Best of the Week
Most Popular
1. Investing in a Bubble Mania Stock Market Trending Towards Financial Crisis 2.0 CRASH! - 9th Sep 21
2.Tech Stocks Bubble Valuations 2000 vs 2021 - 25th Sep 21
3.Stock Market FOMO Going into Crash Season - 8th Oct 21
4.Stock Market FOMO Hits September Brick Wall - Evergrande China's Lehman's Moment - 22nd Sep 21
5.Crypto Bubble BURSTS! BTC, ETH, XRP CRASH! NiceHash Seizes Funds on Account Halting ALL Withdrawals! - 19th May 21
6.How to Protect Your Self From a Stock Market CRASH / Bear Market? - 14th Oct 21
7.AI Stocks Portfolio Buying and Selling Levels Going Into Market Correction - 11th Oct 21
8.Why Silver Price Could Crash by 20%! - 5th Oct 21
9.Powell: Inflation Might Not Be Transitory, After All - 3rd Oct 21
10.Global Stock Markets Topped 60 Days Before the US Stocks Peaked - 23rd Sep 21
Last 7 days
Why Most Investors LOST Money by Investing in ARK FUNDS - 27th Jan 22
The “play-to-earn” trend taking the crypto world by storm - 27th Jan 22
Quantum AI Stocks Investing Priority - 26th Jan 22
Is Everyone Going To Be Right About This Stocks Bear Market?- 26th Jan 22
Stock Market Glass Half Empty or Half Full? - 26th Jan 22
Stock Market Quoted As Saying 'The Reports Of My Demise Are Greatly Exaggerated' - 26th Jan 22
The Synthetic Dividend Option To Generate Profits - 26th Jan 22
The Beginner's Guide to Credit Repair - 26th Jan 22
AI Tech Stocks State Going into the CRASH and Capitalising on the Metaverse - 25th Jan 22
Stock Market Relief Rally, Maybe? - 25th Jan 22
Why Gold’s Latest Rally Is Nothing to Get Excited About - 25th Jan 22
Gold Slides and Rebounds in 2022 - 25th Jan 22
Gold; a stellar picture - 25th Jan 22
CATHY WOOD ARK GARBAGE ARK Funds Heading for 90% STOCK CRASH! - 22nd Jan 22
Gold Is the Belle of the Ball. Will Its Dance Turn Bearish? - 22nd Jan 22
Best Neighborhoods to Buy Real Estate in San Diego - 22nd Jan 22
Stock Market January PANIC AI Tech Stocks Buying Opp - Trend Forecast 2022 - 21st Jan 21
How to Get Rich in the MetaVerse - 20th Jan 21
Should you Buy Payment Disruptor Stocks in 2022? - 20th Jan 21
2022 the Year of Smart devices, Electric Vehicles, and AI Startups - 20th Jan 21
Oil Markets More Animated by Geopolitics, Supply, and Demand - 20th Jan 21
WARNING - AI STOCK MARKET CRASH / BEAR SWITCH TRIGGERED! - 19th Jan 22
Fake It Till You Make It: Will Silver’s Motto Work on Gold? - 19th Jan 22
Crude Oil Smashing Stocks - 19th Jan 22
US Stagflation: The Global Risk of 2022 - 19th Jan 22
Stock Market Trend Forecast Early 2022 - Tech Growth Value Stocks Rotation - 18th Jan 22
Stock Market Sentiment Speaks: Are We Setting Up For A 'Mini-Crash'? - 18th Jan 22
Mobile Sports Betting is on a rise: Here’s why - 18th Jan 22
Exponential AI Stocks Mega-trend - 17th Jan 22
THE NEXT BITCOIN - 17th Jan 22
Gold Price Predictions for 2022 - 17th Jan 22
How Do Debt Relief Services Work To Reduce The Amount You Owe? - 17th Jan 22
RIVIAN IPO Illustrates We are in the Mother of all Stock Market Bubbles - 16th Jan 22
All Market Eyes on Copper - 16th Jan 22
The US Dollar Had a Slip-Up, but Gold Turned a Blind Eye to It - 16th Jan 22
A Stock Market Top for the Ages - 16th Jan 22
FREETRADE - Stock Investing Platform, the Good, Bad and Ugly Review, Free Shares, Cancelled Orders - 15th Jan 22
WD 14tb My Book External Drive Unboxing, Testing and Benchmark Performance Amazon Buy Review - 15th Jan 22
Toyland Ferris Wheel Birthday Fun at Gulliver's Rother Valley UK Theme Park 2022 - 15th Jan 22
What You Should Know About a TailoredPay High Risk Merchant Account - 15th Jan 22

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

How Much Does Hail Damage Devalue a Car?

Personal_Finance / Motoring Aug 26, 2020 - 05:20 PM GMT

By: Steve_Barker

Personal_Finance

Owning a car has its fair share of challenges, including suffering hail damages.

If you live in an area susceptible to hailstorms, take precautions to keep off your car from hail damage. If the worst happens and the car is hit, take the necessary steps.

Hailstorms wreak havoc on a sleek car forcing the owner to incur repair costs they hadn’t planned for. Since nature’s behavior is inevitable, it pays to prepare for the worst in case disaster strikes.

A hail junk car not only devalues, but also loses the factory look it had before. So, buying a car with hail damage requires having details about the car first.


For instance, reviewing its records helps in making an informed decision.

What Makes Dealers Sell Cars with Hail Damage?

Sometimes it might prove expensive to repair a hail less than perfect car. If, for instance, the cost of repair exceeds the market value, dealers must think of a way out. In that case, you may need to sell your junked car to a trusted company like Damaged cars.

Selling hail-damaged cars is a profitable venture for the dealers. After a hailstorm hits, many car owners get rid of their less than perfect cars.

Dealers use this opportunity to repair the cars at minimum costs, after which they resell them. That’s how selling hail damage cars is lucrative.

How to Evaluate Hail Damage on a Car

Immediately a car becomes a victim of a hailstorm, take it to a professional mechanic for assessment. It will be evaluated on the parts affected and how serious the dents are. If the windows are broken, that means there are traces of water inside the car.

The mechanic shop will assess all this for you to gauge whether the car is totaled or not.

Hail Dent Repairs

There’s not an exact amount for repairing hail dents since the intensity of the damage determines this.

Nevertheless, it takes an average of $2,500 to repair hail dents, which means it can be higher or less. For instance, an older car might be totaled if the costs are beyond the asking price.

Also, new cars with hail dents might not cost as much. The model of the car, alongside the impact of the dents, determines the cost of repair too.

Broken windscreens, dents on the car roof, spoilt windshields and trim pieces means that was serious damage. Estimating a whopping $10,000 is not wrong math.

Smaller dents cost a measly $30 to $45, for medium dents, the cost is $45 to $55 while more serious ones go for $75 each.

Hacks to Prevent Hail Damage on Your Car

A damaged car is the last thing you want to deal with. Therefore, take all the necessary safety precautions to ensure a hailstorm never hits it.

  • First, take note of the weather patterns, especially if you live in areas prone to hailstorms. The only way out is to never drive out during a hailstorm.
  • So, if weather forecasts predict hailstorms, you better let your car have some rest. Better still, cover your car with blankets if you don’t have an enclosed garage.
  • However, look for a safe place (such as an overpass or a bridge), to at least protect your car from hail storm hits.

Having an insurance cover is the best action in preventing your car from hail damage. If a hailstorm hits and your car gets badly impacted, contact your insurance provider immediately.

Provided your deductible is in line with your insurance provider’s policy, claim the cover.

However, do so fast to avoid other issues and possibly competition from other car owners, who the hail befell too.

DIY Ideas for Repairing Hail Damage

Your car became a victim to a hailstorm, though the dents don’t seem so deep. Try to repair it yourself. There are a few methods to help with that;

  • Drive the Car to a Sunny Place and Park there

This hack applies since too much heat from the sun expands the metal. In doing so, the small dents might slowly go away.

However, if the dents remain intact after several days, don’t insist. The fact remains they won’t go away, so, seeking professional help should be your next step.

  • Use Tools from a Repair Kit

There’s a hail damage repair kit used to repair the dents. It involves either manually pulling the dent, or using adhesive glue on the paint to extract the dent.

To use this method, be ready to invest $50 to $150 for the repair kit in your local auto online store. Similar to other hacks, this method works only if the car has shallow dents.

What Insurance Cover Will Apply to Hail Damage?

You don’t want to risk not insuring your car against such hazards as hail damage, accidents, or theft.

For hail damage, comprehensive insurance cover applies. You don’t have to bear the impact of hail damage alone, so insure the car against it as early as now.

Reasons Why the Car Dealer Doesn’t Repair all Car Dents

If the car was severely damaged, the dealer might find it expensive to repair it. Incurring costs greater than market cost is a loss.

Some car dealers are tricky, so they sell the car at a throw-away price. They use this as a convincing strategy, the more reason to be buyer beware.

Who wants a cheaper car only to realize it has so much repair costs?

Do banks Finance Hail-damaged Cars?

No, banks won’t finance hail damage cars. Their depreciation rate is so high that the bank doesn’t want to lend money to an already junked car.

The same case applies to other loan companies who deem it insecure about loaning a less than perfect car.

Conclusion

You should always ensure your car is safe from hail damage. On the other hand, life happens, and a hailstorm might get the car unprepared. In this scenario, notify your insurance provider for coverage.

Also, take safety precautions in consideration of potential damage to your car. For instance, purchasing a carport goes a long way in preventing hail damage to your car.

By Steve Barker

© 2020 Copyright Steve Barker - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in