Not all cars can be repaired after an accident or mechanical damage. According to CCC Information Services, an estimated 14% of vehicles that come in for an appraisal are totaled in the U.S each year. And with the soaring costs of parts, the rate of which cars are being declared totaled vs. repaired is rapidly increasing.
HOW CAN I GET AN INSTANT QUOTE FOR MY VEHICLE?
It’s simple and it takes less than 90 seconds … enter your zip code below to get started and find out how much your totaled vehicle is worth!
When does the insurance company declare a car totaled?
Generally, your insurance company declares your car totaled when the cost of your car’s repairs exceed its value. Insurers are required to declare your car a total loss when the damage reaches a certain point; depending on your state’s law this could be when 50-100% of the car’s value is spent on repairs.
The insurance company pays you the cash value of your vehicle. You’ll be given a chance to buy your totaled car back.
Did You Know?
Though the Kelley Blue Book car values might be accurate for some used cars, when you have car damage, parts missing, or mechanical issues those values go out the window.
Getting an accurate car evaluation of a damaged car is a bit trickier. Luckily, we have a damaged car value calculator you can use here.