I came across a great article on how insurance carriers value your vehicle after a total loss. It’s a question we here at Joyce, Jackman & Bell Insurors get asked a lot. So, I wanted to share this article with you. It explains what happens when you file a claim on your auto insurance—the process of assessing the damage, valuing your vehicle, and how they determine if it’s 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. You can put this money toward the amount you still owe on the totaled car—if you still have a car loan—or you can use it to purchase a new vehicle. Read more… How Car Insurance Companies Value Cars