There's a big distinction between the insurance value of your car as determined by the insurance company and the amount it costs to purchase a suitable replacement. The insurance company bases its offer onactual cash value(ACV). This is the amount that the company determines someone would reaso...
Ad valorem taxes are levied based on the determined value of the item being taxed. Municipal property taxes are the most common application of ad valorem taxes. The real estate of property owners is periodically assessed by a public tax assessor to determine its current value. The assessed ...
In most cases, the salvage value is mainly determined by the sum of the working parts of the vehicle and its overall status. Depending on the type ofdamage the carhas sustained in an accident or from natural disasters, the value can drastically change and differ from its depreciated value ov...
What To Do After Your Car Is Totaled (2025) Why does the auto insurance company want to see your title? Editorial Guidelines: We are a free online resource for anyone interested in learning more about auto insurance. Our goal is to be an objective, third-party resource for everything auto...
Moreover, in the unfortunate event that your vehicle is totaled and deemed a complete loss, your insurance policy may provide compensation for the value of your car. This can be particularly beneficial if you owe money on a car loan or lease, as it can help you settle any outstanding finan...
Liability-only car insurance provides coverage for injury and damage you may cause, while full coverage adds coverage for damage to your vehicle. Each state has different requirements for the types and amounts of coverage that a driver is required to have in order to legally drive in that stat...
Intellectual property is considered an intangible asset. Owners of intellectual property have exclusive rights that are protected against unauthorized use for certain periods of time that are determined by the type of intellectual property in question. The United States Copyright Office, as well as the...
What is a Salvage Title Car? If a car has a salvage title, it signifies it has sustained significant damage and is no longer safe to drive. Vehicles with a salvage title are often those that have been deemed a total loss or totaled, meaning that it would be more cost-effective to repl...
(RCV). When calculating the market value, the options, add-ons, and any extra equipment are all important as they help increase the actual cash value. The car salvage value is commonly determined using the average of the retail and wholesale values to calculate the car’s current market ...
HERE'S HOW TO AVOID STEPPING INTO A FINANCIAL 'GAP' IF YOUR CAR IS TOTALED There might be a gap between the insurance payout - which generally covers the depreciated value of the vehicle - and the amount you owe on your loan. You still have to pay off the loan. Example: You have ...