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Coverage example. Someone hits your car in a parking lot and causes $700 in damage to your vehicle. ... your insurance company declares your vehicle a total loss. After your $500 collision ...
However, in choosing which type of policy to purchase, the owner should consider whether, in case of a total loss, it is more advantageous for him or her to have the policy pay off the negative equity or provide a down payment on a new vehicle. For example, assuming a total loss of a vehicle valued at $15,000, but on which the owner owes ...
The term "total loss" can refer to any of these risks, but commonly involves a loss of the hull or cargo. Total losses may be actual total loss or constructive. [11] If the policy is a "valued" policy (so that the ship or cargo has an "agreed value" rather than a "market value"), then, in the absence of fraud, the agreed value is conclusive ...
For example, a vehicle can be insured against theft, fire damage, or crash damage independently. If a vehicle is declared a total loss and the vehicle's market value is less than the amount that is still owed to the bank that is financing the vehicle, GAP insurance may cover the difference. Not all auto insurance policies include GAP insurance.
In a typical total loss settlement, you are paid for the value of the vehicle, which means the car becomes the legal property of the insurance company. But in some cases, it could take very little ...
For example, if you let your neighbor drive your car and they get into an accident, your insurance policy will likely cover the damages as if you were the driver of the vehicle.
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