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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.
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.
Does insurance company have to pay mortgage if house fire?
NO, not unless it is a total loss. If your house is being repaired by your insurance policy you must continue to make your mortgage payments.
How many Americans battle sips were sunk in pearl harbor?
BattleshipsArizona (BB-39) (Sunk Total Loss)California (BB-44) (Sunk Raised And Repaired)Maryland (BB-46) (Light Damage)Nevada (BB-36) (Beached Heavy Damage, Repaired)Oklahoma (BB-37) (Capsized -Raised Not Repaired)Pennsylvania (BB-38) (Light Damage, Repaired)Tennessee (BB-43) (Light Damage, Repaired)West Virginia (BB-48) (Sunk Raised And Repaired)
What does a reconstructed title mean?
A reconstructed title refers to a vehicle that was previously salvaged or deemed a total loss by an insurance company due to damage. After being repaired to meet state safety standards, the title is then branded as reconstructed to indicate that the vehicle was once considered a total loss but has since been restored.
Does water damage mean a total loss of the car?
Depends on the extent of the water damage. If the car was completely under water during a flood, and is moldy as a result of that flooding, then, yes, the car would be a total loss. If the water damage is inconsequential small leaks, those kind of things can be easily repaired.
How do you calculate profit and loss in microeconomics?
In microeconomics, profit is calculated by subtracting total costs from total revenue. The formula is: Profit = Total Revenue - Total Costs. Total revenue is determined by multiplying the price per unit by the quantity sold, while total costs include both fixed and variable costs associated with production. A loss occurs when total costs exceed total revenue.
How is loss ratio determined?
The loss ratio is determined by dividing the total losses incurred by an insurance company by the total premiums earned during a specific period. It is expressed as a percentage and reflects the proportion of premiums that are paid out in claims. A lower loss ratio indicates better profitability for the insurer, while a higher ratio may signal potential issues with underwriting or claims management. This metric is crucial for assessing the financial health of an insurance company.
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 .
What is loss of use?
An example of "loss of use" : if your house burns, and you have to rent an apartment or another house to live in while your damaged home is being repaired or rebuilt. If you have the right home owner insurance, they will pay for your "loss of use" by reimbursing the rent you had to pay while waiting for your home to be repaired or rebuilt.
Does the insurance company pay the person even if they do not get their car repaired?
Yes, because they incurred the loss.
How can you get your car replaced rather than just repaired?
Replacing a vehicle vs repairing it is strictly the choice of the vehicle owner. If your vehicle is repairable by insurance company standards, you will be paid for the repair, not replacement/total loss.
