Whenever a car is severely damaged, the insurance company may declare it a total loss. This is in an event where the vehicle has sustained so many damages that repairing it could not be the most favourable or practical idea. Imagine a situation where the cost of repairing the car is more or equal to the value of selling it. How uneconomical is that? In such a scenario, it would be advisable that you let in cash for cars, get rid of it and get paid rather than spending too much to have it back on its feet.
However, sometimes you may feel like the amount that the buyers are offering you is way too low and you feel cheated. You could be feeling like the vehicle is worth more than they are offering. Worry not; you can still determine its worth before giving it out, by identifying its salvage value. How do you do that?
There are many sites out there that are purposely meant to help individuals in the calculation of the salvage value. You, however, need to know your vehicle’s features which include its make, model, year of manufacture and its mileage at the time of the collision. For instance, you can contact Cash Car Removal, provide your car’s details and we will provide you with an instant Free Cash for Cars Quotes for the vehicle in question.
The chances are that before the accident occurred, the vehicle had already sustained some damages; after all, it cannot be the same as when it was new. Such wears and tears need to be subtracted from the car’s overall worth to determine its final market price.
You will still need to consult the insurer to know the percentage used when determining the salvage value. It is advisable that you take this step so that you can compare what you got from the websites from the insurer’s value. The percentages vary, but mostly they are between 75 and 80%. The salvage value should be lower than the car’s actual cash value. The compensation you get is the difference between the two values but only if it is higher than the amount of deductible.
If you are not willing to retain the damaged car, the insurance company can sell it at an auction. Some businesses are purposely meant for buying and reselling used car parts. In this case, the amount received after selling the car will probably be used to reimburse the expenses of the claim. Sometimes, after declaring the car to be ‘scrap’, your insurance provider might leave the damaged vehicle with you, allowing you to determine what to do with it. In such instances, you can Sell Your Scrap Car for Cash to a reliable Car Removal company like Cash Car Removal. With free car collection, paperwork and Instant Cash for Cars Sydney, it’s a quick and hassle-free way to dispose of your damaged car.
To sell your scrap, unwanted, old, used or damaged car, contact us on 02 9632 7657
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