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How do they determine the amount to pay for a total loss vehicle?
Wiki User
∙ 13y ago
Depends on the insurance company, most use NADA or Kelly used car guides then adjust for high or low mileage. They will also consider recent high cost repairs. New tires and brakes are considered maintenance nit improvements. In some states you have the option of making the insurance company replace your vehicle with the same model year and mileage. The insurance company is out to pay as little as possible so stand hard on your claim. Good luck!!
Wiki User
∙ 13y ago
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How do they determine the amount to pay for a total loss vehicle with a prior salvage title?
Typically the value is 20% of the vehicle's value without salvage.
How do you determine if a vehicle is totaled?
If the repairs of the vehicle exceed the value of the vehicle, then the vehicle is declared total loss.
What formula is used to determine if a vehicle is a total loss in Texas?
If the cost to repair is more than the vehicle is worth to replace then it is considered totaled.
What formula is used to determine if a vehicle is a total loss?
Insurance companies will determine that your car is totaled if the cost of the damage approaches or exceeds the car
How do you avoid your car being totaled by the at fault guys insurance company?
You can't really avoid it unless you can find a place that will repair the vehicle at the amount the insurance company says it is worse. They have standards to determine a total loss that must be met.
What is Borderline total loss?
A total loss is when the cost of repairing the vehicle exceeds a pre-determined percentage of the vehicle's value. For example, if your vehicle is worth $10,000 and the damage exceeds $7,000, your vehicle may be considered a total loss (depending on the state and your insurance company's policy). A borderline total loss would be (in the same example) if the damage to your vehicle is close to, but not quite $7,000.
How do you determine that the department of motor vehicles has issued a salvage title for a vehicle?
As of 2013, the best way to determine if the department of motor vehicles has issued a salvage title for a vehicle is on the title it will state that it is a salvage title. A salvage title is a note that states that the vehicle has been damaged or deemed a total loss.
What is the criteria to declare a damaged car a total loss?
544. "Total loss salvage vehicle" means either of the following: (a) A vehicle, other than a nonrepairable vehicle, of a type subject to registration that has been wrecked, destroyed, or damaged, to the extent that the owner, leasing company, financial institution, or the insurance company that insured or is responsible for repair of the vehicle, considers it uneconomical to repair the vehicle and because of this, the vehicle is not repaired by or for the person who owned the vehicle at the time of the event resulting in damage. (b) A vehicle that was determined to be uneconomical to repair, for which a total loss payment has been made by an insurer, whether or not the vehicle is subsequently repaired, if prior to or upon making the payment to the claimant, the insurer obtains the agreement of the claimant to the amount of the total loss settlement, and informs the client that, pursuant to subdivision (a) or (b) of Section 11515, the total loss settlement must be reported to the Department of Motor Vehicles, which will issue a salvage certificate for the vehicle.
Should I buy a vehicle that has been deemed a total loss in its vehicle history report?
No!
How do you determine the insurance companies determine the pay out in the event of a total loss?
The "total loss" threshold is determined by multiplying the credible retail value of the vehicle (usu. the "Blue Book" value) by some percentage, usually 80%. If the actual dollar cost to repair the vehicle would exceed this threshold figure, the vehicle is then declared a total loss. I don't believe that sales tax or other "fees" are included in the initial determination. So, for example, if your vehicle has a "Blue Book" value of $10,000 and the cost to repair it is greater than $8,000, it will be "replaced" rather than repaired. You should receive a check for $10,000 minus any deductibles plus the sales tax in your state of residence .
Is there a specific NY Law concerning the compensation for a total loss auto insurance claim if the vehicle was purchased within the past 90 days?
If it is a total loss then the insurance needs to pay the value of the vehicle.
What are your options when a car is totaled?
When a vehicle is considered a "Total Loss' there are a few things you can do. If you have full coverage on the vehicle or if a third-party was the cause of the total loss then the insurance company will pay you the fair market value or retail value of your vehicle less any prior damage or other factors that may reduce the value of your vehicle. If they offer you a settlement then they will issue a check. You might have the option to retain the vehicle for salvage but they will reduce your claim by that value amount. If the car is totalled, it's totalled. You cannot title or register the vehicle normally after that point.
