How Much Will Progressive Pay For A Totaled Car

How Much Will Progressive Pay For A Totaled Car – Have you been in an accident recently? Was the damage to your vehicle extensive? Are you wondering what happens when your car insurance is totaled? Reasons an insurance company will decide to call your car a total loss include:

The value of your vehicle before it was damaged in an accident will help determine whether or not the insurance company will decide to total your vehicle. Insure.com explains that some companies will consider totaling a vehicle if it has lost more than 51 percent of its pre-accident value. However, some companies will go as high as 80 percent. This amount is usually set by the state you live in, and they will use a formula to determine the percentage of damage that insurance companies can total a car for.

How Much Will Progressive Pay For A Totaled Car

The actual cash value of a car is how much it is worth when depreciation is taken into account. After you are in an accident where your vehicle is damaged, your insurance company will have a claims adjuster to estimate how much the repairs will cost. There are several factors they will consider when deciding whether it is worth repairing. Insurance.com shares what some of them are:

My Car Was Totaled With My Newborn & Toddler In It

In addition, they will look at the selling price of similar cars in your area. If you think your insurance provider is undervaluing your car, you can request to see other cars they are comparing yours to. You can then try to find comparisons on your own that you think are closer to the value of your car and present them to the insurance company. However, it is important to note that the insurance company will never pay you more than the actual cash value (ACV) of your vehicle.

When your insurance company considers your vehicle a total loss, you will likely have to find a replacement. Unfortunately, your insurance provider will not buy you a new vehicle. They only have to pay you the ACV of what you lost. The good news is that many states will force insurers to pay sales tax on your new vehicle, according to Insurance.com. Of course, they don’t actually pay it off on the new car you buy, but add it to your lost car settlement.

What is covered in terms of sales tax will vary by state, but Insurance.com shares a few examples:

This list shows how the sales tax requirement can vary from state to state. If your vehicle is involved in an accident, you’ll want to check the rules in your state to make sure you’re properly compensated when you buy a replacement vehicle.

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It’s possible that you want to keep your car, even after your insurance company considers it a total loss. Insurance.com explains that this is a possibility, but the title will become what is called a ‘salvage title’. This means that you must complete the necessary repairs to be able to drive the vehicle. Typically, the insurance company will sell your car to a salvage yard at auction. So if you want to keep your car, they will deduct that amount from your ACV settlement.

When considering whether or not to keep your total car, keep in mind that there is a reason the insurance company didn’t want to fix it. Often times, there are damages in auto accidents that aren’t easily seen, and once a technician starts taking the car apart, they can find more repairs than you bargained for. This is why insurance companies don’t like to provide comprehensive and collision coverage on an already totaled vehicle. It is difficult for them to assess the full extent of the damage.

Understanding why the insurance company will consider your vehicle a total loss after an accident and knowing what happens next will help you get through this difficult time. While losing your car isn’t the end of the world, it’s good to know what your options are if it happens.

Information and research in this article verified by ASE Certified Master Technician Duane Sayaloune of YourMechanic.com. For any feedback or correction requests please contact us at research@

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Hearst Autos Research, produced independently by Car & Driver’s editorial staff, provides articles about cars and the automotive industry to help readers make informed purchasing choices.

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8 Easy Ways to Get Cheap Car Insurance How Much Should Car Insurance Cost? How much is car insurance for teenagers? When does car insurance expire? They will declare your vehicle totaled if it is not worth the cost to repair it. Each insurance provider has a formula for determining whether or not to total your car. This formula may vary from one provider to another, but not by much. There are three main factors that insurance companies use to decide when to total a vehicle. They are:

Totaled Car: Everything You Need To Know

Being involved in an accident is stressful enough. Arm yourself with information so you can be well prepared to deal with your insurance provider when and if your car is totaled.

To get an estimate of your total vehicle value, search the Kelly Blue Book Price in Fair Condition. Find out what 20 to 40 percent of fair condition is worth. Depending on the amount of damage to your vehicle, it’s likely going to be closer to the 20 percent range, according to CarBrain. This gives you an idea of ​​how much your car is worth in total.

However, you should keep in mind that there is no clear way to determine the total value of your vehicle. In the end, it depends on the adjuster, but it can be open to debate.

An adjuster will be sent by your insurance provider when you report an accident to them. They will evaluate the damage to your vehicle to determine whether or not it will be considered a total loss. If they decide it is worth it, they will estimate its value based on its condition immediately before the accident occurred. A third party adjuster will also be consulted to ensure a fair value is given. The insurance company will consider the actual cash value given by both adjusters to decide the value of your vehicle.

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Investopedia explains that the actual cash value (ACV) is the resale value of your vehicle before it was involved in a major accident. The insurance company will look for recent sales of your vehicle in your area and compare them to current listings to find your car’s ACV. They will also consider your car’s trim level, options, mileage, and pre-accident condition when determining the ACV. You also need to keep in mind that your deductible will be deducted from the amount that the insurance company pays for your total vehicle.

Generally, you can expect to pay for your total vehicle within a few days of the ACV being determined. There are two instances where you may not get your car paid off:

The insurance company will pay the amount you owe to your loan provider. If there is anything left, you will get the rest. The same thing applies if you have leased your car. You can check with your adjuster to find out when you can expect to be paid. They should also know how long the insurance company will pay for the rental car, if one is provided.

In order to have your vehicle covered by insurance in an accident, you must have the right insurance coverage. Both Policygenius and The Balance recommend that you add GAP insurance to your policy if you want the difference between what you owe on your vehicle and what the insurance company would pay for it if it were fully covered.

What Happens If Your Car Is Totaled?

GAP stands for Guaranteed Auto Protection, and it’s good if you owe more on your car than it’s worth. Unfortunately, you’ll never see the money you get from this type of coverage, because it all goes directly to the lender if your car is totaled. This will prevent you from continuing to make payments on a car you don’t own.

Insurance.com shares that some insurance companies offer guaranteed replacement coverage. While some providers will replace your car if it’s less than three years old, this type of coverage means you don’t have to worry about the total car payment amount. Your new vehicle will be covered. However, even if you are not guaranteed replacement coverage, insurance companies are obligated to “make you whole.” This means they have to pay you the ACV of the total.

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