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Fair Payouts for Totaled Cars

When you get into an accident, whether with a pay-as-you- drive policy or any other type, there is a good chance that your car can end up totaled. While you may think that this means that your car isn't drivable, that's not exactly what totaled means. In an insurance company's eyes, a totaled car is one that is not worth paying to fix up because the value of the car is less than what it would cost to fix it. In these cases, the company will give you what they believe that the value of the car is.

While you might not agree with the insurance company's decision to give you a payout instead of fixing your car, there is often little you can do in order to change this. However, there are things that you can do when it comes to ensuring that you get a fair payout for your totaled car. If you accept what the insurance company is offering you without question, then you could end up not having enough money to get back into another vehicle. Before you accept anything, you should spend some time assessing the situation and figure out what you deserve.

Factors to Consider

Before you can agree to a payout from your insurance company, you're going to need to do a little research. One of the things that you are going to need to consider is what your car was worth before you got into an accident. You need to remember to take into account your exact vehicle, and not just a vehicle that is similar to yours. What your mileage was and what the condition of your car was is going to matter a great deal, so do your research up front and be well prepared to counter offers.

Another thing that you need to do when considering what a fair payout is going to be is to consider things like aftermarket accessories. These can often add a lot of value to your car, and you don't want to give up what you have put into your car without asking for a fair amount from your insurance company. If you installed some new wheels or put in a nice new stereo system, then you need to take this into account when you are considering what a fair amount will be from your insurance company for payout.

You also need to think about what fees you might incur when you have to buy a replacement car for the one that is being totaled. You are going to have to pay tax, tag, title and registration fees on this new vehicle, so you're going to want to factor those costs in when you are coming up with a fair amount that you should be paid. These fees can sometimes add up to a considerable amount ,and you don't want your insurance company to keep them from you when they are giving you some money for a payout.

Remember to Negotiate

If you want fair payouts for totaled cars, then you're going to need to learn to negotiate. After you have done all of the research that has been suggested, you're going to need to make sure that you can present it in a convincing way. If you can make your insurance company understand where you are coming from, then you may be able to look forward to getting a much larger amount of money for your payout that will help you get into another vehicle. Keep in mind that you can always get legal help if you really feel you are being treated unfairly.

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