Does selling my car for parts affect my claim? – Car accident injury attorney in MarylandWritten by ruxandra
Depending on the damage your car sustained, you may be stuck with a car that is impossible to repair. You may be wondering whether your insurance claim in Maryland could be affacted if you sell your car for parts and recoup your loss. In this article, you will find out what the best car accident injury attorney from Maryland can advise you.
Owner Retention in Maryland
Just because your car is damaged beyond repair does not mean that you are forbidden to keep it and sell it for parts. Many people choose this option. This concept is also known as owner retention. But if you decide to keep the car, you may still get a visit from your insurance company. The first thing you have to do is to figure out if your vehicle is totaled.
Figuring out if your car is totaled or not
According to the law, a car is totaled if the cost of repairs is estimated to be more than the value of the car at the moment right before the damage occurred. It all goes down to the value of the car vs. the cost of the car. If it will cost you more to repair the damage that was done to your car than what you would have received for selling it before the accident took place, your insurance company will probably consider it a complete loss. You can ask your lawyer to discuss the details with your insurance company as they are more familiar with this process and can get you the best deal possible. Your attorney may also help you file a car accident injury claim in Maryland and get you the compensation you rightfully deserve.
What to do with a totaled car?
If your car is considered a total loss by the insurance company, you have some legal options. If you were financing the car, you should firstly worry about what you can do with the lender. In most cases, if the car was totaled, you will have to reimburse the lender first. Afterwards, you can choose to keep the totaled car at this point, because the lender already received payment for the loan. Then you can sell the car for parts if you want.
The advantages of selling your car for parts
If your car was totaled, you can still try to repair it, even though it may not run the way it used to ever again. In addition to this, you might discover new damages at a later date that went unnoticed by the first mechanic. Even if your car was repaired, its value will be significantly lower than the one before the crash. You can try to sell your car for parts or even sell it yourself, but it will take a lot of time to gather the money for a new car using this method. Sometimes, the best thing you can do is to accept the loss and sell what is broken to buy something new.
If you have any more questions about whether you should sell your car for parts, file a claim against the liable party and how to get the compensation you deserve for the accident, you may contact the best car accident injury lawyer in Maryland at (443) 569-3950 or send an email to [email protected].