1. Actual Cash Value (ACV): This is the amount the insurance company determines your vehicle was worth at the time of the accident. The ACV is typically based on the estimated pre-accident value of the vehicle, minus depreciation and any relevant deductions for wear and tear.
2. Sales Tax: If you paid sales tax on your vehicle when you purchased it, the insurance company is required to reimburse you for the sales tax you paid on the vehicle's ACV.
3. Title Fees and Registration Fees: The insurance company is also required to reimburse you for any title fees and registration fees you paid when you purchased your vehicle.
4. Loan or Lease Payoff: If you have an outstanding loan or lease on your vehicle, the insurance company will typically pay the loan or lease company directly, up to the ACV of the vehicle.
5. Rental Car: The insurance company may provide you with a rental car for a reasonable amount of time, while your claim is being processed and your totaled vehicle is being replaced. The coverage and duration of the rental car may vary depending on your insurance policy.
6. Gap Insurance: If you purchased gap insurance as an optional coverage, the insurance company may also reimburse you for the difference between the ACV and the amount you still owe on your vehicle loan or lease.
Note: The specific terms and conditions for reimbursing your loss will vary depending on the terms and limitations of your insurance policy, as well as the individual circumstances of your claim. It's important to thoroughly understand your insurance coverage and your rights as a policyholder to ensure you receive a fair settlement in case of a totaled vehicle.
