How much do car insurance companies pay for a totaled vehicle?

Question

How much do car insurance companies pay for a totaled vehicle?

Answer 1

It depends on the replacement cost of your car.

I got 30k for my G35 coupe last year when it was totaled.

Answer 2

Hello! IT depends on what the vehicles worth

Answer 3

It depends on the value of the car before it was totaled.

So a new car gets a much larger amount than a 12 year old car.

Answer 4

It depends on a lot of things.

If the car is insured with that company for an agreed value, they will pay that amount if the car is totalled. I have agreed value prices on all my cars, so I know what I get ahead of time if something goes wrong. Its also written in black and white, and leaves no guessing.

If the car is insured with that company for a market value, they will inspect the condtion of the vehicle, and the milage of the vehicle and get a price using references like Glasses guide, etc. They may pay the maximum amount, if the car is in good condition, or they may pay the minimum, or anywhere in between, depending on the milage and condition,

If the car is insured through another company, and you are getting a figure from the at fault company, they will give you a low figure, so it doesnt cost them as much. If you disagree with it, phone them and say its too low, your car is insured through another company for $X and that is the amount you want.

If the car is uninsured, they will most likely inspect the car and offer you way less than what it is worth. You dont have much recourse because you dont have a policy to give the car a value.

Answer 5

not even half of what the car or truck is worth..

i paid 42,000 for my truck and when it got stolen, the

company only paid 12,000

Answer 6

Scrap value. However much the car is worth at a metal scrap yard. In Australia, that's about $150-$200.

Or do you mean how much will they give you for a payout if you total yours? That depends on what the assessor says. Usually the absolute minimum market value of the car before you turned it into a crumpled heap!

This is why agreed value insurance is better. If you keep your car in top condition with a stamped service logbook and low mileage, they can agree to insure it for a higher value than normal, so you don't lose thousands if you crash it.

Answer 7

Generally they pay what they call fair market value.  They pay what similar cars are selling for in your area.  If the car is very new, that can be below what you owe on the car so Gap Insurance covers the rest.

Answer 8

Unless your insurance policy states otherwise, you are paid the Actual Cash Value (ACV) for a totaled car.  This number is NOT obtained through NADA, KBB, or any other buyers/sellers guide.  The ACV is determined by collecting sales data (from private party and dealership sales) in your area of vehicles of the same/similar year/make/model/mileage/condition/option... as your own.  Any recent work done to the vehicle (new tires, regular maintenance) may add value to the ACV; similarly, if your vehicle as high mileage for its age or is poor condition for its age, deductions are taken for this as well.

Also, a good resource is...

http://insurance.deal4-you.com

Best of luck to you.

Answer 9

They will give "fair market value" for the car

Answer 10

  First the insurance company sends an agent to inspect the car.  They look to see what condition it was in before the accident, they look up the model and year and give you their book value.  They have different values depending on the condition it was in.

Answer 11

actual cash value