Did you know that nearly 3.200 people die in car accidents every day all over the world? That's about 1.25 million people each year. In the US, car accidents can put a financial burden of approximately $500 billion every 12 months!
Obviously, no one wants to be involved in a car accident and hopefully, you'll never have this experience. But in the unfortunate case of a car accident, what should the owner do with a totaled car? Is there a safe and efficient way of disposing of wrecked vehicles?
If your vehicle has been wrecked, you have numerous options at your disposal. It’s a good idea to analyze each of them an determine what’s the most cost-effective method of getting rid of your damaged car.
Keep reading this article to find out those options!
Learn the Top Cost-Efficient Ways to Get Rid of Wrecked Vehicles
Your main concern after you have been involved in a car accident is to tend to your health and safety. Make sure that you’re not hurt and if you are, you go to a hospital immediately. Ensure that your family members or friends are safe as well and only then become preoccupied with how to dispose of your totaled vehicle. Here’s what you can do:
1. Get A New Car From the Insurance Company
Once you have contacted your insurance company regarding your totaled vehicle, you have a few options at your disposal. In some cases, the insurers are able to offer you a brand new replacement vehicle which is roughly as valuable as your current one.
The expert insurers check out the Kelly Blue Book when it comes to determining the value of your car. This manual gives information on what replacement vehicle would be more appropriate for the customer. Key factors are taken into account such as year, make, model, condition, performance, etc.
If you need a car right away, letting the insurance company offer you a replacement car might be a good idea. The insurers will also take away the damaged car and sell it for scrap metal. This method might solve your problem very quickly and it’s ideal for busy individuals.
2. Get A Check From Your Insurance Company
In some cases, drivers don’t want to be stuck with what the insurance company offers to them in terms of vehicles. They simply prefer to get a check in return of handing over the totaled vehicle. This check represents a rough estimate on the real value of the damaged car, so if your vehicle has been an expensive one, you can get a pretty big sum of money back.
The insurers will analyze the damaged vehicle and come up with a number. They take into account various factors such as when your vehicle has been made, what was its condition, its make, and model, the amount of damage received, etc.
What should you do once you get the money? Simple – buy a brand new car! This option gives you the opportunity to select a new vehicle from the market and not letting the insurance company do it for you. Many drivers opt for this method because it gives them the liberty to choose the new vehicle. As a drawback, you'll eventually have to spend some time analyzing the automotive market and making another purchase, so for a couple of weeks, you'll probably be using taxis a lot.
3. Keep the Car and Repair It
In other cases, the vehicle you have been driving might still be quite usable. Minor accidents involve bent fenders, broken headlights, etc. More severe accidents might involve destroyed radiators, engines, tires, etc, but the vehicle might still be usable if properly repaired.
If you care about your car a lot and you think it would be possible to repair it then just do it. This option is more suitable for handy drivers who love DIY projects. You can begin by buying spare parts for your vehicle and asking a few expert mechanics to help you repair your damaged car. Although this method involves some out-of-pocket expenses and a lot of time spent to fix the car, it’s still a viable option for practical drivers.
Keep in mind that this method is ideal for relatively cheap and popular vehicles. For example, if your vehicle costs under $10,000, you might be able to pay for repairs and recover your investment in one or two years. On the other hand, if you own a luxurious German supercar then it’s probably not worth to bother with repairing it simply because parts will be very expensive. Also, most mechanics don’t have the required knowledge to repair ultra-modern cars, so they might not be able to help you in this case.
4. Take It to The Junkyard
An insurance company will eventually take a totaled vehicle to the junkyard and attempt to make as much money as possible out of it. You get paid a check as compensation for handing over the car. However, some drivers are not happy with what insurance companies offer and they decide to take the car to the junkyard by themselves. In some cases, this can be a more cost-efficient option.
Before accepting the check from your insurance company, look online and see how much money you can make by taking it to a junkyard. There are numerous companies and websites which offer instant quotes for virtually any type of car out there. Even if junkyards offer you several hundred dollars more than your insurance company, this is still a better deal and you should seriously consider it.
If you have decided to take your car to a junkyard, you need to know a few things. First of all, it will probably take a while until you find the most profitable option for you. Secondly, some junkyards don’t offer free towing, so you’ll eventually have to spend some money getting the car to the junkyard by yourself. Still, this can be a more profitable transaction than accepting the check from an insurance company.
5. Keep the Car and Sell It As Parts
Another great thing you can do is to keep the vehicle which has been damaged and sell some of its components for a better price. In some cases, it is possible to obtain more money by selling your vehicle as parts than taking it to a junkyard.
The process is very simple. You ask a professional mechanic to help you disassemble the vehicle and remove important components which haven't been damaged such as the battery, the catalytic converter, doors, seats, maybe tires, etc. Especially if you have a very popular vehicle, other drivers might look for components just like yours.
Once you have removed the essential parts, you advertise them online. You can also take them to an auto shop and see if the guys out there might be looking for some of these components. If someone is interested and willing to buy, you might need to properly package the parts and ship them to a certain destination.
This process takes more time and effort from your behalf, but it will pay off. Many drivers can make several hundred dollars more by selling the components of a damaged vehicle in comparison with taking the car to the junkyard. Give it a try and see how it goes.
6. Donate The Vehicle
If you simply don’t want any compensation for the damaged vehicle you drove, you can also do a good thing and donate it. There are various organizations which accept totaled cars as “gifts” and they can make some money by selling it to a junkyard. You might even be able to choose to which charity will this money be directed.
On top of that, car donations can entitle you to some tax deductions as well, so you do receive something back. It is true that you need to spend some time researching these organizations and charities, but if you want to make a nice gesture and feel better about yourself, it’s totally worth it!
What’s Your Preferred Method?
Whether you decide to sell damaged car parts, take the car to a junkyard or accepting insurance money, you'll definitely get compensated after being involved in a car accident. The most important thing is to do your homework and research the subject extensively to find out the best and most profitable option for you.
Learn More About Salvaging Your Totaled Car!
One of the best ways to get educated about selling wrecked vehicles is by visiting our blog and reading some of our articles. For example, are you familiar with the benefits of selling a junk car instead of letting it occupy valuable space in your garage?
If you still have your grandfather’s old Buick getting rusty somewhere in your garage, now it’s the best moment to sell it and make some money out of it!