If you were in a wreckage recently, the insurance may declare your car is totaled. Okay, that is a bad news but may not be the end of the world. Getting a comprehensive coverage and rental reimbursement is your next step before shopping for the new car.
It may be pretty shocking to hear the news but you may have to let the vehicle go. It may be dear one for you which gave you a long company and assistance in all conditions and weathers. However, if the insurance decides that the cost to repair the vehicle is more than the market rate, they will decide to total your car.
Most insurance offer a replacement car for a similar make and model in your area. Others, may offer you a settlement amount. Your negotiation skills must come in handy while negotiating for the amount. The insurance adjuster may have a long queue and have a long wait times before they can get to your claim.
Remember that it is your responsibility to follow up with the insurance and adjusters to process the claim. Make sure you do your homework before negotiating a settlement amount. Kelley blue book, NADA guides, carport and autotrader are some of the websites which let you decide the amount of your vehicle depending upon the mileage and year of the model. If you have any repairs or towing reimbursements, make sure to mention the same with the adjuster.
You may keep the vehicle by buying it back from the insurance, but may have to deal with the repairs. If you have a loan on the vehicle, the insurance will pay the titleholder bank first and get you the remaining amount. You may have to sign a Power of attorney to clear the amount.
Driving an automobile is very simple and at very risky at the same time. Sometimes, you may be involved in an accident for no fault of yours. Floods, blind spots, fire, falling trees, bad weather are also some of the reasons a vehicle may be damaged beyond repair. Most insurance buyers aim for collision coverage but may overlook such incidents. Although it is going to cost you more, it is better to add the comprehensive coverage to your auto insurance.
Next, essential component is adding rental reimbursement in case your car is totaled. You will need an alternate car while the body shop or dealer is looking at your car’s damage. It may take some time to get a new car or alternate option. Some insurance do offer rental reimbursement up to a certain amount per day.
You may also want to add Emergency roadside assistance to your policy in case you have a minor or major accident. The roadside assistance may come in handy in case of a minor breakdowns such as flat tire or battery down. It also is useful in case of a major accident in order to tow your vehicle.
It is an unexpected loss when your car is totaled, but you have to remember that you and family members are safe and start shopping for a new vehicle.