What is the value of a totaled vehicle?

The value of a totalled vehicle is an assessment of what that vehicle's actual cash value was prior to the loss. States vary in how carrier's assess a total loss evaluation. For instance, in NY a carrier has the option of using the "book" value such as Kelly Blue Book or NADA, doing a "market value survey" which is essentially reviewing the "market value" of similar vehicles for sale in the same area (such as the classifieds in the newspaper), or they may use an average of the two. In any case, it is not the actual price you paid for the vehicle brand new as the vehicle would have been subject to depreciation.

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