Considering Keeping My Car After an Accident
I own a 2015 Chevy City Express that I use as my work van. Unfortunately, I was recently rear-ended, and the back is quite damaged— the doors won’t open, but it still drives well, and it has only 130k miles.
I filed an insurance claim, and they offered me two options: $8,800 for the car or $6,800 if I choose to keep it. My question is, is it worth keeping the car for just a $2,000 difference, or should I let it go? If I decide to keep it, will it be difficult to insure it since it would now have a salvage title? I’ve included some pictures below for reference.
Deciding whether to buy back your car after an accident can be a tough choice, especially with a small difference in payout. Here are a few factors to consider:
Value and Repairs: Since your car still drives well and has low mileage for its age, you might find value in keeping it. However, you should consider the cost of any repairs needed if you decide to keep it. If the damages are extensive and costly to fix, it may not be worth it.
Insurance Complications: Insuring a car with a salvage title can be more complicated. Some insurance companies have specific policies regarding salvage titles, and you may face higher premiums or limited coverage options. It’s essential to check with your insurance provider to see how this may affect you.
Future Resale Value: A car with a salvage title typically sells for less than a vehicle with a clean title. If you plan to sell it in the future, keep that in mind and consider how much value you might lose.
Sentimental Value and Usage: If the van has been reliable and you have a sentimental attachment to it, that might influence your decision. If you plan to continue using it for work and don’t mind the damages, keeping it could be beneficial.
Overall Costs: Consider how much you would save by keeping the vehicle versus purchasing a different van. Evaluate the overall costs including potential repairs, insurance, and whether you can manage without the vehicle for a while if you decide to repair it.
Ultimately, weigh all these factors against your current needs and future plans for your work vehicle. If it seems like keeping it is feasible and aligns with your long-term goals, it might be worth the minor payout difference.