If my vehicle got totaled, would i get the value for the vehicle?

mbrcatz

Well, you DON'T know the insurance company will pay it off.

What you get, is the actual cash value of your truck, minus your deductible. Frequently, payoff is MORE than the actual cash value, meaning, the truck won't even be paid off.

FYI, I always tell people, hit the deer. Hitting a deer is a not at fault accident. Hitting the tree because you swerved to avoid the deer, is an at fault accident, and will cost you more.

If you want to know what the Actual Cash Value of the truck is, you can look up private party sale value for your truck at www.kbb.com. YOu don't get retail, and you don't get payoff.

Then you have to compare payoff to ACV value, to see how much money YOU would get. As long as ACV is greater than payoff, you'll get SOMETHING.

Elizabeth L

They usually reimburse you the blue book value only. And it really depends on the company AND how your policy is set up.

private

The insurance company will give you a check, or the
depreciated value of your truck. <}:-})

bhdiana

It depends on your policy. In most cases, your insurance will give you their blue book value for your vehicle even if it doesn't pay off the loan. My best advice is to be fully informed about the value of your vehicle before you go and see the insurance adjuster. When my parents totaled their vehicle the insurance company tried to only give them their blue book value. My father took out pictures of similar vehicles from local dealerships (same year, make, model, and condition) with sales prices quoted from the dealership. It is worth doing the research, they were able to get their car replaced at full value. Don't just let them tell you that you can only get x amount for your vehicle unless it is a fair price. You need to replace the vehicle with another that is similar.

pickmefirstplz

if its worth $10,000 and you owe $7,000 you get the remaining $3,000 the bank gets the rest

Luna & Lawnboy

You will get the Acutal Cash Value(replacement minus depriciation) only. If you owe more than the ACV, you are responsible for the balance.

David S

If you have an accident and total your vehicle, the insurance company *should* compensate you for its value. However, the value you place on it may be different than the value *they* place on it.

â™¥ Uwish â™¥

If you have the coverage, your insurance will cover the ACV (Actual Cash Value)

However there will be deductions for your deductible, and any unrelated prior damage.

If you owe more than what the vehicle is worth, the insurance company will not pay off your loan, only the ACV of your truck.

To get an idea of what your company will offer, go to www.nada.com

Insurance companies never use KBB (just an fyi)

Maryn

That depends entirely on your insurance policy. Find it and read that section.

I suspect that if the truck is insured and it's an accident, you would receive at most the depreciated value of the truck, which you say is $10,000, less any deductible. Whether you use this to pay off the truck or to buy a new vehicle is up to you--but you'd be foolish to continue making payments on a truck that's totaled.

Chaosman

The insurance wouldn't necessarily pay off the truck. If you total your vehicle the insurance company gives you (or the company you owe money to) the BLUE BOOK value of the vehicle. If this value is LOWER than what is owed, then you will end up with NO vehicle AND a remaining bill. That is how it works, like it or not. Take care.

nogo2720

They figure out the value based on the blue book then they figure out how much it will cost to fix it and which ever is cheaper is the rout they go. You are usually on the bad end either way I have already gone through this 3 times

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