At what percentage of a car's value does an insurance company "total" the car?

My car got wrecked and it was my fault. No other cars were involved. I can't afford to have car payments if my insurance company totals the car. It is fully paid for and I have full coverage. If I make the claim to them, at what percentage of the car's value would the insurance company consider it totaled?
Additional Details
I live in Tennessee. My car got wrecked and it was my fault. No other cars were involved. I can't afford to have car payments if my insurance company totals the car. It is fully paid for and I have full coverage. If I make the claim to them, at what percentage of the car's value would the insurance company consider it totaled?

Vipassana

It's not a percentage.

It's anything more than the value of the car.

If your car is worth $2,000, and you get $2001 in damages...the car is totaled.

And keep in mind, the value of the car will be significantly different than what you think it will be. There's usually a large gap between what a car is worth to an owner, and it's actual value.

So don't be surprised if they value it pretty low.

lucy

as a general rule, most companies will total a car at either 70 to 80% based on what state you live.

ie; car value is 1K;
state allows 75%; so as long as damages are 749 or less, can repair.
but say the damages are 850, which is now at 85%, so would be totaled.
even though the repairs are less than the value, wont repair, since an estimate is written on what the estimator can see; once a car is torn down, can find "hidden" damages that could cost say another $400 more, which would still be more than your car is worth. that is the reason for the rule.

also consider if you have full coverage, you will have a deductible.

so in the above example, your car is worth 1k and you have a 500 deductible, you insurance company will pay you 500 cash. this amount could be used for a down payment on another car even if though you might have car payments.

hope that makes sense

â™¥ Uwish â™¥

The total loss threshold (percentage) varies from state to state. Generally though it is around 70-75%

So lets say the car is worth $5000, the damage would have to be at least $3500 for the vehicle to be considered totalled.

Ming

Generally, a total loss is considered when the cost for repair exceeds the value of the car prior to the accident.

Some companies consider a wrecked vehicle a total loss when the total cost to repair it exceeds just 51 percent of the vehicle's ACV. Others don't give up until the repair bill hits the 80-percent mark.

Enter Your Message or Comment

User Name:
User Email:
Post a comment: