Profitable way to get rid of a wrecked car?

Question

I was in an accident and the insurance co made out a cheque for the initial estimate of damage. The point is, if I complete the repairs and later sell the car, I would lose a lot of money on it. Instead, if I keep the cheque and just sell the car to a wrecked car buying company, would it be legal? I live in Seattle, WA, USA.

Answer 1

If the market value of the car is 6700 -- that means if the insurance company were to total loss the car-- you are entitled to 6700- less any applicable deductible for the total loss car and the insurance company take possession of the car.

If the insurance company paid you 8100 and you keep the car....take your money and run. You made out like a bandit.

As far as the car goes -- if you want to not fix the car and sell it to a salvage yard...it's ok to do. Thats your choice. You will have to sign the title over to the salvage yard. So if your car is financed, you will have to pay the note off to get the title.

Answer 2

First off- yes, you can do whatever you want with the insurance check (as long as your car is paid off.) so sure... cash the check.. sell the car to a junk yard.. and thats fine.

You cant make a company total your car. Its simple- they do whatever is cheaper (pay the value of the car or repair it) you dont have a choice in the matter.    

and haha.. they are telling you your car is worth more then you think it is and this is a BAD thing? LoL... people can find anything to complain about cant they?

Answer 3

Pfffft. You get more than what you think the cars worth and your not happy!

Good for you. You should be cheering.

You got your check so what you do with it is your business. Most times insurance companies value the car at way less than whats its worth, so you're lucky. My last car that was totalled had a market value of $14,000 and as the crash wasnt my fault, I went through the other persons insurance. They offered me $7000 for it. I had my insurance company fax them my papers showing it was insured for $14,000 and they refused to pay out. I did a claim through my insurance company, got my cash, and my insurance company sued the other one. And won..

Strip the car down and part it out. If it is a desirable car with performance parts, it will be far better off for you to do that if you have the room, time and skills.

You wont make any money selling it to a wrecker, they usually pay a set price per car body and its usually $50 - $100.