Is My Truck Totaled?
The word 'totaled' is usually used when describing a car that has suffered substantial damage in an accident. However, for insurance companies, this is a quantitative term, and only vehicles that meet certain conditions are described as totaled.
To an insurance company, a vehicle is only considered to be totaled if the cost of repairs is much higher than what it would cost your insurance provider to pay for a replacement vehicle minus the salvage vehicle of the damaged vehicle. To put it simply, it's not the degree of damage that determines if the car is totaled but whether or not it will cost the insurance company less to replace it.
Determining the Cost of Repairs
Before you can know if your truck is totaled, you need to find out how much the repairs are going to cost. You can simply take the vehicle to a same-day truck repairs shop, and they can perform a thorough assessment. The repair shop will let you know what kind of repairs are required and how much it's going to cost you.
These costs are what you'll then present to the insurance company, and they are the ones who'll determine if the truck is totaled. Avoid using the word totaled prematurely; otherwise, the insurance company may become suspicious of your intentions.
The Significance of the Salvage Value
Even when your car is written off, many of the parts inside still have value. This is what is known as salvage value, and it will make a great difference in determining whether or not the insurance company considers your truck to be totaled.
For example, if your repair costs are $7000, the cost of replacement is $8000, and your truck has a salvage value of $700, the insurance company's net loss will be lower if your car is repaired. However, if the salvage value of your truck is $1200, the insurance company's net loss will be lower if they replace the car instead.
If you wish to keep the truck even if it's declared totaled, you can do so. However, the insurance company will deduct the salvage value from the payment to you.
What About the Deductible?
The deductible will only come into consideration if you were the one who was at fault for the accident. In this case, the deductible will also have the same effect as the salvage vehicle of your car. Since you'll have to pay the deductible for the replacement vehicle, it will lower the net loss of the insurance company.