Sell Accident Car Blog

Wrecked Car Case Study #128

Joseph Coupal - Friday, February 21, 2014

25 million people have accidents each year on US roads. Only half of them will get reimbursed for collision repairs by the insurance company at fault. Of those 12.5 Million people, around 10% of them will find a way out of the vehicle because they just don't feel safe in it anymore. Most of the vehicles that get repaired wind up being a bad financial decision for the insured. Why sink several thousand dollars into a vehicle that is 6 years old and has 100K+ miles on it?

The truth is, most people don't know they have the option of keeping the proceeds that the insurance company will designate for the repairs, then selling their wrecked car for cash and getting something new. This is an actual case that turned out pretty good! Lets take a look at Brandy's case because she was fortunate enough to make the right decision.

2012 Jaguar XJ-L
12,000 miles
NADA Clean Retail Value $58,675
Collision Repair Estimate $39,000
Sold to DamageMAX for $20,000
Equity Position $325.00

Brandy hit a tree with her shiny new Jaguar and was at fault, but luckily the repairs were covered. She thought the damages were so severe that the car would never be the same – she was shocked when the insurance company told her she had to keep the car and that they would have to repair it. Brandy found DamageMAX.com and sent us the collision estimate along with a few photos taken from her cell phone and sold us the car in less than 24 hours. 72 hours from the first call, the Jaguar was gone and DamageMAX wired $20,000 to a very happy seller!

Brandy was able to keep her insurance repair check for $39,000 plus the $20,000 from the sale of the Jaguar which put her over NADA Clean Retail Value by $325.00! The best part is, she didn't have to write the check for her insurance deductible which kept another $1000 in her pocketbook.

Most damaged cars are worth a lot more than people think they are… Don't leave yourself in the dark, make an educated decision before you agree to fixing your wrecked vehicle. Call (888) 629-2137 or visit www.damagemax.com for an immediate cash offer on any damaged vehicle.

Your Son took your Car to Denny's

Joseph Coupal - Thursday, February 13, 2014

Your son begs and pleads to borrow your SUV to go with some friends to Denny's for a late night feeding. He calls 2 hours later and the first words you hear are "Mom, I'm sorry".

You just paid the vehicle off and dropped the collision coverage, this is not a good time for a car wreck you are thinking. Everyone is okay, maybe it's not that bad you keep telling yourself. Then you see your vehicle and it looks destroyed. Even if you could afford to fix it, you would never drive it again after sustaining that much damage. Junior is grounded forever!

Whats next? You need to get your car out of the towing yard and you can't have them take it to your home. Repairing all that damage is not an option either, you will have to just junk it, right? Wrong! There really aren't any junk yards anymore. There are scrap yards and auto recyclers that dismantle automobiles and sell the usable parts. Your Wrecked Vehicle is not junk! Your damaged car is not salvage. It's worth hundreds of dollars, perhaps thousands and the only way to find out is call DamageMAX for a free price quote!

Call (888) 629-2137 for an instant cash offer. We pay to tow it away and there is no charge for title processing.

Visit http://damagemax.com/contact-us.htm 24/7 and leave us your vehicle information and we will email you back a cash offer.

DamageMAX, pays the MAX for damaged and inoperable vehicles. Don't salvage your truck or car, sell it for parts and get more by calling DamageMAX.com

Getting Insurance on a Wrecked Vehicle

Joseph Coupal - Wednesday, February 12, 2014

The Best Things In Life are Free, right? You bet! Only finding things that are free these days seems virtually impossible. I would settle for "a deal" in place of free, but there aren't even many deals out there anymore - especially when it comes to auto insurance. Recently one of our clients asked if they could get a deal on insurance for a car they were thinking of buying with a salvage title? Here is what a major insurance company (TOP 5) told us: 

Is insurance cheaper on a salvage title vehicle?

The short answer is no, in fact it will cost more.

Salvage title vehicles pose a greater risk than one with a clean title and premiums will be on the higher side. Since the extent of damage was significant enough to brand the vehicle with a salvage title, there is a greater chance that it will be a bit unsafe on the road.

Where is the savings in buying a salvage title car then? Upfront perhaps…but you had better pay half the book value for it, or it was no deal. In fact, you will be stuck with that vehicle for a very long time if you paid anymore than 50% of retail value. Most dealers that sell salvage title (rebuilt) vehicles will save you a few thousand dollars and tell you it's a great deal. It's not a very good deal at all.

Here's more on why:

  1. Banks won't finance a salvage title vehicle
  2. Insurance companies will only allow liability coverage (at a much higher rate)
  3. Dealers won't trade-in a salvage title vehicle – the don't even want vehicles with a bad CARFAX!
  4. You will take a huge financial loss when you try to sell a salvage title vehicle
  5. There are very few places that buy salvage title vehicles

DamageMAX will buy any vehicle, anywhere in any condition but salvage title vehicles do not command a premium. If you have a salvage title vehicle or problem vehicle to sell, call (888) 629-2137 or visit http://damagemax.com/contact-us.htm.

Diminished Vehicle Value – it's real

Joseph Coupal - Friday, February 07, 2014

If you have been in a car accident, your vehicle will suffer from diminished value. Insurance carriers are of the opinion that diminished value is not a component of the standard auto insurance policy and seek to evade the topic entirely. The argument can be made that diminished value is "extra insurance" that the purchaser of the policy did not buy. If I had full coverage with a $250 deductible, I of course, would argue that it should be included. But what if someone hits you and it's their fault? With the multitude of auto policy choices, deductibles, PIP, uninsured motorist coverage, etc. do we really need another "moving part"?

You can argue for or against who has to pay for diminished value, but what cannot be argued is that diminished value exists.

Here is how diminished value affects the value of your car or truck:

  1. Accident History – the police report will be fed to vehicle history providers and the NICB (National Insurance Crime Board) and show up reading something like this: Severe Collision Damage, Left Side, Airbag Deployment towed from scene. Now isn't that lovely? Who in god's name will buy your car with that appearing on a CARFAX Report? Additionally, it will appear in BOLD RED on the report–very hard to miss and very dramatic. Dramatic is the perfect term for CARFAX because they want to scare you into buying their history reports. The scarier the better! Accident History will cost you 15% off the Book Value of Your Vehicle. Many a study has been done, some say 13%, others say 17%. It is $1500-2000 all day long!
  2. Stuctural Damage/Repairs: the severity of the collision will dictate how extensive the repairs are that are needed to restore the vehicle to roadworthy condition. Anything can be fixed – all it takes is money. It has always been up to the insurance company what gets fixed and what get's totaled out but make no mistake, a severely collision damaged vehicle will take a huge value hit. It does not matter how well it was repaired. There are companies sprouting up all over the US that perform frame and structural checks to try to "restore" some of this lost value by certifying the repairs with laser alignment devices, etc. Great! So the car you are trying to sell has been in a serious accident but relax, it was repaired with military precision and its "better than new"? Help me understand here…were their robots welding it together like it was at the factory? How about, NO!

The game is changing for the consumer and the emergence of the internet has opened up new channels and global markets for damaged cars to be sold. They are in demand and a damaged vehicle can be sold for fast cash. Consumers with Damaged Vehicles don't have to wait for some insurance claims clerk to decide whether your car gets fixed or will be totaled out. You can sell your damaged car to DamageMAX and it's easy.

Before you agree to let the insurance company fix your car, weigh your options carefully and make an educated decision.

Call DamageMAX at (888) 629-2137 or visit http://damagemax.com/contact-us.htm

Get a written guaranteed buy now price from DamageMAX.com, then add-in the repair check and your deductible and see if that is a better deal than keeping a repaired wreck. Don't forget the diminished value of $2000 / 15% because you will take that hit when you go to sell the vehicle, in fact most dealers won't trade a car with accident history.

For more on diminished value, visit www.damagemax.com or call (888) 629-2137 to speak to a live agent




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Does the vehicle motor run?

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