I had an accident and have not yet had had estimates completed, but am afraid that my car might be "totalled", and my insurance policy says that I am covered up to the "cash value" of the car. Is this the retail value, trade-in value, or private party value before the accident?
2006-06-20 12:41:12 · 6 answers · asked by teachingazteca 3 in Cars & Transportation ➔ Insurance & Registration
I work for an insurance company & we always advise them that the "cash value" is what is noted in the Kelly Blue Book or NADA. Use the retail value.
My car was totaled 2 years ago & I was surprised-several resources told me that the car was about $3000-$6000. I got nearly $8000 from my insurance...so you might be surprised in the end.
If you don't like what they want to give you, you don't have to take it.
2006-06-20 16:56:58 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Just think of it as the value that a car dealership would give you to trade it in, plus a few dollars depending on the condition of the vehicle.
Insurance companies are usually out to protect themselves. Always remember that.
Maybe think about gap insurance for the car, if it is offered in your state.
GAP insurance covers the amount you owe, instead of the "cash value" which gets you out of the note and not paying for two cars in the event of an insurance loss.
2006-06-20 16:28:21 · answer #2 · answered by L B 2 · 0⤊ 0⤋
In terms of car insurance, what is the "cash value" of a car?
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2014-06-26 08:05:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
should be the Kelly blue book value taking into consideration to condition of the car prior to the accident...but the insurance company has some other formula and it's usually to low...
2006-06-20 12:45:32 · answer #4 · answered by blueman2 5 · 0⤊ 0⤋
"Cash value" is the current market value of your automobile. The NADA guide is an industry-recognized source for determining the cash value of a used car.
2006-06-20 14:09:57 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Its the actual cash value - goto http://www.nada.com to determine the current value.
2006-06-20 17:29:29 · answer #6 · answered by PeppermintandPopcorn 3 · 0⤊ 0⤋
it'll be blue book value - and if you don't own it outright and it is totalled, you will find yourself making car payments while taking the bus.
It happened to me! I think I was stuck paying for over 6 months
2006-06-20 12:47:06 · answer #7 · answered by Paula M 5 · 0⤊ 0⤋
for my section, i could get the call transferred to Alaska and then place it in storage. donning coverage at a less costly at the same time as in storage is reported and that i doubt you will come across a storage which will cover any damages on your motor vehicle.
2016-10-31 05:13:47 · answer #8 · answered by Anonymous · 0⤊ 0⤋