What is the point of American Family Insurance total vehicle? (% Of damage compared to the value)? So. I have full coverage with the insurance of the American family in Colorado. My vehicle was broken into in Aurora and the total damage is $ 5,300. The value of my vehicle (Ford Explorer Sport 2001) is 6600 on Kelly Blue Book (suggested retail). I understand that most insurance companies total a vehicle anywhere from 50% to 100% damage and more. Anyone who has ever had a car with the family and the U.S. amounted to know? So would they base the value of my vehicle out of the retail or private party?
It is usually a problem state, which means that the state sets limits on what percentage of repair costs is of value. For example, my state requires insurers to "total" a vehicle when the value reaches or exceeds 75% of its market value. The State later this threshold allows up to 100%.
Just call your insurer and ask.
Hiya:
There are several different types of total losses. It sounds like you are involved in a total economic loss. It - the cost of repair exceeds a specific vehicle a total loss thresholds.
The threshold is generally more than the price of the vehicle into consideration. Things like rent and salvage value may be involved
But - as a basic rule ... if the estimate to repair the vehicle exceeds 75-80% of the value ... The insurance company will consider the vehicle a total loss.
The difference between 75-80% can be regulated by the state you live
Also - the value is never what is BlueBook or any other "book". The "value" must reflect the "market". It is usually a combination of vehicles for sale in your area ... an estimate nada dealer quotes and some ... or similar options. (Sometimes the state says that you can use)
If you want a good idea of value - see what other sports are for sale Ford Explorer in your area. What are they going for. In what state they are related to yours. Condition, options, tire wear, etc. will make a difference on what your car is worth.
Good luck!
. YouFra.
You are within your rights to appeal Am Fam and ask them. They need to know how they calculate and since each company, it is a little differently better to get it from the horse's mouth!
Posted on February 5, 2010.
