How do you know if a vehicle is totaled if it has been totalled and repaired? I am glad you asked!
Car insurance companies have their own, differing processes for determining valuation. Depending on which company you are working with, the value of a vehicle is determined differently. The process is described below, and is generally what happens when an insurance company totals your car in Miami.
The first step in the process begins when an auto body shop (Auto Body Shop is a word used when the vehicle is totaled and repaired) determines that your vehicle is salvageable. Salvage value (also known as salvage title) is an individual's obligation to pay for any damages to a vehicle. Any damages that are deemed by the Auto Body Shop to be not repairable are considered to be salvage.
In order to take your vehicle to the Auto Body Shop, you will need to make an appointment at the dealership you bought the vehicle from. At this appointment, they will open the car up and determine the value of the vehicle based on its current condition. Once this is done, they will inform you of the value.
When the Value is compared to the policy you purchased, it is possible that an insurance company may exceed the policy amount. If this occurs, your vehicle is then written off and sold at a public auction, or possibly financed by the company, and the new car will become the responsibility of the buyer.
The auto insurance company will calculate the values of the damaged vehicles based on the same conditions of the original vehicle. The difference is that the repaired vehicle will be inspected prior to delivery and approved of its repairs by the Insurance Company. So, should the vehicle need major repairs, you will not have to worry about getting a loan to finance your car.
The value of the vehicle is adjusted by the policy owner when it is totaled. The new value is figured by a formula that is weighted by age, mileage, type of vehicle, etc. Basically, if your car is four years old, it will be given a greater value than a car that is twenty-four years old.
Now, how do you know when your car is totaled? A tow truck arrives at your home to tow your car, and you are told that your car is totaled. And so, you will be responsible for the cost of tow trucks to get your car off your property and back to your place of residence.
When your car is totaled, you will receive a bill from the insurance company. You will also be sent a new policy with a new, updated value for your car. This new policy will be written when you contact the auto insurance company and get your new policy, you will be asked to sign a document stating that you understand your new policy and that you are accepting it.
All policies carry the same limitations, deductibles, and coverage and will have additional policies that are set forth by the Insurance Company, which includes theft and vandalism. The only way to change the value of your car after it has been totaled is to return it to the insurance company and claim that it was stolen. If you are the policy owner, you will be required to pay all costs for towing fees.
Once the car is towed, it will be sent to a Dodge dealership to be inspected and repaired. Once repaired, the vehicle will then be re-assembled and you will be responsible for the full cost of towing.
Should your car be totaled, a tow truck and trailer will be sent to your home to inspect your car. Once they have inspected it, you will be asked to sign a statement stating that you agree with the purchase of the car and the new policy. Then, your car will be taken to an Auto Body Shop to be fixed, and your new insurance premium will be calculated.