Imagine driving in Savannah, GA, and suddenly, you’re involved in an accident. After you have assessed any injuries and called the police, you’re left staring at your crumpled vehicle, and a daunting question comes to mind: “What happens if my car is totaled?”
The term ‘totaled’ comes from the insurance industry term “total loss.” It means the cost of repairs for the vehicle exceeds its actual cash value (ACV), or is close enough that it’s not cost-effective to repair. Here’s what to expect in such circumstances:
First, your insurance company will evaluate the damage. A claims adjuster will inspect the car to determine the repair costs and will also ascertain your car’s pre-accident value, considering its age, mileage, condition, and the resale value of similar vehicles. If the car’s repair cost is higher than its ACV, or within a certain percentage (commonly around 80%), your insurer will declare your car totaled.
You have a few options once your car is declared a total loss. You could accept the cash settlement from the insurance company, which should be the pre-accident ACV of the vehicle, minus any deductible. The insurance company will then take possession of the totaled car, and may sell it for parts or scrap to recoup some of its payouts.
Alternatively, if you want to keep your car, you can repurchase it from the insurance company for its salvage value. This route is standard if the car has sentimental value, or if the damage is primarily cosmetic and you feel comfortable driving it as-is. Remember that you’ll need to arrange the necessary repairs and that when a car is declared as a salvage, it may affect its insurability and resale value.
During these trying times, it’s crucial to lean on professionals for support. That’s where Tim’s Towing & Recovery comes in. As a towing company near me (Savannah, GA), we can assist with towing your totaled vehicle, whether it’s to your home, a repair shop, or the salvage yard.
We prioritize safety and professionalism at Tim’s Towing & Recovery, with Wreckmaster-Certified drivers on hand 24/7 to help. We are your best bet if you’re looking for a reliable towing service in Savannah, GA. Contact us anytime, and experience the difference in Tim’s Towing & Recovery.
