🚗💥 What Happens When Repair Costs Exceed Your Car’s Value? 💥🚗
Ever wondered what happens when the cost to repair your car is more than the car’s value? Let’s break it down! ⬇️
Key Points:
🔹 Total Loss: If your car is worth $10,000 but the repair costs are $15,000, your car is considered "totaled." That means the insurance company will only pay you the value of the car, not the full repair costs. 💸🚗
🔹 Insurance Payout: The insurance company is only required to pay the lesser amount—either the repair cost or the car’s value. If repairs are more expensive, they’ll just pay you what the car was worth before the accident. 🛠️💰
Why It Matters: Understanding how insurance calculates payouts can help you make informed decisions after an accident.
Disclaimer: This is not legal advice and does not create an attorney-client relationship. Each case is different, and it is recommended that you consult a licensed attorney in your area if you have been injured or have a potential personal injury case.
👉 Have you ever dealt with a totaled car? Share your experience below! 👇