownership of a totaled car if they are accepting an insurance payout. When this happens, clients are typically paid a higher payout, and the insurance company will arrange the physical collection of the vehicle.

Indianapolis Indiana Junk Car Buyers Who Pay CASH for Totaled Vehicles

Call Benjamin’s Junk Cars at 317-218-7133 to earn the most cash for your junk car in Indianapolis, Indiana. Our experienced junk car buyers serve all of Indianapolis and its surrounding areas, and pay CASH ON THE SPOT for all junk cars, regardless of age or condition. We buy cars, trucks, motorcycles, farming equipment, construction equipment, and anything else that runs on fuel. With cash payments, free quotes, and free pickup, there is no easier way to sell a junk car in Central Indiana. Get started today!

How to Sell Your Car After Wrecking It

Posted on June 29, 2020 by Benjamin

Although it might not seem like it at first, a wrecked car can still retain monetary value no matter how bad its condition may be. Once a car is totaled, people consider it a junk car or truck. Although the term “junk” references “uselessness”, junk cars are anything but. There are several types of valuable metal and automotive parts within the car that are reusable. Metal, like platinum, copper, iron, steel, and aluminum, can all be recycled and reused in other industries. Car parts that haven’t been damaged in an accident can also be dismantled and reused as replacement parts for other cars. For these reasons and more, totaled cars are worth a bit of cash.

Continue reading to learn how to sell a wrecked or totaled car, and get cash for something you thought was junk!

Find a Reputable and Local Junk Car Buyer

Junk car lots and metal recycling centers are the best option when it comes to profiting off of a totaled car. They are generally licensed junk car buyers, and often times, sell used car parts too. If your car still drives, you can simply arrange a ride and drop the car off at one of these spots, yourself. Or, if the car doesn’t drive, you can have it towed to the junk car lot instead. Many companies that offer cash for cars also provide free haul-away services. This means, by choosing a reputable company, you can save $50 on a tow and have them pick it up and haul it away for free!

The Simplest 3-STEP Approach to Sell a Junk Car in Indiana:

❶ Locate the Title – You must be the legal owner of the car and provide the title as proof. Without the title, the car cannot be worth as much money, and might not be able to be sold at all.

❷ Look for an Auto Salvage Company – Be sure to do your research and find a reputable and experienced cash for cars service. Look for company history, experience, years in business, and licensing. These qualities are a good indication that they can offer you reliable and honest service.

❸ Select an Offer – After calling around and talking to a few different junk car buyers, select an offer that is the highest, or choose the company you feel most comfortable doing business with. On top of a good offer, choose a company that can provide extra customer conveniences, like free haul-away, pickup, or towing.

Trusted Indianapolis Junk Car Buyers Who Will Pay You the Most Cash

Call Benjamin’s Junk Cars at 317-218-7133 to get paid instant cash on the spot for selling your junk car to us! Our experienced Indianapolis Indiana junk car buyers accept all junk cars, regardless of age or condition. In fact, we buy also take boats, motorcycles, farming equipment, construction equipment, and anything else that runs on fuel! With cash payments, free quotes, and free pickup, there is no simpler way to sell a junk car in Central Indiana. Get started with a free phone quote, today.