Direct answer
It is often worth it if your loan balance is significantly higher than the vehicle’s actual cash value, as a total loss could leave you owing money on a car you can no longer drive.
Consumer financial protection resources regarding automotive asset depreciation and loan-to-value ratios. For additional information about understanding auto loans and managing vehicle equity, see the Consumer Financial Protection Bureau‘s consumer education resources.
What this means for you
It is often worth it if your loan balance is significantly higher than the vehicle’s actual cash value, as a total loss could leave you owing money on a car you can no longer drive.
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