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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 ...
Since your car ($3,000) is worth much less than the 10x amount ($8,000), full coverage probably isn't the best value. It would mean spending $2,400 in premiums over just three years — nearly the ...
For instance, if your car's value has dropped to $25,000 but you still owe $30,000 on your loan, gap insurance would cover that $5,000 difference if your car is totaled or stolen.
A few steps to determine your car’s value include: ... cover the actual cash value of your car in the event of a claim ... the vehicle has been totaled. New car replacement coverage is another ...
New car replacement: If your car is only a few years old and you have full coverage, you may qualify for this coverage. With new car replacement, if your car is totaled, you get the value to ...
The first two numbers mean that your insurance helps pay up to $25,000 in bodily injury per person and $50,000 in total bodily injury per accident to cover medical costs for others involved in an ...
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