Can an insurance company take my car?

An insurance company might label your car a total loss if the cost to repair it to its pre-damaged state surpasses the vehicle’s actual cash value or worth. Even though insurers follow certain state laws, they are also allowed to set their own guidelines for totaled vehicles. What this means is that an insurance company…

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How does an insurance company determine the value of a car?

You buy insurance to help protect you from financial hardship after an incident. If you elect to carry full coverage, you’re able to file a claim for covered damages to your own vehicle against your own policy. While having a full coverage policy can be a have safeguard, it’s important to know how much your…

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If my car is totaled, what will insurance pay?

When you file a liability auto insurance claim, you know that your policy is only going to pay up to the limits that you carry for third-party damages. The Bodily Injury and Property Damage limits are written clear as day on your declarations page and the document shows how much the carrier will pay for medical…

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Is it worth it to get gap insurance on a used car?

Many prospective car buyers see the value in buying their cars used. Pre-owned cars often include all of the latest amenities that consumers want at a discounted sticker price. Not only can you find a quality car for less, you can rest assured that the dealer has done a thorough inspection to spot potential issues…

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Is it worth it to get gap insurance on a new car?

New cars depreciate at an alarmingly fast rate. As soon as you drive off of the lot, the car’s value drops by nearly 10 percent of what it was worth just minutes before. If you’re still interested in buying a car that has that new car smell, it’s important to build an insurance portfolio that…

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How does gap insurance work when a car is totaled?

When buying a car, there’s more to consider than the make, model, and financing options. You’ll also want to look closely at the purchase and see if you might benefit from GAP insurance. This coverage only kicks in if your car is declared a total loss following an accident or other qualifying event and protects…

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Will my car insurance cover a stolen car?

If you purchased comprehensive coverage when you bought your car insurance policy, chances are it will cover a stolen car. Being able to recover from a stolen car is difficult enough to handle, not knowing if you will be compensated for the loss, is even worse. You need to know the terms of your car…

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