What are the coverage limits on comprehensive and collision?
Thanks for the question! This is because the limits for these coverages are variable. At the point of a claim, the maximum an insurance company will usually pay is the actual cash value of the vehicle unless stated otherwise.
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Can I dispute the payout amount my insurance company wants to give me?
Actual cash value (ACV) from your insurance is not the same as an adjusted amount — it's an estimate on their books. I would get another person to look at the vehicle and get another opinion on the adjustment to make sure it was accurate before trying to fight the claims department.
Will I get a new car after an accident?
The answer to that really depends on your policy. If you don't have a specific part of your policy that outlines "new car replacement," you will most likely get the actual cost value of your vehicle.
My uninsured vehicle was hit by a insured vehicle
Although you're required to carry at least liability insurance in California, your uninsured status shouldn't affect your ability to have a claim paid out. In terms of what you will receive for your vehicle, you will most likely be cut a check for the actual cash value of the vehicle.
What is the difference between actual cash value and replacement cost coverage?
There is a huge difference between the two valuation types when it comes to homeowners insurance. Let's use an example of a camera.