Crashed, Crushed, Cashed: A Guide to Monetizing Damaged Vehicles

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With car insurance premiums at an all-time high, many owners of older vehicles opt out of carrying policies for collision or comprehensive damage. In today’s tough times, for many car owners, this seems like a no-brainer for cutting monthly costs. Unfortunately for them, if they’re involved in an incident that’s their fault, their insurance company will shrug their shoulders and say, “I told you so,” if they try to make a claim to recover their damages.

If this has happened to you and you live in southern Orange County, your best option is to quickly find a junk car buyer in Irvine, CA. Junk car buyers will purchase any vehicle, damaged or not, and it is the best way to recover your losses.

Insurance and Car Damage: What to Know

If you’ve wrecked your car in an accident with another driver and you’ve been found to have been the at-fault driver, you’ll be responsible for the car repair costs. These expenses will be covered if you’ve added a collision or comprehensive rider to your car’s insurance policy. Individuals who took out loans to pay off their vehicles are usually required to carry additional coverage. However, if you own your vehicle outright, you are under no obligation to pay for them.

Unfortunately, many vehicle owners discontinue this extra coverage once they’ve paid off their bank loads. Folks who’ve purchased used cars and paid them with cash typically don’t purchase this additional insurance protection. So, if their vehicles are damaged by no one’s fault but their own, they’re responsible for the repairs.

What Options Do Damaged Vehicle Owners Have?

Collisions with another vehicle or collisions with objects can both cause an enormous amount of damage. Without the protection of an insurance policy, these damages will be the responsibility of the car’s owner. Even a minor incident like a parking attempt misjudgment where you accidentally back into a non-movable object can cause a very expensive repair. These repair costs can easily equal the cost of the vehicle.

Fortunately, there are ways to cut your losses. Although damaged vehicles usually hit the unkind category of junk, they still have some value that you can squeeze out of them. Here are your best choices.

Sell It to a Junkyard

Now that your once-loved vehicle is considered a junk car, the obvious choice is to sell it to a junkyard. Despite its damage, junkyard businesses see the value in your vehicle in its exploitable metal. They’ll offer you a price based on that day’s current market rates for the metal they can strip from your vehicle after charging a commission.

Donate It to Charity

Some charities will take any type of vehicle, even those that require costly repairs for cosmetic damage. While you won’t be paid for the donation, there is a future financial benefit. These charities eventually sell your vehicle, perhaps in an auction or similar setting. Once they’ve sold it, you’ll be mailed a letter stating what they’ve received for it. You can use this document as proof of a charitable donation to lower your tax burden.

Sell It to a Specialized Junk Car Dealer

Your best option to monetize your damaged vehicle is to sell it to a specialized dealer who buys all vehicles regardless of condition, age, or mileage. They’ll even come to you, tow away your wreck, and leave you with cash, a check, or a cash app payment. All of this can be done from the comfort of your residence, and from start to finish is a relatively smooth process. They’ll offer you more than a junkyard, most likely more than expected.

Monetizing Your Damaged Vehicle Explained

Without carrying a collision or comprehensive insurance on your vehicle and it’s been damaged due to your negligence, unfortunately, you’re the one responsible for paying for the repairs. Even a minor collision with an object can cause thousands of dollars worth of damage. If the repair costs outweigh the value of your vehicle, you now have what’s referred to as a junk car.

Your best solution to this problem is to unburden yourself from the expense and sell the vehicle to a specialized junk car dealership. They’ll purchase any vehicle despite having severe cosmetic damage, high mileage, or the need for costly repairs. They’ll come to you, tow it away, and leave you with more cash than you probably expected. The choice is clear. Unload that damaged car and cut your losses.

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