Reader’s Question:
Not that I want to be ever in this situation, but how much will my auto insurance company in Bend Oregon OR pay me if my car gets totaled?
Sofia
Bend Oregon OR
I share your thoughts, Sofia, I also wouldn’t want anyone go through the terrible phase of having their car totaled. But let us answer the question you have presented which is very valid.
Your insurance company in Bend Oregon OR will pay you the actual cash value (ACV) of your insured vehicle, whether it was stolen or totaled. To determine actual cash value, you need to know how this value is calculated; it may sound complicated but it’s actually pretty simple. It merely refers to the depreciated value of the car, which will be a reduced value than its original price, naturally. You can easily determine this yourself, although it takes a little patience. You can go around used car shops around Bend Oregon OR and look for a car that is very similar to yours. It should be the same make, engine, year model and mileage. It should also ideally be in the same condition as yours. You check how this car is being sold for and you have approximated the actual cash value of your car.
Since it is a depreciated value that you will get from your auto insurer, it is actually advisable to get gap insurance, which will compensate for the gap between the actual cash value and how much you owe your auto loan balance. Gap insurance comes in handy when the insured car is totaled. If you want to look at how much gap insurance costs, or if you just want to check out how your auto insurance compares to others in Bend Oregon OR, you can do so by entering your zip code on the space provided at the top of this page.