If my new car is totaled, will I get a new replacement?
Probably not.
Insurance companies typically pay the Actual Cash Value (ACV) of your car at the time of the accident. ACV means the depreciated value of your car based on its age, mileage, physical condition and other factors.
If you’re driving a new car, consider gap insurance. Gap insurance pays
the difference (or “gap”) between the ACV settlement you receive from
your insurance company and the remaining balance on your loan or
lease.
In most cases, the total amount you receive from your insurance company
will be the ACV minus your deductible.
Learn more about
deductibles.
Related Questions
What should I do if I
get into an accident?
Where should I keep my
proof of insurance?
How do auto insurance
deductibles work?
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