There are many doubts regarding the consequences of a traffic accident. The two fundamental ones are those referring to personal injury and material damage. With regard to the latter, it is always good to know how you can compensate for material damage, as well as whether you can repair a car declared a total loss. We answer your question.
Can I repair a vehicle declared wrecked?
The great doubt that exists is what depends on whether the vehicle can be repaired or whether the market value is paid in these cases of the total loss. You should know that this question depends exclusively on you or you can visit auto for trade.
In case you do not want to repair your car, you would have to calculate the market value or market value. In this way, you will be properly compensated. The market value is the standard sale value that is given to your vehicle in official tables of the Ministry of Finance. Instead, the market value is the value obtained from the result of an average of the second-hand market prices for a car of the same characteristics, the same condition, and the same conditions.
Therefore, the insurance company, in most cases, should offer you two types of compensation after an expert report. The first one will depend on the market value of the car increased by a specific percentage, depending on the useful life. The second offer will depend on the market value of your vehicle.
We once again emphasize that as long as your will is to repair the vehicle, you are within your right to be allowed. It will only be advisable to accept the other options when the value of the repair far exceeds that of the financial compensation. But it’s your decision that counts.
Therefore, if you want to repair your vehicle and it compensates you financially, you do not have to accept the compensation that they offer you.
If they give me the car, can I fix it? And compensation?
The answer is very clear, obviously, you can fix it. The insurer will compensate you with the market value of your vehicle on the date the loss took place. Once this is corrected, if you decide to keep your car to repair it, the price of the remains of your vehicle will be deducted from the compensation.
We inform you that when you collect the full amount of compensation, you will be able to repair your vehicle. Of course, you must take into account important aspects. One very important one that you must take into account is to cancel the insurance contract that you had signed, since it is logical, that it is rescinded.
Now that you know that a car declared a total loss can be repaired, if you want to re-insure your car, from insurance we offer you different varieties of contracts. You can insure your car to all risks or to any of the car insurance that we offer, although the vehicle will have to pass an expert opinion to verify that it is in the proper condition.