WHAT IF YOUR CAR IS TOTALED?

If you’re in a car accident one of the first things you need to do is contact a dedicated and loyal car accident attorney. There could be all sorts of spin-offs from the accident which a skilled automobile accident lawyer would guide you on. If you follow the advice given it could help you maximize your claim.

The Process
But what if your car is so badly damaged that it’s not worth repairing? Insurance companies have a formula for this. In a typical assessment if the cost of repairing your car is equal to, or more than 75 percent of what they call pre-accident fair market value (FMV), chances are that an insurance surveyor will declare your car totaled. This means the car is written off as a complete loss and you should receive a check for the FMV before the accident. If there’s any argument about this you could consult with a car wreck lawyer.

Weighing Your Options
What are your options after that?

If the FMV your insurance company is willing to pay is more than what you owe on the car, then you might take the check and walk away.
You could consider buying the totaled vehicle back from the insurance company. If you decide to do this you will have to re-register the car. It has to go on record that the car was once declared a complete loss.
You could repair your car on the cheap using non-OEM or cheaper parts. If you decide on this option, the car will be repaired under your authorization so that the repair bill is kept below the FMV.

Making some Prudent Decisions
Many accident victims prefer to take back the car and repair it even though it might cost them a bit above the insurance check. They’d prefer not to get strapped again with monthly payments to buy another safe and dependable vehicle. If you can’t decide, talk over your options with a car wreck attorney. This is an area they understand and their advice is not only strategic, it can be priceless.