A total loss is when the cost of fixing your car is more than the fair market value of your car. Trained appraisers inspect your vehicle to determine the fair market value.
Bear River Mutual will provide payment for the cash value of the loss, minus the deductible, and minus any outstanding loan on the vehicle.
For example:
Car value = $6,000
Deductible = $1,000, you pay
Outstanding loan = $3,500, Bear River settles with Lienholder
You receive $1,500.
If the outstanding loan balance is more than the value, you will be responsible for settling that amount with your creditor.