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Here are several steps we recommend to ensure the fastest resolution of your claim:
Through an individualized process, we evaluate your vehicle's ACV by determining how much your pre-loss vehicle could have been sold for today, also known as its market value. One tool we use is state-of-the-art valuation software that gathers sales information from local auto dealers, car lots, and various media outlets, such as newspapers and Internet sources, to find the value of vehicles similar to yours in your area. We also carefully evaluate and take into account the condition of your vehicle prior to the accident. Your final payment from Travelers will be your damaged vehicle's ACV minus your policy deductible, if applicable.
In some cases, vehicle enhancements may add value to your totaled vehicle; this is dependent on the kind of vehicle enhancements you've added, how old they are, and your policy coverage. Routine maintenance performed on your vehicle will not typically increase its value. Please inform your Travelers total loss representative of any recent vehicle enhancements that you would like to be considered in the calculation of your vehicle's overall value.
Your vehicle will not be automatically removed from your policy. Please contact your agent or service representative located on your Policy Declarations page to update your policy.
In this instance, you should first contact your lien holder to see if you have purchased GAP (Guaranteed Auto Protection) insurance with your contract. Depending on the GAP insurance you may have purchased, most GAP policies cover at least the difference between the actual cash value of your vehicle at the time of loss and the unpaid principal due on a loan or lease. If you learn you owe more than the value of Travelers' payment, ask your lien holder about payment options that will work best for you.
All vehicle titles and vehicle title transfer processes vary according to state regulations. States typically will not accept any errors made when signing title documents; even a small cross-out or scribble could interfere with the transfer process. You should always consult your Travelers total loss representative directly before signing your title or transfer of ownership documents.
Your Travelers total loss representative can give you the address of your regional total loss center where documentation can be mailed. If you have any additional questions regarding total loss or any other aspect of your claim, please contact your Travelers claim representative.
If you have any additional questions regarding total loss or any other aspect of your claim, please contact your Travelers claim representative.