Is it worth repairing my totaled car?
I drive a 2016 Ford Mustang V6, and unfortunately, I was in an accident on the highway yesterday. My car hydroplaned and drifted into another lane, where it was struck on the rear passenger side by a Chevy Express van.
I received a citation for “failure to maintain lane.” While my car is technically drivable, it had to be towed home due to a dead battery, which had been a previous issue; I was actually planning to buy a new battery that same afternoon.
I reached out to my insurance company, and they are set to pick up my car for evaluation at a staging center. The agent mentioned that the photos I sent could indicate a potential total loss, but we won’t have a definitive answer until the adjusters inspect it.
I’m starting to brace myself for the likelihood that it will be deemed a total loss. I checked the Kelley Blue Book value and found that my car could be worth between $8,000 and $10,500. It’s been fully paid off for quite some time now.
I’m sorry to hear about your accident; that sounds really stressful. Deciding whether to repair a totaled car can be tricky.
Since your car may be assessed as a total loss, the insurance company will typically determine its value based on fair market value (like the KBB estimate you mentioned) and compare it to the estimated cost of repairs. If the repair costs exceed the car’s value, they’ll likely declare it a total loss.
Consider the following factors before deciding:
Repair Costs vs. Value: If the repair costs are significantly lower than your car’s market value, it might make sense to repair it. But keep in mind that a vehicle with previous damage may have a lower resale value in the future.
Sentimental Value: If this Mustang holds great personal value for you, it might be worth the repair costs, even if it’s deemed a total loss.
Future Reliability: Depending on the extent of the damage, you might have concerns about the car’s safety and reliability after the repair. Make sure to weigh the risk of potential future issues against the repair costs.
Insurance Payout: If your car is declared a total loss, the insurance company’s payout could help you purchase another vehicle, possibly a newer or more reliable one.
Legal/Financial Implications: Since you were cited for “failure to maintain lane,” consider how that might impact your insurance premiums moving forward and whether it’s worth it to start fresh with a different car.
Ultimately, waiting until the adjuster’s assessment may give you more clarity. Good luck, and I hope you find the best solution for your situation!