I. O. 25k on the loan, and im also going to need a new car. I want to make sure the insurer is not going to jip me. Do they pay the loan and enough to buy a new car?
Whats the adverage pay out for comprehensive auto damage (car stolen)?
You will be paid market value, or ACV (actual cash value) for your car based on the condition PRIOR to the loss, less your deductible if there is one. If ACV is below payoff, you will be expected to pay or gap the difference to your lein holder. If you think your insurer is going to 'jip' you then do some research: locate as many vehicles for sale in your area as close to yours in condition, options and mileage as you can and list prices and contact numbers. This could assist the claims adjuster in determining value.
Whats the adverage pay out for comprehensive auto damage (car stolen)?
Depends on the Blue Book Value.
They do not pay off the loan. That is why you want what is called Gap Insurance.
Whats the adverage pay out for comprehensive auto damage (car stolen)?
They pay for the fair market value of the car. You're still liable for the loan.
Whats the adverage pay out for comprehensive auto damage (car stolen)?
There is no average. A wise carowner has a clause added that guarantees the loan will be paid off if the car is %26quot;under water%26quot; -- worth less than the loan.
Insurance on exotic and expensive cars often specifies a value. Otherwise you're stuck with Blue Book.
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