Auto accidents that cause extensive damage to your vehicle may be considered a total loss. If you have auto coverage and the accident was your fault, you may receive compensation for the loss of your vehicle. If you were not at fault, the other party’s insurance is responsible for paying for your vehicle. There are several things you should know about vehicles that are declared a total loss.
What Is a Total Loss?
Most vehicles are considered a total loss when the cost to return the vehicle to its pre-loss condition exceeds the value of the vehicle. The structural integrity and the overall condition of the vehicle are taken into consideration before declaring it a total loss.
How Much Will I Get for a Total Loss?
If your vehicle has been declared a total loss, many insurances’ will pay the actual cash value (ACV) or market value of the vehicle based on its age, mileage, features, and pre-loss condition.
For more information on insurance or auto coverage in the Nevada area, please contact All Nevada Insurance.