If your car is declared a total loss after an accident, you may be wondering about your options. Here are answers to 3 common questions. Remember, if you are looking for an auto repair shop in the Lufkin, TX area, Bodymasters Quality Collision Repair is here to serve all of your collision repair needs!
1) What does 'totaled' mean?
The insurance company will examine the value of your car and compare it the cost of repairs. If the cost to repair it is about the same or more than the value of your car, the insurance company will likely consider it totaled. Depending on your insurance provider, some companies might consider your car totaled even if the cost to fix it is lower. If this is the case, you can ask the insurance company what source it used to decide your car's value.
2) What if I think my car is worth more?
If you think your car is worth more than what the insurance company decided, you can try to negotiate. Be prepared to show what the car would sell for in your area. Here are a few tips to follow when calculating your car's value:
Different states use different total loss thresholds with most states falling somewhere around 75-80%.
Texas Transportation Code section 501.091 provides that the TLT (total loss threshold) in Texas is the fair market value of the vehicle in its' pre-accident status.
Insurance companies are famous for stretching to declare a vehicle a total loss and then use a property damage appraisal service that historically renders low value to pay off the total value property damage. They then sell the salvage and come out ahead of where they would have been had they paid for the reasonable repair of the vehicle.
If your vehicle has been declared a Total Loss, it is highly recommended that you obtain a value yourself and not rely on the insurance company's alone. Websites like NADA & Kelly Bluebook are a good start, as well as a Google search for the same year, make, model, and mileage as your vehicle. Usually a 1-200 mile radius search will locate multiple vehicles to use as reference for your average value.
In need of an auto body repair shop in Lufkin, TX? Call the experts today at 936-639-3368 to schedule a collision repair appointment!