Does My Auto Insurance Policy In Florida Cover Hurricane Damage?

Reader’s Question:

Hi there! I soon found out that my auto insurance Florida will cover for the damage done to my car by the hurricane. After all, my car was fully insured. Right now, I want to know how much would be the estimated value of my wrecked car and how can I calculate the value of my car that was totaled, how much would be the salvage value of my car and how will my insurance company pay for this. I wanted to know if it will be fair for me. Thanks!

Hughes

Miami, FL

Hello! I am glad that you are able to claim insurance from your loss. The first thing you should do I guess is to call up some salvage or wrecking yards in order to get an idea of your car’s salvage value. The bottom line is to get an idea of how much would be the salvage value of your car, call as many wreck yards as you can find and make comparisons whether it is reasonable or not. I told you to call on wrecking yards so you will have an idea on the current value of your car or the “salvage value” but it does not mean that you have to sell it to them. After all, your insurance company will pay you for whatever damage done on your car or possibly total loss. There you go, you have an idea.

Another was to ask your friends about their auto insurance Florida regarding this matter. According to what I have read, insurance companies will most likely cover 15% to 20% of the retail value or actual value; this depends on your policy. If you would ask a salvage yard, the value of a salvage car still depends on its actual condition after the incident and on where the actual damage was. For example, a wrecked car with a front-end damage will have a lower salvage value than the same car with a rear-end damage. But then again, your insurance company is not a salvage yard so it will still differ on their conditions of paying for your damages. Some insurance companies would even give higher salvage value around 20%-25% of the actual value, and other companies would take the market value then subtract the salvage value so you can get or buy the same car in the same condition as your vehicle was prior to the incident.