How Do Insurance Value Your Car
According to kelley blue book if you currently drive a 2010 acura mdx with 50 000 miles on it your car is currently worth 24 263 if it is in very good condition.
How do insurance value your car. How to work out vehicle value. Sometimes the value that you declare to your insurer will be the amount you initially paid for the vehicle this will be stated on your insurance policy documents. 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. However if you make a claim on your car insurance policy and particularly if your car has been written off your insurer will usually only consider the current market value of.
These vary between companies and states. When you compare car insurance with us we ll estimate what your car is worth using an industry standard valuation service it s based on the vehicle having an average mileage for its age and no optional extras. This value can easily amount to a few thousand dollars for newer vehicles. You can also look on third party sites like autotrader to find an approximate valuation for your vehicle.
The insurance company uses different factors to determine your car s value before deciding whether your car is totaled. 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. 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.
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