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How do insurance companies value cars?
I recently got into a car accident, and I’m trying to figure out what the payout will be, and how my insurance will determine the overall value of the vehicle. How will my insurance company value my car?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Finances can definitely get a little overwhelming after an accident! While your car’s overall value is usually calculable with sites like
Kelley Blue Book
, the way that your insurance company determines the value of your car might be slightly different.Once you report a car accident to your insurance company, they will send an
adjuster
to look at the damage.The adjuster will examine your car to see if it’s been totaled. Even if your car is technically fixable, your insurance company might classify the car as totaled if the repairs cost between 51% and 80% of the car’s value. Some states have a law in place with an exact percentage, which will usually be between 70 and 75%.
After an accident, your insurance premium will usually go up, so it’s a good idea to shop for new insurance to avoid the higher rates. The
Jerry
app makes this process easy by gathering customized quotes for you from top-of-the-line providers, so that all you need to do is pick the plan that works best for you. And if you find one you like, we’ll help you switch!Best of luck with everything!
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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