3 Options for Dealing With Your Totaled or Wrecked Vehicle
A wrecked or totaled vehicle isn't the end of the line. There are actually quite a few things you can do with your wreck. Here are three solutions you can consider for your vehicle.
1. See What Your Insurance Company Can Do For You
The first thing you should do is check with your insurance company. Of course, what your insurance company can do for you has everything to do with the type of coverage you're paying for. California only requires minimum liability coverage.
If you don't have additional collision or comprehensive coverage, there's not much your insurance company can do for you. If the wreck wasn't your fault, then the other driver's insurance will pick up the tab. No matter what, inform your insurance company.
If you do have coverage, or another is at fault, the appropriate insurance company will offer you a check for your wreck. Either you will receive the actual cash value of the car or an amount that doesn't exceed your policy limits.
When this occurs, you've effectively sold your wreck to an insurance company. But this isn't the situation that many people find themselves in. Don't worry - there are still options.
2. Sell It Whole or In Parts
There's a huge market for junk cars and junk car parts. If you have a wrecked vehicle that still has many parts intact, you can sell them individually. You can also sell the whole wreck itself. This can work out very well for you if you have a popular car make or model.
If you have a rare or valuable vehicle, many people will buy the wreck so they can restore it. Some dealerships will purchase wrecked vehicles as well.
Note that before you sell a wrecked vehicle, you may have to procure a salvage title for it. If you don't have a salvage certificate from an insurance company, you can apply for one through the DMV.
Selling it to Junkers or as Scrap
You can also sell the wreck to junkyards, scrapyards or junkers. You can typically make a lot more money if you sell the parts or find a buyer looking for your particular make and model, even if it's totaled.
If you don't have the time or inclination, you can just scrap it. Understand that scraping your wreck will bring you the least amount of money for it. However, it's often a very quick and convenient process. You can also do both: sell some parts and scrap the remainder.
3. Consider Fixing it and Putting it to Use
A totaled or wrecked vehicle is one that costs more to repair than to buy it new. Sometimes, the repair costs can include things that cost large amounts of money. For example, it's not always the cost of mechanical repairs that make your car a total loss. Sometimes, it's the cosmetics.
You just might have a vehicle that you can get back up and running if you don't mind leaving it looking a little ugly. A running vehicle can always demand a better price, no matter how it looks.
You can also consider putting the vehicle to work. For example, if it's a truck, you can pay for the mechanical repairs, then rent it or loan it out to people who need it. If the mechanical repairs are cheap, it's worth considering.
No matter what you plan to do with your wreck, you will need a way to move it to where you need it to go. At College Oak Towing, we have decades of experience with moving wrecked vehicles.
If you wreck your car and can't move it, give us a call immediately. If you have questions about getting your wreck from one location to another, contact us and we'll gladly help.