Of course, if your vehicle is totaled – meaning, its market value is effectively nothing – you should be able to expect full market value (immediately before the accident) to compensate you for the loss of value. (Repair expensesin that case would likely be zero, because why would you b...
Reassessing your needs regularly, especially if you’ve recently gone through a life change, can help you align your coverage with your circumstances. Below, we delve deeper into the differences between liability-only and full coverage to help you determine which is best for you as you gather ...
You likely need to know the resale value of a car when you are in the market for buying or selling a vehicle, or if you are filing an insurance claim on a car that was totaled in an accident. The resale value, as the name suggests, is simply the amount that the vehicle can be so...
Loan to Value Ratio: The ratio of the loan balance to the cash value of the car. You want this number to be less than 100%. If it's 100% or more, you're considered underwater on your car loan. 2) Know Your Credit Score and Understand Why It Matters Your credit score is a snap...
depreciate quickly. If your car is totaled, your insurance provider will typically pay you the actual cash value of the vehicle at the time of the accident. However, this amount may not be enough to cover the outstanding balance on your loan or lease. This is where gap insurance comes in...
All things considered, the start of the process depends on whether your car is totaled or it's just a junk car that you want to sell. However, all the roads lead to Rome, and you'll need to find out your junk car value. The Case of a Car Accident ...
An auto insurance claim is any request for payment in accordance with your insurance policy. For example, if you get into a car accident and need to ask your insurance company for money to pay for repairs, this is called “making a claim.” If you are lucky enough to have a good, eas...
If you’re in an accident and your car is totaled, the insurance company’s payment — which is based on the cash value of the car — may not cover the full amount you still owe. (Gap insuranceis intended to cover this risk.) ...
Step 4: Tell us about the damage to your car If your car was damaged, we’ll ask you some more specific questions about it. We’ll want to verify things like if the car is still driveable, if some of the doors aren’t opening, or if any child car seats were damaged. ...
If you make a down payment, the overall cost of leasing doesn’t change — and you will be out that money if the car gets totaled.One alternative to using your tax return as a down payment would be putting the money into a bank account. Use it to cover a few months of future ...