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How does the insurance calculate the fair market value for total loss vehicle?
Wiki User
∙ 14y ago
Usually they said, they don't used KBB value estimated, and then how they calculate a fair price. NADA system is no at all exactly because has no many options that you can add to your car. What we have to do, to dealing with the Insurances shark's guys?
Wiki User
∙ 14y ago
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Does gap insurance cover repossession in the state of NY?
No, GAP Insurance covers the difference between the market value of the vehicle the insurance company pays you after a total loss and what you owe to the financial institution.
What is constructive total loss under engineering insurance?
In terms of motor vehicle insurance, when an insurance company writes a vehicle off, they have a dedicated salvage agent, who will give them back a certain percentage of its market value (pre-incident) for every damaged vehicle sold to them. If the cost to repair the vehicle is greater than its market value minus the percentage the insurance company receives, it is known as a constructive total loss (category D), as it is more economic for the insurance company to write the vehicle off than repair it. Equation: Cost to repair > Pre accident value - Salvage percentage return = Constructive write off
Does the insurance company have the right to total your car even if their insured was at fault for the accident?
Your car being deemed a total loss does not have anything to do with the liability of the accident. Your vehicle becomes totalled when the repair cost exceeds the local market value of your vehicle.
If your car is declared a total loss how much will the insurance company pay back to you if the car was purchased below book value?
Regardless of what you paid for the vehicle, in most cases,if your vehicle is deemed a total loss, you will be paid the local market value of your vehicle. If you happened to purchase your vehicle for less than that, you lucked out:)
Do you have to let the insurance company total your car if you were not at fault?
Liability, or whether or not you are at fault, has nothing to do with your vehicle being deemed totalled. If the repair cost exceeds the local market value of your car, it is a total loss.
Is there a specific NY Law concerning the compensation for a total loss auto insurance claim if the vehicle was purchased within the past 90 days?
If it is a total loss then the insurance needs to pay the value of the vehicle.
What do you do if it costs more to fix a wrecked automobile than the vehicle is worth?
If you have physical damage coverage on your policy and the cost to repair the vehicle is more than the value of the vehicle then the insurance company will total the vehicle. In the case of a total loss, the insurance company will pay you the actual cash value of the vehicle less any deductible you have. On all insurance policies, where you have physical damage coverage, the insurance company has the option to repair the vehicle, pay the actual cash value of the vehicle, or replace the vehicle. Companies never replace the vehicle.
If insurance company reports car total loss what title do they receive?
If the insurance writes off the vehicle - they get YOUR title document - and THEY then forward it to the DMV informing them that the vehicle is scrapped.
Why do you have to sell your vehicle to the insurance company if it is declared a total loss in the state of Alabama?
no
Will insurance total a 2003 Toyota Tacoma if the frame is bent but there is no cosmetic damage?
How can you bend the frame without cosmetic damage? Did you run over something? Depending on your insurance coverages, if a vehicle has a bent frame and is no longer safe to drive, then an insurance compamy would usually total out a vehicle. Otherwise, they can pay to repair the vehicle.
You reside in Kentucky no fault state and have a wreck but persons insurance says theyre at fault and youre not. Do they have to replace your car with one of exact value at time of wreck?
An insurance company is not required to provide you with any vehicle of any exact value. They are required to compensate you at fair market value for your loss. Fair market value may be higher or lower than what you perceive as the actual value of your loss. If the vehicle is a total loss, then it is generally up to you to go shopping for a vehicle of your choice.
Who determines if a vehicle is totaled?
the insurance company- if the vehicle is damaged more then it is worth- it is considered a "total lose" you will get what the car is worth at the time of the accident-not the total value of the car-other pendings vary like full compensation insurance
