My MY3 is damaged, and seemingly this car can be fixed if I wait for 6 months for repair shops to have quota. The insurance company says this also could be claimed as total loss.
Should I pay the deductible and fix MY3 or just claim the total loss?
Option 1 can be better in a way that in the future, the insurance premiums might not increase as much as the case of total loss, but I won’t have a car to drive, and I’d be spending a lot of money renting a car. Also, the car’s report might be showing this car once was damaged and can negatively impact the price when I decide to sell it.
Option 2 can be good if the salvage value is high but the premiums might be a lot more expensive than option 1. Buying a new MY3 can face a much higher interest rate compared to when I bought this MY3.
Should I pay the deductible and fix MY3 or just claim the total loss?
Option 1 can be better in a way that in the future, the insurance premiums might not increase as much as the case of total loss, but I won’t have a car to drive, and I’d be spending a lot of money renting a car. Also, the car’s report might be showing this car once was damaged and can negatively impact the price when I decide to sell it.
Option 2 can be good if the salvage value is high but the premiums might be a lot more expensive than option 1. Buying a new MY3 can face a much higher interest rate compared to when I bought this MY3.