In terms of car insurance, what is the "cash value" of a car?
I had an accident and have not yet had had estimates completed, but am afraid that my car might be "totalled", and my insurance policy says that I am covered up to the "cash value" of the car. Is this the retail value, trade-in value, or private party value before the accident?
I work for an insurance company & we always advise them that the "cash value" is what is noted in the Kelly Blue Book or NADA. Use the retail value.
My car was totaled 2 years ago & I was surprised-several resources told me that the car was about $3000-$6000. I got nearly $8000 from my insurance...so you might be surprised in the end.
If you don't like what they want to give you, you don't have to take it.
