How much is my totaled car worth?

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Posted: Thu Dec 01, 2011 9:43 pm Post subject: How much is my totaled car worth?

I was in an accident on Tuesday night and my car was declared a total loss. Does any one know how much I should except for a settlement? Do they take into account what I still owe on the car? Here is the info on my car, Chrysler 300M 202,000 miles Blue Leather interior Nothing fancy but have never had to have any major repairs and runs perfectly. I still owe $1500 on it and have a $500 deductable. _________________ Register Now to have your Insurance queries solved.

christinafriend

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Posted: Fri Dec 02, 2011 6:10 pm Post subject:

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Do they take into account what I still owe on the car?

Absolutely not! The insurance is only concerned with the value of the vehicle under the definition of ACTUAL CASH VALUE: replacement cost minus depreciation. What you may owe on a loan does not alter that.

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have never had to have any major repairs and runs perfectly.

Doesn't matter. The one piece of information you failed to supply is critical . . . what model year is your car? The fact that you have 202,000 miles on the car probably makes its value close to "zero" -- that is, its salvage value for scrap metal. Maybe a couple of thousand dollars. You can look for the value of your vehicle here: http://www.nadaguides.com/

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have a $500 deductable

If the collision was NOT your fault, this is immaterial. The deductible only applies if you caused your own damages. If you did cause the collision, and the salvage value on your vehicle is $2000, then you will receive a check for $1500.
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MaxHerr

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