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If my car is totaled, how does USAA determine the actual cash value of my vehicle?
How does USAA determine the actual cash value of a vehicle? My car was totaled by another driver, but I have full coverage through USAA. I've heard that USAA will give me the cash value of my vehicle, but then I'm still on the hook for any remaining balance on my loan.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“
USAA
uses a third-party database tool known as CCC One to determine the actual cash value (ACV) of your car.USAA inputs information about your car, like the:
- make
- model
- mileage
You’re right, though. If this amount is lower than what you owe on the car, you’ll have to pay the difference.
In this case, you might want to think about
gap insurance
, which will pay the difference between the ACV and the loan balance.”View full answer
- Gregory R.
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