Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

The insurance company says my car is a total loss. What does that mean?

April 26, 2017car COMPANY Insurance loss mean total

0

Posted

The insurance company says my car is a total loss. What does that mean?

2 Answers

0

Posted

The value of the vehicle – the sum of the cost of repairs plus the value of the vehicle in damaged condition (salvage value) – is greater than the actual cash value (ACV) of the vehicle prior to the accident.

0

Posted

The standard for determining whether a vehicle is declared a total loss or not, is by the State of Florida, not the insurance companies. The State of Florida says that if repairs exceed 80% of the actual cash value of the vehicle, then it can be declared a total loss.