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How does insurance decide how much your car is worth if totaled?

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2015-07-16 19:17:34
2015-07-16 19:17:34

Insurers use the "Blue Book" value, and factor in mileage and any previous damage, etc. Just as if it were a "trade in".

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When a vehicle covered by insurance gets wrecked, the insurance company looks at how much it will cost to repair. If repairing the bike costs more than it is worth, then the insurance company declares it totaled and pays for a replacement.

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The insurance company will pay you the worth of your car minus your deductible.

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A vehicle is totaled if it cost too much to repair it. Usually, insurance companies determine whether or not a vehicle is totaled.

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That depends on what the car is and how much the insurance values it at.

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That depends on how much damage has been done to the car.

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You bid on it just like the salvage yards. High bidder wins the car.

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Scrap value for a complete vehicle in CT goes for $300.

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There isn't a set rate on this. The insurance company will first examine to see if the accident in which your vehicle was totaled was done in a manner which voided your policy. Then, the analysis will be made based on the vehicle's value, and the extent of your policy.

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It will vary with the condition of the vehicle. It could be worth $200 if totaled or Thousands of dollars if in pristine condition.

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To give an accurate insurance quote I would need to know what you are insuring, how old it is, how much it is worth and how much insurance you actually want on it.

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If it cannot be repaired or not worth it to do so, the insurance company will pay the value of the car and depending on the current market value of the vehicle. If you owe money on the car the lender will be paid off first and you may get the remainder.

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You will get the book value of the car. You will get what the car was worth before the crash. Any previous damage will affect the cars value.

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George Bailey has a life insurance policy worth $5,000.

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To decide about insurance, it depends what you are mailing. If it is an expensive object such as electronics or jewelry then it is wise to purchase insurance. If it does not have much value then insurance is not needed.

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Sometimes pet insurance costs more that the pay out. You should gather information about how much you pay per year to your vet and then see if it's worth it to get insurance.

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Decide how much you want to spend and buy that amount of insurance to cover it. www.funeralsohio.org/cfmyths.htm can help you find something.

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When a car is totalled, it goes on your driving record. When insurance companies look up your record, they take that claim you made and make it part of the deciding factors of how much your premium should be. I had an at-fault accident last year and it did not total the car, however the insurance company hiked my rate 50 dollars. My best advice to you is shop around. Seeing a broker (someone who sells insurance on behalf of a certain number of insurance companies) may save you some time.

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Typically, your deal with the bank that you bought your car through is separate from your car insurance. However, many insurance companies offer "gap" insurance to cover this issue, so that the car is paid off if it is totaled. Talk to your agent, and they can tell you exactly what coverage you have and how much they'll pay. The insurance company (yours) will look the car and if it is totaled they will give you the money for its current value, minus your deductible. If its repairable, they will give you the money to repair it, minus your deductible. Any money left on the car payments after the amount your insurance pays is your responsibility, unless your insurance specifically covers this. If you didn't have insurance, then you lose it all, no money to fix or replace the car, and you still have to pay for the car. Never drive a car without insurance, period.

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The fair market value for your car at the time before you got into the accident. It may not be enough to replace your car, if you have GAP insurance through your bank, then it should cover the cost of replacing the vehicle.

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A jury would decide how much to award the plaintiff. Some states have issued caps on how much can be awarded if there has been no economical damage.

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Totaled vehicles which have been rebuilt generally have a "salvaged vehicle" title, or whatever it's called in your state. Vehicles with a salvaged vehicle title are by definition, not as valuable as the same vehicle with a clean title. If the vehicle is subsequently in another collision, the insurance company will not pay as much since the loss was not as great. Insurance companies only need to pay you for the actual value of the vehicle.

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There are many variables that decide what your insurance would cost, such as; Your driving record Type of bike Cost of bike Your age


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