If you are serious about getting the most out of your totaled vehicle as far as working with the insurance agency you have signed up with is concerned, you’re going to need to pay close to all of the inside information provided below.
Accidents happen each and every single day with absolutely no warning whatsoever, and it’s important that you understand exactly how much money your insurance company is going to pay you for a totaled vehicle – and what you can do to boost that amount as much as you can.
Hopefully, the information included below gives you the extra edge and advantage you need to get more money from your insurance company or make your totaled vehicle that much more valuable to you in the short and long term.
Let’s get started right now!
The first step is actually working with the insurance agency to verify that your vehicle is in fact totaled. There is a world of difference between feeling as though your vehicle has been totaled, and actually receiving a documentation from your insurance agency that it is a “total loss”. Often, the worst cosmetic damage can make a vehicle look like it is in much worse shape than it actually is, and sometimes a minor accident can cause catastrophic failure throughout the actual structure of the vehicle resulting in a car that doesn’t look that bad but is totaled across the board. You are looking for a total loss confirmation here before we move forward.
After you know it is totaled vehicle, figure out buyback option
If your vehicle has been determined a total loss, the insurance agency is going to provide you with the maximum dollar amount allowed through your coverage – but you may need to fight tooth and nail for every penny. For obvious reasons, insurance agencies aren’t all that keen to release thousands and thousands of dollars to their customers (no matter how different of a tune they saying when you were considering becoming a customer).
On top of that payment though, you’re going to want to consider “buying back” the total vehicle itself to see if you can squeeze extra profit out of it. Remember, you can negotiate favorable terms if you are willing to send a bit of cash back to the insurance company
Working with a service like Cash Auto Salvage (one of the largest networks of auto salvage yards throughout the United States), you can sell that total vehicle that you have purchased back from the insurance agency for a fraction of the cost you would have expected and explode your profit margin considerably. Not only will you receive some money from the insurance agency as part of your insurance claim, but you’ll also receive the profits that come from selling the vehicle to Cash Auto Salvage.