Hi! I own an old vehicle, bought it around 2019 for $9,000. The vehicle drives well, but is in very bad cosmetic condition. Front and back bumpers are damaged, as well as the vehicle's body. I want to change it soon, but I am not sure if it is sellable due to the way it looks. It has a couple of non-urgent internal issues too that need fixing, but I didn't fix these as it is not financially worthwhile anymore.
The vehicle is insured. I recently damaged it and it became unsafe to drive. It got towed from me to the repair shop. The repair shop rejected it and suggested it should be a total loss. My question is, is it good or bad for me? What does it mean for me? The vehicle is repairable, but the repairs would probably cost a lot and be same or more as what I paid for it. Should I dispute writing off the vehicle or happily accept it? It is insured for market value. No idea how they calculate it.
Should I be happy if they write it off and I got some sort of payout, because I wasn't sure it can be onsold anyway? Is the market value usually close to the purchase price of the vehicle?
Or would an insurance company somehow be able to write it off and not pay me anything, or pay a very small amount, so I would be better off checking if the write off can be disputed and insisting on repairs?
I am new to this topic and would appreciate any information about it.
The vehicle is insured. I recently damaged it and it became unsafe to drive. It got towed from me to the repair shop. The repair shop rejected it and suggested it should be a total loss. My question is, is it good or bad for me? What does it mean for me? The vehicle is repairable, but the repairs would probably cost a lot and be same or more as what I paid for it. Should I dispute writing off the vehicle or happily accept it? It is insured for market value. No idea how they calculate it.
Should I be happy if they write it off and I got some sort of payout, because I wasn't sure it can be onsold anyway? Is the market value usually close to the purchase price of the vehicle?
Or would an insurance company somehow be able to write it off and not pay me anything, or pay a very small amount, so I would be better off checking if the write off can be disputed and insisting on repairs?
I am new to this topic and would appreciate any information about it.
