With over 230 million licensed drivers in the U.S., car insurance is one of the hottest topics. But not everyone knows about total loss car insurance, which can cover your financial losses if your car is totaled as a result of an accident.
If your insured-against-total-loss car is considered a total loss – which can be the case if it cannot be repaired or if the cost of repair is higher than the actual market value of your car – then the insurer will give you a settlement.
It covers for a totaled vehicle, which can be recognized such by an assigned adjusted if:
In a nutshell, if you have total loss insurance, you will get paid the full current market value of your car.
You would have to pay for it about $500 a year. Keep in mind, though, that total loss insurance might be a good choice if your car is your only means of transportation and you couldn’t buy a new one if your current car were totaled.
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