Generally, if the cost to repair your car is greater than the car's actual cash value, the car is considered a total loss vehicle. If your car is totaled and your loss is covered, Allstate will pay up to the actual cash value of your car minus your deductible.
- How does this work with your car loan?
If the loan balance is more than the car value, you're responsible for your deductible and the loan balance.
- What if your vehicle is worth very little?
Sometimes, it might cost less to replace your car than to repair it. In that case, many policies will pay the actual cash value. Determining the cash value of your car will depend on its condition, prior damage and local market pricing.
Depending on your circumstance, Allstate may pay the repair shop directly, transfer funds using Fast Mobile e-Payment, give you a settlement check at the time of inspection or send you a check in the mail after the estimate has been submitted and approved.
If you still have a car loan, the lien holder or finance company's name will likely be on your settlement check. You'll have to contact your lien holder to have the check endorsed. Your check may also be made jointly payable to you and your repair facility.
How A Total Loss Is Determined
If you're in an accident, it's possible your car could be determined a total loss. Learn more about what this means and how a total loss is determined.
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My Payment Wasn't What I Was Expecting. Who Can I Talk To?
If you receive a settlement and your payment is what you were expecting, you can talk to your agent to understand why or what may be the reason for the adjustment.