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How do insurance companies Determine the value of your totaled car?
Wiki User
∙ 15y ago
most use independent companies to avoid being sued, or state recognized resources.
there are companies called ccc and autosource that run your vehicles make model adn year with mileage, options and prior damage to determine its value based on your zip code. other static resources include kelly blue book values or NADA to provide national averages.
Wiki User
∙ 15y ago
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What percent does foremost insurance use to determine if a motorcycle is totaled?
70% of the value
Does state farm insurance use the trade in value or the retail value of a car to determine the value of a car if totaled?
They use a market value guide.
What happens to a car that's declared totaled by the insurance company?
If you want to keep a totaled car, the insurance company will determine the salvage value and deduct that from your settlement check. You can still get liability insurance (if there are no safety issues related to the damage), but not collision or comprehensive unless you have the repairs made.
Do you have to accept the insurance company's offer after your car is deemed totaled?
You can ask for more money and get other estimates. But usually, the insurance companies will price the loss of a car depending on the blue book's value.
Why would an insurance company declare a vehicle totaled?
An insurance company declares a vehicle totaled when the cost to fix the vehicle exceeds 70% or more of its market value.
How does an insurance company determine the amount of money to give you for your car when it's totaled in an accident?
The insurance company will only pay the 'book' value of the vehicle as if it were in perfect condition unless damage prior to the accident was discovered and that damage will be deducted from the 'book value'.
Will car insurance pay if totaled car?
If you have full coverage they might pay you the lowest market value fo your car. They will deduct your deductable.. Insurance companies are out to make money so they will find the cheapest way out
How do you know how to get cash value when your car is totaled?
The insurance company will make you an offer.
Do you have to accept the cash if your car is totaled or can you tell them that you want to have your car fixed?
If you have collision insurance, they will pay out up to 40-70% of the value of the car in repair costs. Over that amount, it is considered totaled., and they cut you a check for the value of the car. The percentages vary with companies, vehicle, etc. You don't have any say in it. If you have only liability insurance, you're on your own for the repairs.
What do you do if your car was totaled in an accident and the insurance company doesn't want to give you what you have found on the internet for comparable vehicles they say they can find it cheaper?
Keep in mind that the insurance company will compensate you for the actual cash value of the vehicle. This means the amount of money that it would take to replace the vehicle. Insurance companies do not use advertised prices to determine actual value. When was the last time that you actually paid "sticker" price for a vehicle?
How does an insurance company determine if an auto is totaled?
Normally if the estimated damage is 75% of the value of the vehicle, it will be considered a total loss. The reason for this is that there may be hidden damage that only appears after the repairs are initiated. This varies, depending on your insurance carrier.
What are the leading car insurance companies?
The leading car insurance companies are Liberty Mutual, Geico, Esurance, State Farm and Allstate. The main factors that determine the value of these car insurance companies is an excellent customer service, competitive prices and highly experienced staff.
