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If your car is totaled in an accident, what value does the insurance company give you? Trade or retail value to replace it. Thanks.
You are owed the actual cash value or fair market value of the vehicle. This value could be significantly different then KBB or NADA, so those numbers may not be reflective of what you will actually receive.
I was told by State Farm that they will pay Fair Market Value. I also have GAP to cover the rest of my car because I'm 5k upside down in the loan. Somedays at work, I picture a garbage truck plowing into my car
Are you upside down based on Fasir Market or trade? I'm 4k upside on trade but 1200 based on retail.
I just went through a total loss claim through GEICO who uses CCC to determine value based on similar comps in your area. Fortunately, I had roughly $4K in equity on a $7.5K loan.
I suggest you go over any paperwork carefully when the appraisal is done.
Overall, I was satisfied and already purchased a replacement.