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Maybe you don't need your car anymore because you moved to an area where public transportation is more convenient and cheaper. Or maybe you want to switch it for another one, or your new job is ...
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For example, if your state requires only $10,000 in property damage coverage but an accident you cause results in $30,000 in damages to somebody else's car, you could be on the hook for the ...
Guaranteed asset protection insurance (or GAP Insurance) is an insurance coverage offered as a supplement to automobile insurance policies or auto loans. A GAP policy covers the difference between the value of a car (i.e., what the insurance company will typically pay), and what the borrower owes on the loan if the car is totaled or stolen.
A deterrent to auto theft: If a vehicle is a complete loss due to an accident, its serial number (VIN, Vehicle identification number) and registration documents could still be of potential value to persons dealing in stolen cars. The diminished sale value of a title branded vehicle reduces the profitability of switching the registration and VIN ...
In general, a vehicle is deemed "salvage" when the insurer determines that the repair or replacement cost is in excess of approximately 70% of its market value at the time of the accident or theft. [ 1 ] [ 6 ] Thresholds range between 50% and 95% of the vehicle's value, while "total loss states" leave the specifics to the insurer.
Once a vehicle has been written off and repaired the vehicle may still lose value. Diminished value is the reduction in a vehicle's market value occurring after a vehicle is wrecked and repaired, otherwise called accelerated depreciation. To collect diminished value after a car accident, insurance companies usually ask for a diminished value ...
About 1 in 3 American drivers who financed their vehicle now owe more on their loans than their cars are worth, a rate that is continuing to grow as car prices increase and long-loan terms become ...
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