It is important after you have an accident and your car becomes useless as your insurance company will have to pay up. Has your car been "totaled" by the insurance company claims adjuster? Is it now being towed to a salvage yard because it has been rendered unusable in an accident?
The laws of states vary somewhat, but typically there are state laws involved with "totaled" vehicles in order to keep unsafe "junk" from being driven on public highways. Part of each insurance companies procedures must follow the state statutes in order to comply in the claims process. For more information read the source link below
They use a market value guide.
Contact a broker or agent who can obtain multiples car insurance premiums. Prices can then be compared by the agent to determine which is the best value.
The cash surrender value of an item is how much cash someone would be able to get for it if the insurance on it was suddenly cancelled. If one could not pay insurance on a vehicle and had to sell it, they would have to look for the Kelley Blue Book value to determine the worth of the car.
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.
In the event of an accident you would take the car to a repair shop approved by your insurance company and then they would determine whether or not your car is worth fixing or to payout the "Kelly blue book" value of your vehicle.
Salvage vehicle value is highly subjective but if the car was properly reconstructed and is roadworthy it is worth roughly 60% of a comparable clean titled car. Go to nada.com to get an idea of the car's value. If it's salvage but not roadworthy, maybe 25% of the value of a comparable clean titled car.
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.
Insurance companies ONLY pay for Replacement value when you have paid for an additional endorsement to insure your car for its "replacement" value. Otherwise, they pay Actual Cash Value, using blue books, fair market prices, your car's condition, i.e miles, etc, all of it is a factor to determine actual cash value, etc.
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'.
Often times it is difficult to determine the value of a used car on the spot. I would suggested using car facts in order to determine the cost with the acknowledgement of any past car damage and issues.
The best way to determine the cash surrender value of a life insurance policy is to talk to the local insurance agent or call the insurance company direct. This can make the premiums go up however.
A.C.V. (Actual Cash Value)and or (loan to value) blue books. Your purchase receipt will help determine the real value.