Will My Auto Insurance Payout Be Enough For Me To Buy The Same Car?
Re-posted on 1/17/20
Car collisions are inconvenient in and of themselves, but finding out that your vehicle is a total loss may feel like an even bigger headache. So how much money can you expect to get when your vehicle is totaled?
First of all, it’s important to remember that you will be paid the actual cash value of your vehicle. Note that this is not the same amount as what a car dealership, whose mission is to make a profit, would sell your vehicle for off their lot. For that reason, your settlement amount may or may not be enough to replace your car with one that is the same make and model.
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How does the auto insurance company come up with your settlement amount? That figure is based on several factors, including your vehicle’s condition ratings, options, and mileage. Your settlement amount will reflect the actual cash value of your vehicle, minus your insurance deductible. If you choose to keep your vehicle, then you will be paid the actual cash value, minus your deductible and its salvage price. They follow Nevada’s state guidelines through the entire process and use an independent third-party source to reach a fair settlement amount.
Nevada Insurance Enrollment Can Help
Finding out that your vehicle is a total loss may be disappointing, but the process doesn’t have to be confusing. Your Nevada Insurance Enrollment auto insurance agent can help you navigate the entire claims process and understand why you’re receiving your settlement amount.
Read More: Auto Insurance in Las Vegas, Nevada
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DISCLAIMER: It is important to note that the information contained herein is made general for the purpose of explanation. You should consult your policy for exclusions or other language that may alter your policy.