Determine the Total Loss of Your Vehicle

You must be lucky enough to get into an accident and survive it without any major scratches and wounds. No matter what happens, the well-being of the driver and the passengers is of top-most priority. But, after discovering that everyone is safe and sound, the second thing that comes to one’s mind is the damage caused to the car. You may be safe but is your car in sound condition? And if it is not, then how are you going to deal with the insurance claim?

Before an insurance company decides whether your car is irreparable or not, there are few things that you need to check. There is a specific way in which you can easily determine the real value of your damaged car and Insurance total loss value of your car. Now, if you have to spend more in terms of fixing it than its actual worth at the time of the accident then the car is considered to be at total loss. After all, who likes to spend in excess of the car’s actual cost!

As soon your insurance company decides the real valuation of your car, you will be sent a check. With that check, you can either buy a new car or deposit the check to your financing company who has provided you with the car. Most of the insurance companies inspect the vehicles themselves and do not rely on the outside bodies. Their preferred representatives often write the estimates and issues payments based on that value.

Some people prefer to play it safe and thus opt for additional insurance coverage for their car. Apart from car insurance, GAP insurance is also widely sought after and many insurance companies are offering this insurance to their clients. GAP insurance is nothing but a cushion against the car loan. With the help of this insurance, people are protected from worrying about how to pay off for the car, which they do not possess now.

You can also read: http://thechicagoautoappraisers.blogspot.in/2015/08/is-diminished-value-of-vehicle.html

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