![]() ![]() If your vehicle has a high value because of its great condition such as an antique, classic, or restored auto, you should have it appraised and then insure it for the amount the appraisal says the vehicle is worth. Your company also considers if your vehicle is worth less because of damage that happened to the vehicle before the accident which the appraiser finds or for which a claim has been paid and how much it would actually cost to buy an available vehicle of like kind and quality. Your vehicle's value is determined by the following factors: the retail value for a vehicle of a similar type (also known as a “like kind”) and condition before the accident and the price you paid for the vehicle plus the value of any improvements that had been made to the car. When your vehicle is a total loss, your insurance company will pay you only the “actual cash value” of the vehicle as of the date of the accident, not the cost to replace it. If your vehicle is declared a total loss this means that the cost to repair the car exceeds the current value/worth of the vehicle.
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