Totaled Car Value Calculator: How Much Will I Get For My Totaled Car?
Blog/ Totaled Car Value Calculator: How Much Will I Get For My Totaled Car?
We know that having to deal with the aftermath of an accident is a stressful experience you don’t look forward to. However, if you get into this situation you’d need some clarity on what to do next. Looking for what to do with your damaged car after it has been written off by your insurance company? Or are you’re interested in a totaled car value calculator for your car? Then this article is for you.
In this article, we’ve outlined what you can do about your totaled car so that you can move on with your life as quickly as possible. Let’s get started…
What Is A Totaled Car?
A car is referred to as ‘totaled’ when it’s a total loss after an accident. This means that your car has been damaged to the extent that having it repaired won’t be worth it. Let’s say your car is worth $9,000 and after an accident, it would need $8,000 worth of work. Is it worth it? The clear answer is NO…your car is already a total loss. So you’re probably wondering “How do I sell my car that’s been totaled”? The only thing left that will be valuable about your car will be the parts …which you can sell as scrap metal.
You can have an auto-appraiser check the amount of damage done to your car. When you’ve had the check done, it’d be easier to determine the totaled car value. Most times, your car stands a greater chance of being totaled if it’s an older model. This is because older car models tend to have lower values of resale.
If the damage done to an older car is severe, it’s very likely to have the cost of replacing the damaged parts exceed the car’s value. So, what an auto appraiser does is to estimate the repair costs and weigh it with the value of your car to know if it’s indeed totaled. This is why you’ll find a lot of people unwilling to have their totaled cars repaired and would rather have it sold, probably as a research study for an automotive class.
Here’s How to Calculate the Value of a Totaled Car.
You might not want to just accept your company’s offer for your totaled car and want to do the calculations yourself to know the Actual Cash Value [ACV] of your car. If this is you, then you can use the tips below to calculate your car’s worth:
- Confirm Your Car’s Value before the Accident. To find out the actual value of your car, you can check reputable pricing websites. Note the condition of your car before the accident occurred, the current mileage and any other aftermarket components that you installed as these usually add to a car’s value. Make sure you have the receipts for such accessories when having your negotiations. These receipts will come in handy when you’re trying to show the adjuster that you’re only asking for a fair payout. The adjuster might not have been aware of the added accessories to your car and will only consider your claim if he sees acceptable documentation. You might not need to show any documentation if the initial payout amount offered by your insurance company goes down well with you.
- Allow Car Rental Repayment. Car rental repayment [also called rental car reimbursement] should be provided by your insurance company until they’re able to give you a check for a new car. This cost should be covered by your insurance company as it’s directly related to the accident that got your car totaled. So, find out if your insurance company prefers to pay this amount separately or together with your totaled car payout.
- Calculate All the Necessary Fees. Calculate all taxes, registration and title fees on your car. Most car insurance agencies will add these fees to the payout for your totaled car as they’re incurred costs by the accident. If you’re not replacing your car, there’s no need to cover these expenses yourself. For the current amounts of the necessary fees, you can check out websites like the Oklahoma Department of Public Safety.
- Calculate Your Car’s Actual Cash Value [ACV] On Reputable Websites. Do your research to find out the reliable websites that can help you calculate your car’s ACV. You’ll be looking out for two things; your car’s retail value [when selling to a private party] and the purchase dealer value of your car. Once you’ve gotten these values, sum them up and divide their total in half. The value you’re left with is your car’s ACV. Let’s say you found the retail value to be $12,000 and the dealer purchase value to be $8,000. You’ll add them up to give you $20,000. Dividing this value in half will give you $10,000. This means your car’s ACV is $10,000. Once you get this value from one website, repeat the whole process with one or two other websites. Note: The ACV you get using this method is just a range for you to work with. The claims adjuster from your insurance company is most likely to tell you that your insurer won’t pay based on the results you got from these websites.
An Alternative to Calculating the Actual Cash Value [ACV].
If you find your insurance company’s ACV not fair enough – in comparison to your calculations, then you should try checking out recent comparable car sales in your area [or anywhere you choose] online. Doing this will help you verify if the cars were sold for the prices you calculated. We’d advise you to get about three or more estimates.
Another option you can try is to make inquiries from a car dealership or repair shop. Only do this if you believe they’re qualified enough to give you the right ACV estimate of your car. Bear in mind that you’ll need to have the car towed to their facility.
How Much Does Insurance Pay for a Totaled Car?
After reading this far, you’re likely to ask, “If my car gets totaled, how much will insurance pay?”
This is a valid question. After an accident has occurred, you’re left to battle with the claims adjuster from your insurance company about how much your totaled car is worth. How much your insurance will cover for your totaled car is included in their policy’s fine print.
However, for you to get the maximum payout for your totaled car, you need to know how your insurance company will calculate the amount and the options that are open to you.
Your insurance company will pay you what it evaluates as your car’s market value. This value calculated and offered by your insurance company is the amount it’d usually cost you to buy your exact car [before the accident] from a car dealership in your area.
The claims adjuster from your insurance company will compare the prices of cars similar to your totaled car in model, mileage, make and options. If you prefer this option, make sure the adjuster uses the prices in your area for the comparisons. The final result should be enough to have your car replaced with a similar one before it got totaled.
After your insurance company has determined the fair market value for your car, sales tax, registration fees, receipts of the amount for added accessories and other costs related to your area will be added [as we’ve previously mentioned]. If you don’t like the value offered by your insurance adjuster, then you should negotiate with your insurance company.
For a successful negotiation, be ready to provide evidence to prove that the proposed value is too low for what your car is worth. You don’t need to go with your insurance company’s initial offer, so do your part in understanding how the value of your totaled car is calculated.
Actual Cash Value [ACV] and Totaled Car Value.
It’s a bit difficult to put a definite amount on your totaled car but your insurance company will have its method for computing your car’s ACV. To determine the ACV and totaled value of your car, your insurer will make use of your car’s year, make, model, mileage, and damage done to compute their results. If your car is new and still in great condition, then you should expect a higher ACV than when your car is old and worn out.
If your car is old and badly damaged, your insurance company is likely to write it off and not bother fixing it as it won’t be worth it. Your insurance company calculates the price they can pay based off of past auction data and the costs of getting rid of the car. They will subtract this amount from the ACV to determine how much they would pay you. Let’s use our previous example of a totaled car with an ACV of $10,000. 10 percent of this value would be $1,000. This means that $1,000 and your deductibles would be subtracted from the ACV of your car to end up with the amount that you’ll be paid…if you want to keep your totaled car.
Your Insured Car’s Loan Balance.
The payout from your insurance company has nothing to do with your car’s loan balance [if you took a loan]. If you’ve got a loan hanging over your car, you’d need to clear it before getting a new car. You might be lucky and the payout from your insurance company on your totaled car will be more than the loan balance. If this is the case, your insurance company will pay the loan balance and give you what’s left as down-payment for a new car.
However, if the loan balance exceeds the payout from your insurance company, then the whole payout will be used to clear the loan. You’d then have to make up the difference left. A GAP (Guaranteed Auto Protection) insurance can save you if you purchased one after taking the loan on your car. GAP insurance will help you pay for the amount difference between the ACV and the amount left to cover for the loan on your totaled car.
How to Use Our Online Totaled Car Value Calculator to Determine the Price of Your Totaled Vehicle.
If you’re looking for an ideal way to get a good estimate for your totaled car then you’re better off with our online totaled car value calculator. You’ll get a guaranteed quote in a minute.
This will save you the stress of having your car towed to the scrapyard where you’ll waste time haggling prices and end up selling for a very low price. At SellMax, you’re not pressured to sell your totaled car once you get an offer from us…the ball is always in your court. You’re always welcome to use our online totaled car value calculator to know what your totaled car is worth. You’ll get a fair offer from us for your car, no matter the state it’s in.
How Calulating The Value Of A Totaled Car Works:
- Give Us Your Car Details: We’d love to know the year, the model, where it is, and what kind of shape it’s in via our fill-out form.
- Get Your Quote: We’ll give you a competitive offer on the spot and don’t worry…this offer won’t suddenly change, and you’re under no obligations to accept.
- Schedule a Pick-up: Like our offer? That’s great! We’ll arrange a pick-up date that works for you. We’ll come to you wherever you are and after a quick check of your vehicle and some minimal paperwork, we’ll be good to go!
- Get Paid: Once all the documents are sorted, and both you and our experts are 100% happy, we’ll be on our merry way. There are no hidden charges…we give you your cash and tow your car for free!
Why wait any longer? Use Our Online Totaled Car Calculator Now