Is your vehicle a Total Loss?

The term “Total Loss” is often used in car accident claims and means that the insurance company has determined the vehicle is not repairable.

After this is determined, the Insurance company will make an offer on the value of the vehicle. Typically this number will be close to a kelly blue book or nada type of number. You can run your car information in these websites, along with others to see what it tells you your vehicle is worth.

Once the value is determined, the Insurance company will either cut a check directly to you and/or your lien holder. It depends whether you owe money on the vehicle or not. If you owe less than its worth, they will send part of the settlement to the lien holder and the rest to you. However, if you owe more than your vehicle is worth, you will either be stuck paying the remaining balance or if you have gap insurance, gap will pick up the remaining balance.

This is a very unfortunate situation for people who have great working vehicles that are not worth much because now they have to go out and find another vehicle for a low cost that will likely not be as good as their vehicle, or they will have to use it as a down payment for a better one.

What if you want to keep your vehicle?

This is a possible option.

If you own your vehicle already, you can tell the Insurance company you want to keep your vehicle. They will offer you a smaller settlement and you will need to get a salvage title on the vehicle. If you don’t own your vehicle, you need to contact your lien holder to see if they would be okay with you having a salvage title on the vehicle.

If you have any other questions related to your car accident claim, answer 5 questions on our website and I will personally call you and answer all the questions you have and direct you in the best possible way moving forward with your case. #totalloss#caraccidentclaims#texascaraccidents#caraccidenthelp