Why is my vehicle worth less?totaled-car-actual-cash-value
One of the areas of misconception when it comes to totaled vehicles is the worth of the damaged vehicle. Oftentimes people expect to receive a claim payment to cover the cost of a brand-new vehicle, or a vehicle that is newer than the one that's totaled.
However, this is not what most policies provide. Your insurance policy will pay the Actual Cash Value of the damaged vehicle, which is the amount you would pay for that same exact vehicle today.
One way to look at this is to remember that an insurance claim is not a refund on that vehicle. This means you're not going to get the exact amount you paid for that vehicle back.
You will be paid the actual cash value of the damaged vehicle. This is an important distinction. The goal of insurance is to help you get your life back to where it was before the accident/loss.