Navigation Links Provides Tips on Handling a Vehicle Write-Off

Toronto, Ontario (PRWEB) June 12, 2013

A write-off is what happens with the cost to repair a vehicle is higher than the value of the vehicle itself. While write-offs are unfortunately all too common, many drivers aren’t aware of the procedure for writing off a vehicle or their rights during the settlement process. Here are the five main things you need to know if your vehicle is being written off.

1.    How A Write-Off is Determined. A write-off, usually called a Total Loss by insurance company, is determined after the company has seen estimates on the repairs for the car and has made a determination as to the value of your car. This value is calculated by the insurance company and is based on the fair market value of the car – that is, how much you could have sold the car for prior to the accident. When the estimate for repair exceeds that determined value, the car is a total loss.

2.    A Write-Off Isn’t Always an Accident. Many write-offs occur not as the result of an accident but as the result of theft. Cars are often stolen and then stripped for parts and later found abandoned as shells. The cost of repairing these cars is all too often higher than the value, especially if expensive parts are removed. This results in a total loss that will fall under the comprehensive portion of your insurance policy, and you will pay the deductible based on that coverage. This is the same with high risk auto insurance or standard policies.

3.    You Can Disagree With the Settlement. If the insurance company comes back with an amount of money to pay you for your car that you don’t think is right, you can fight it. In some cases, evidence of improvements made to the vehicle can help to prove that it’s worth more than the company’s calculated value, so its important to keep all of your receipts. Insurance companies have an arbitration process that allows you to challenge their determinations and present your case for why you think the car is worth more than what they are offering you. If you disagree with the settlement, make sure you do not accept any money or cash any checks from the insurance company, and that you don’t sign anything regarding the settlement. This will ensure you don’t inadvertently accept the lower settlement. Your policy outlines your rights and the correct procedure for pursuing arbitration.

4.    You Can Get Your Car Back. After a write-off, your insurance company takes possession of the car, which will be auctioned off or sold to a junkyard for parts. You have the right to buy your car back yourself at a low price, which allows you to either attempt to repair it or use it for parts yourself, as you see fit. If you want to buy your car back after the write off, be sure to notify the insurance company right away. Rather than two transactions, they will reduce the amount of the settlement by the buy-back amount and then return the vehicle to you. Remember that any car that is determined to be irreparable can never be legally driven, and that any car with a salvage title – meaning it was once written off – will require an inspection to be driven legally again. Salvage titled cars are also valued at a lower amount than the same car without the previous write-off. Some insurance companies will not insure a salvage title, and it may require high risk car insurance.

5.    Total Losses Don’t Mean Bigger Increases in Insurance Rates. When it comes to the impact on your insurance rates, a write-off is like any other accident. You won’t have a higher rate increase as a result of the vehicle being a total loss, but if you are at fault it will increase your premiums. If you have a driving record that is already marred by tickets or accidents, a write-off can, just like any accident, cause very high rates or result in the need for high risk insurance in the future. You don’t have to worry that the high claim amount on a total loss will cause a higher premium increase, however. It’s charged in the same manner.

About has compiled a list of driving schools in addition to other useful driving resources including G1 practice test, Class 7 Alberta test,Class 7 Practice Test for Saskatchewan and much more, which can help first time and experienced drivers learn how to drive in Canada in an efficient manner with a focus on exactly what you need to know to be a successful, licensed Canadian driver and stay safe on Canadian roads

Read the full story at

Source: PRWeb
Copyright©2012 Vocus, Inc.
All rights reserved

Related medicine news :

1. Driving Safety Tips for the Long Weekend from
2. Metabolic PET imaging provides earlier warning of coronary disease
3. – New Website Provides Online Gluten-Free Program for People with Celiac Disease and Gluten Sensitivity
4. Market Authority to Release White Paper That Provides Key Strategies for Large Directional Media/Print Companies
5. Kitchens To Go Provides Disaster Relief Again by Helping Manhattan, NY Teaching Hospital Reopen After Hurricane Sandy
6. Not really bath salts -- paper provides update on designer stimulants
7. Candidate drug provides benefit in SMA animal models
8. New DRE, Inc. Ultrasound Provides Diagnostic Confidence for Improved Patient Outcomes
9. WEDI Provides Essential EFT and ERA Enrollment Guidance for Healthplans, Providers and Clearinghouses
10. Making the World A Brighter Place - DENTCA Provides High Quality CAD/CAM Dentures in Five Days and Just Two Visits.
11. Detex Corporation Provides Weatherized Delayed Egress Hardware Ideal for Healthcare Facilities
Post Your Comments:
(Date:11/28/2015)... PITTSBURGH, PA (PRWEB) , ... November 28, 2015 , ... ... Manalapan, N.J., has created the COUCH BUDDY. "I conceived of this design due to ... more comfort for couch users. It promotes relaxation and convenience, as well as increases ...
(Date:11/27/2015)... CA (PRWEB) , ... November 27, 2015 , ... According ... carried out by the University of Toronto and the University of British Columbia suggested ... hospitalizations for head injuries. The article explains that part of the reason for the ...
(Date:11/27/2015)... , ... November 27, 2015 , ... ... the toilets were," said an inventor from Hillside, N.J. "Many people catch diseases ... cover so that individuals will always be protected from germs." , He developed ...
(Date:11/27/2015)... ... November 27, 2015 , ... ... progress through sharing, the 2016 Building Better Radiology Marketing Programs meeting ... begin on Sunday, March 6, 2016, at Caesars Palace in Las Vegas with ...
(Date:11/27/2015)... (PRWEB) , ... November 27, 2015 , ... CBD ... Accreditation of Allied Health Education Programs (CAAHEP) awarded accreditation to its Diagnostic Medical Sonography ... CAAHEP accredited colleges, as only one of twelve colleges and universities in the state ...
Breaking Medicine News(10 mins):
(Date:11/27/2015)... PHILADELPHIA , Nov. 27, 2015  Lannett ... that it has completed the acquisition of Kremers ... pharmaceuticals subsidiary of global biopharmaceuticals company UCB S.A. ... --> Lannett has acquired KU from UCB ... to certain adjustments, including a customary working capital ...
(Date:11/26/2015)... India , November 27, ... --> --> ... personal emergency response system (PERS) ... steadily for 5 years with ... region expected to see a ...
(Date:11/26/2015)... --> --> ... immunotherapy with Bremachlorin-photodynamic therapy for advanced cancer.   ... with Bremachlorin-photodynamic therapy for advanced cancer.   ... with Bremachlorin-photodynamic therapy for advanced cancer.   ... immunotherapy can be efficiently combined with photodynamic therapy (PDT) ...
Breaking Medicine Technology: