Editor's note: This article first appeared on Insurance.com and is reprinted here with their permission. Click here for the original post.
I totaled my car last week. I found out I owe more than it's worth. Will my auto insurance provider pay off the whole loan or just the car's value? How do I get money toward a replacement car?
Your car insurance company will pay only actual cash value (ACV) for your vehicle. That is the fair market value of your vehicle the instant before it was damaged in the auto accident.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
