The answer to that all depends in part on the car coverage you’ve got in place and the extent of the damage done to your car. You will be informed as soon as the insurance company has reached a decision, and you will receive a check in the mail for either the total loss or the repairs.
A vehicle that has been declared a total loss typically has some salvage value. The insurer usually retains the damaged auto as salvage and pays the vehicle owner the vehicle’s ACV.
A home is determined as a total loss when the cost to rebuild the parts of the home that were damaged is higher than the actual value of the home. The insurance company has provisions to pay for repairs for your home, but their formulas tell them how much the repairs will Continue reading “What does “emotional wreck” mean?”