How Does Insurance Value Your Car
Your car s value is calculated just prior to the car accident.
How does insurance value your car. Vehicle value and your insurance. The acv or actual cash value of your car is the amount your car insurance provider will pay you after it s stolen or totaled in an accident. Your insurance company is generally obligated to repair your car to its pre crash condition or help you get another comparable car. Car insurance companies use several methods to determine the value of your car when you are in an accident.
Your car s acv is its pre collision value as determined by your car insurance company minus whatever deductible you are required to pay for your comp or collision coverage. The current market valuation made by your insurance provider is the value of the car if it were to be sold on the open market that day. This information is what they use to decide how much they will reimburse you if your car is in an accident that results in it being totaled. You may be tempted to underestimate the value of your car for a cheaper premium.
Insurers calculate the cost of your car insurance based on several factors like your address occupation and driving history. 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. The value of your vehicle also plays a part in it because it has an impact on your car s insurance group. If it s written off you won t get back it s true value.
There are online sites where you can get a free valuation if you re not sure of the current value. You can put this. As you understand how insurance companies use these review your current coverage and decide if you need to make changes to your policy.
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