cancel
Showing results for 
Search instead for 
Did you mean: 

Total Loss ?

tag
Anonymous
Not applicable

Total Loss ?

If your car is totaled in an accident, what value does the insurance company give you? Trade or retail value to replace it. Thanks. 

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Total Loss ?

I was told by a car buyer consultant (a person that you pay to buy a car for you) that the insurance company will pay retail price.

My personal experiece (I have only had one totalled vehicle) is that they paid me more than the retail value from KBB. I would never get that much even if I sell the vehicle to a private party.
Message 2 of 6
broseph23
Regular Contributor

Re: Total Loss ?

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. 

Age: 25 | FICO: TU 802, EQ 782, EX 801 | FAKO: TU 778, EX 769 | Garden: 6/2015 | Total History: 7yr 6mo | AAoA: 4yr 2mo | Util: 4%
........24000...............10000.....................6000................7000................500..................5000................18000...............10000
Message 3 of 6
Anonymous
Not applicable

Re: Total Loss ?

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 carSmiley Very Happy

Message 4 of 6
Anonymous
Not applicable

Re: Total Loss ?

Are you upside down based on Fasir Market or trade? I'm 4k upside on trade but 1200 based on retail. 

Message 5 of 6
Anonymous
Not applicable

Re: Total Loss ?

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.

Message 6 of 6
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.