If you've been in an accident and your car has been declared a total loss, you may be wondering how to get the most value out of it. The first step is to calculate the value of your car in good condition. The Kelley Blue Book can help you determine this value, and it's likely to be between 20 and 40 percent of the reasonable condition value. According to CarBrain, the amount of damage caused to your vehicle will determine which end of the range it falls closer to.
Once you know the value of your car, you can use this information to determine whether or not it qualifies as a total loss. Most insurers will consult their securities database to determine the value of your car. This value is calculated with your best interests in mind, as it's used to determine how much they'll pay you when they declare your car a total loss. This amount is equal to the value of your car minus your deductible.
After that, they'll scrap the car and sell it for parts, keeping all the money they earn from that sale.
