How Does Insurance Company Value A Totaled Car
If your car is totaled in an accident meaning the cost to fix it is more than a certain percentage of the car s value then your insurance company will pay out the actual cash value or acv of your car.
How does insurance company value a totaled car. This is called the replacement value. This value calculated and offered by your insurance company is the amount it d usually cost you to buy your exact car before the accident from a car dealership in your area. Posted on sep 12 2016. An insurance company is not obligated to pay off your loan only to pay you what your car was worth even if that leaves you thousands of dollars in debt.
That means that assuming you have comprehensive and collision coverage which cover damage to your vehicle you ll be paid the value of your car before the collision that totaled it. When your vehicle is totaled in an auto accident your insurance company pays you for the totaled car value or more accurately it pays you for what it claims the value to be. It is important to know how your vehicle s value is calculated because it can help you negotiate for a better payout on your claim. When your car is totaled in an accident and you file a claim your auto insurance should pay you the same amount it would cost for you to walk onto a lot and purchase the exact same car.
Calculating the total loss value of a car is not exactly easy and may vary considerably by state and the insurance company. This means your company will pay you the actual cash value of the car what it was worth the minute before it was totaled minus the deductible for the collision coverage on your policy. The claims adjuster from your insurance company will compare the prices of cars similar to your totaled car in model mileage make and options. How do insurance companies determine the value of a totaled car.
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