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If
my new car is
totaled, will
I get a new
replacement?
Probably
not.
In
most cases,
the total amount
you receive
from your insurance
company will
be the Actual
Cash Value (ACV)
of your car,
at the time
of the accident,
minus your deductible.
ACV means the
depreciated
value of your
car based on
its age, mileage,
physical condition
at the time
of loss, and
other factors.
If
you are driving
a new car, consider
gap insurance.
Gap insurance
pays the difference
(or “gap”)
between the
ACV settlement
you receive
from your insurance
company and
the remaining
balance on your
loan or lease.
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