A car wreck can be devastating to many areas of your life. You have to recover physically and economically. And if you’ve totaled your car, then you have another significant reason to worry. When you’re dealing with the insurance company, their goal is to save themselves money, so they’re not going to give you what you paid for your car. They’re going to pay you what the car was worth at the time of the accident.
Bouncing back from an auto accident can be difficult when you’ve totaled your car, but it’s doable. The used car market in Lagos is growing along with the city and its economy, so it’s easier to find a reliable vehicle. Continue reading to find out what you should do after totaling your car.
Call a Lawyer
After an accident, your first priority is to go to a hospital for your injuries. Your next move should be to find yourself an injury lawyer. The insurance companies—even your own— aren’t looking out for your best interests. They make their profits by collecting more money in premiums than they pay out in claims, and it’s a very successful business model. To get fair compensation, you’re going to need someone on your side who knows how to make the insurance companies pay what they owe.
Consider Buying Your Car Back
Just because the insurance company has given up on your car and declared it a total loss doesn’t mean that you have to as well. If you’ve got work experience in the automotive industry, then you may be able to repair your own vehicle. Drivers with automotive and diesel certifications can recover the value of a totaled car where others cannot.
Automotive technicians can make a totaled vehicle safe for travel again for a fraction of the cost of paying another mechanic to do it. If you have the skills, then you can repair your old car and keep more of your settlement for yourself or even purchase another gently used car.
Buy a Used Car
There is a burgeoning car market in the major cities of Nigeria, and this makes it easier than in previous years to get a quality car for a reasonable price. Just last year, there were close to 12 million vehicles on Nigeria’s roads.
The most popular used cars in Nigeria are the ones imported from America. Vehicles from the U.S. come in a wider variety than cars from local production and have the latest automotive technology.
Online car auctions like Auto Auction Mall are a great way to find used cars for sale in Nigeria. Because you’re bidding on vehicles in a live auction, you can get one at the same price that the used car dealers pay.
Buy a New Car Made in Nigeria
To boost the car market for vehicles from local production in Lagos and other auto manufacturing cities in Nigeria, the government put a 70% tariff on cars imported from overseas. Also, they banned the importation of all vehicles by land.
Because of the high tariff on imports, it’s cheaper to purchase a new car made in Lagos than to buy a gently used one from America. IVM—short for Innoson Vehicle Manufacturers—is the first Nigerian automobile brand.
There are also particular models of Kias, Peugeots, and other basic model cars made in Nigeria. The selection isn’t as expansive as the market for imports at this point, but the vehicles are built for durability and fuel efficiency. With the settlement from your wreck, you should consider purchasing a new car if you can’t afford the duty for importing a vehicle.