Crashing your car can be devastating, especially if you rely on it to get about during the day. Although having a wreck can be a terrible situation, there are some ways you can claw some money back. In this article I am going to cover some of the best, ethical, ways to make some cash out of your misfortune.
Contacting your insurance ASAP is a vital part if getting money back from your wreck. Insurance companies are very handy as most of the time they will deal with all of the paper work and you can get on with your daily tasks. Here are some key details in what to do in the event of an accident/wreck:
- Call your insurance company ASAP. Tell them as much detail as you can, this will save you a lot of time later on as during investigation they will not have to dig around for details.
- Keep ALL of your documentation, in regards to your accident, in a safe place so that you can easily find them. Being able to send over documents quickly will speed up the process more than your would imagine and the whole process with be a whole lot smoother.
- Document all of the personal costs that you are having to pay out for while without a vehicle, weather this is loss of pay, costs of damage to property etc. It will really help later on when they are calculating a payout.
- Do a little bit of research. If your insurance are offering to write off your car and give you a lump sum, make sure that you are getting the correct amount and do not settle for less.
- Never take the first offer. You may wish to get the process over and done with as soon as possible but you will often be offered a lower price. Dispute the offer and see if you can get it higher.
Another key part to note, if your insurance are writing off the vehicle, always ask how much they want to buy it back. Buying your car back from the insurance is a fantastic way to make money as most cars can be stripped and sold for parts for a profit.
Breaking your car is an opportunity to make a large amount of cash. Putting it simply, it is stripping your car down and selling its component parts. This can often be done yourself and can really help to recover costs. In some cases you may even find that you will get more, in total, for parts than you would if you sold the car as a whole.
Often the engine is the most valuable part of a car. These can be sold for anything from $300 right up into the thousands (depending on your model, do some research to find out how much yours is worth). If your engine is in good running condition, but you do not have the tools to remove it yourself, taking it to a workshop is a good idea. From there you can then take the engine away in a van and get ready to send it off.
The frame of the car is, usually, also worth quite a lot of money. If you framework is intact it is well worth selling. One thing to note about the frame, however, is that it must be completely stripped of everything. Of course you can sell it with parts still attached, but this may impact the final value.
Electronic components of the car can also be worth a small fortune. If you own a fairly old car, in good condition, it can often be hard to come across quality parts. Some people swear by only buying original parts and will often spend over the odds to get them.
Speak to the media
If you have been in a bad accident, branch out to your local media. You can get paid upwards of $50 for your story, and even more if they see fit. News outlets may not wish to run your story, so do not rely on this as a way to make some money back, but if they do then you can easily make a little bit of extra cash to help with repairs.