How is the value for a totaled car determined?

Great Answer

Professionally Researched. (What's this?)

After an insurance company deems a car a "total loss," it then sets out to determine the value of the car by calculating a number of different factors.

ACV

First, the insurance company must determine the actual cash value (ACV) of your car. This is better known as the market value, usually determined by Kelley Blue Books (although insurance companies tend to get quotes from various sources).

Value Previous

Insurance companies then research the condition of your car before the accident. If it had any problems (cracked window), they subtract the cost of this from the ACV.

Deductible

The company then subtracts any insurance deductible you owe (if any) on the policy.

Extras

According to the Law Offices of Gary Green, the insurance company should also have to pay money for sales tax of another vehicle, and the cost of license and registration of that vehicle.

Non-factor

The car's value (and settlement amount) is not affected positively or negatively if you still owe money on it.

Source:

Dear Lawyer Green: How much is my totaled car worth?

Progressive: Total Loss

More Information:

Kelley Blue Book

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How is the value for a totaled car determined?

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