If you think it is too high, by tax valuation; too low by mileage.
You may not get the suggested retail value for your vehicle. However, this depends on who you sell it to. When making an auto insurance claim, you will get what the insurance company thinks the value of the vehicle is before the accident.
The "book value" or "Kelley Blue Book" value of a 2004 BMW M3 is dependent on many variables. The value of the vehicle is determined by the miles it has, the wear and tear of the vehicle, whether or not the vehicle runs, and whether or not the vehicle has body damage. The value is also determined by whether it is the coupe or the convertible model. Therefore, there is no standard value of a 2004 BMW M3, as this is a used vehicle and each vehicle will be worth a variable amount.
An insurance company declares a vehicle totaled when the cost to fix the vehicle exceeds 70% or more of its market value.
If you have physical damage coverage on your policy and the cost to repair the vehicle is more than the value of the vehicle then the insurance company will total the vehicle. In the case of a total loss, the insurance company will pay you the actual cash value of the vehicle less any deductible you have. On all insurance policies, where you have physical damage coverage, the insurance company has the option to repair the vehicle, pay the actual cash value of the vehicle, or replace the vehicle. Companies never replace the vehicle.
The same as any other loss. Damages and repair costs are assessed and if determined a total loss the vehicle value is paid out. Lien-holders take first place on the payout.
Physical damage coverage on an auto policy says that the insurance company has the option of paying to repair, replace, or pay the actual cash value of the vehicle. In the case where the damage to a vehicle's cost to repair is more than the ACV of the vehicle the vehicle is totalled and the company will pay the ACV of the vehicle. Sometimes when you buy a new vehicle without much or any downpayment you quickly get "upside down" in the loan. As the value of the car depreciates, the loan balance doesn't fall nearly as fast. For the first couple of years you owe more than the value of the vehicle. The insurance company has nothing to do with auto loan. GAP insurance was created to cover the difference in the ACV of the vehicle and the loan payoff. You can buy GAP insurance from the finance company or bank that financed the vehicle or from your insurance company. Purchasing from the insurance is much less expensive and you can drop the coverage once the loan balance falls below the value of the vehicle.
It is different from regular insurance because it covers you for the difference between your car's value, and what you owe on it if you have an accident that totals the car, or the vehicle is stolen. If you are making payments on the vehicle, and you owe more than its value, your GAP insurance will cover the difference.
Your answer is very vague but I think i know where you are going. The answer is mostly yes, insurance coverage is usually capped off to a top amount or in the case of auto insurance to the value of the vehicle for you vehicle and to others there value as determined by which every book or publication (like nada, or kelly blue book or mostly Galves which is mostly whole sale value). Then there is usually a cap on other insurances. say your property in an accident is $100K then the cap is $100K. Hope this helped... gig1
It depends on the insurance coverage, and what caused the wreck. But allowing the coverage covers the incedent the insurance company will pay the VALUE DETERMINED BY THE INSURANCE COMPANY. Not what you think it was worth. I have about $40,000 in a car the insurance comapny will pay $3,000 for if it gets wrecked.
I have never heard any insurance company make that claim.
You can buy reasonable rental insurance at State Farm Insurance, All State Insurance. It depends on how much contents and value you want to get insured to determined the premium.
A total loss is when the cost of repairing the vehicle exceeds a pre-determined percentage of the vehicle's value. For example, if your vehicle is worth $10,000 and the damage exceeds $7,000, your vehicle may be considered a total loss (depending on the state and your insurance company's policy). A borderline total loss would be (in the same example) if the damage to your vehicle is close to, but not quite $7,000.