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When an insurance company declares an individuals car a total loss what is the method to calculate the insureds payment for his or hers loss?
Wiki User
∙ 9y ago
Insurance policies state that the insurance company has the option of repair, replacement, or paying actual cash value of the vehicle. A company will total a vehicle when the cost to repair is above 70-80% of the ACV due to the fact that there are usually additional costs when they start repairs. Different companies use different methods of determining ACV and it is always flexible. I would suggest that you go ahead and research it yourself by looking online at bluebook, autotrader, and anything else you can find with similar vehicles with similar equipment and mileage as yours so that you will know what ballpark value your vehicle has before you speak with the adjuster. Find others for sale in your area. Condition of your vehicle like new tires, extra equipment, etc. will make your value higher so make sure the adjuster knows about these facts and it will pay off.
Furthermore, the statutes of most States require that an insurer declare a vehicle to be a "total loss" when the cost of repair exceeds some percentage of the actual cash value of the vehicle.
Wiki User
∙ 9y ago
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