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Standard auto insurance policies are designed to only cover the current market value of a vehicle when a claim is made. And that value depreciates over time. That's where gap insurance comes in ...
If your totaled vehicle was within the last few model years, the insurance company will offer a payout based on the same year, make and model, even if the amount is higher than what your car is worth.
In insurance terms, a total loss occurs when the cost to repair your vehicle exceeds its depreciated value (also known as actual cash value or ACV). This might happen if your vehicle is: This ...
Once a vehicle has been written off and repaired the vehicle may still lose value. Diminished value is the reduction in a vehicle's market value occurring after a vehicle is wrecked and repaired, otherwise called accelerated depreciation. To collect diminished value after a car accident, insurance companies usually ask for a diminished value ...
The Kelley Blue Book automatically rates any salvage vehicle as "poor" and does not value it at all. [12] The value of a vehicle with a salvage title is generally 65-75% lower than the vehicle's estimated value. If the vehicle is rebuilt to a road worthy condition and has passed State inspection, the difference in price is 60-70% of "fair" KBB.
Guaranteed Asset Protection (GAP) insurance (also known as GAPS) was established in the North American financial industry. GAP insurance protects the borrower if the car is written off or totalled by paying the remaining difference between the actual cash value of a vehicle and the balance still owed on the financing. [ 1 ]