Fundación MAPFRE Awards

MAPFRE works with a third-party to help determine the actual cash value of your car. The value of your vehicle is determined by a variety of factors like its pre-loss condition, age, make, model, and mileage. Also taken into consideration is the value of a vehicle of a similar type and the price paid for the vehicle.

Depending on the lender, if the actual value of your car is less than what you owe on your loan or lease, then you may still owe the balance.

Having gap insurance will typically cover the difference between what your vehicle is currently worth and the amount you actually owe on the loan or lease.

Before payment can be issued, MAPFRE needs the title of the vehicle. If you hold the title, you must fill in the odometer disclosure statement and sign the title before sending it to us.

If the title is with your lender, MAPFRE will reach out to them. Keep in mind, requirements differ by states and there may be additional steps.

After your car is determined a total loss, you will need to advise the repair shop or tow yard that you would like to release your vehicle to MAPFRE. This timely permission to move the vehicle will help reduce out-of-pocket costs.

During this time, you should also remove all personal belongings from the vehicle and take off the license plates.

While we usually cover up to $35 per day of storage at shop or tow yard, those fees can add up quickly. That’s why MAPFRE takes it to a storage-free facility. If you don’t want to allow MAPFRE to move your car, you may be responsible for the additional storage fees.

MAPFRE has the right to take your vehicle in settlement of a total loss under the terms and conditions of your auto policy. If we decide to allow you to retain the vehicle, it will be returned to you from the salvage yard once the claims process is complete. Once a car is totaled you will still need to have it repaired and pass inspection. You will need to apply for a salvage or rebuilt title that identifies the car as having been a total loss. Many insurance companies will not cover a salvaged vehicle it’s challenging to accurately assess the true condition of the vehicle.