Does State Farm offer new car replacement insurance? This question is about State Farm

Does State Farm offer new car replacement insurance?

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This question is about State Farm

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@WalletHub • 07/29/21 This answer was first published on 07/29/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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No, State Farm does not offer new car replacement insurance. Most major insurance companies sell optional new car replacement insurance, which will replace a totaled car with a brand-new vehicle of a similar make and model, but State Farm does not have this coverage.

To learn more, check out WalletHub’s guide to new car replacement insurance.

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Is State Farm roadside assistance worth it?

State Farm roadside assistance is worth it for drivers who are looking for basic coverage at a low price. State Farm customers can purchase roadside assistance as a policy add-on for around $10 to $24 per year in order to get coverage for things like towing, gas delivery, and locksmith services. The exact cost of State Farm’s roadside assistance add-on varies based on the state, the type of vehicle, and other factors.

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How does the insurance company determine the value of a totaled car?

An insurance company determines the value of a totaled car by considering factors such as the vehicle’s make and model, year, and mileage. A vehicle is considered totaled when the cost of repairs approaches or exceeds the car’s actual cash value (ACV), which is what the insurer says the car was worth prior to being damaged. If the insurer declares the vehicle a total loss, they will pay out any insurance claims based on the...

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What happens if your car is totaled and you still owe money on the loan?

If your car is totaled and you still owe money on the loan, the insurance company will pay your lender for the car’s value, and you will be responsible for any remaining balance if the check is less than the loan amount. If you have gap insurance, it will cover the difference between the car’s value and the loan balance. Otherwise, you will need to continue making payments for as long as it takes to bring...

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