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How much money will the insurance company pay out for my totaled vehicle?
My Ford Edge has been deemed a total loss after it was hit by a motorist who was texting and driving. How much money can I expect from the insurance company? Will they offer book value or take certain factors into consideration, like the hardship of being without a vehicle?
Alexah Grinnell · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
When your vehicle is deemed a total loss, the insurance company will provide you with the
fair-market value of that vehicle
, which is the amount it would sell for on the open market.They’ll also be able to cover the cost of a rental car for you while you work on getting a new vehicle (within a reasonable amount of time).
You may also be able to claim payment for other hardships you might have incurred while being without a vehicle.
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