How much damage is needed to consider a car a "total loss"?
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How much damage is needed to consider a car a "total loss"?
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Just wondering if there is a certain percentage, in Illinois, of damage needed to consider a car a total loss? The insurance company is State Farm.
Additional Details
Let's just say the damage estimate is $13,500. Blue Book on the car is around $19,000 - $20,000.
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fighting saints
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How about an answer from somebody who handles total losses as part of their job?
One answer was close to right.
In most states, there are laws that if the car has damage that is equal to or more than 70% of the Actual Cash Value (ACV) the car must be considered a total loss. If the damages exceed the 70% then there is no choice the car must be totaled.
The ACV is not based on KBB. Normally, it will be based on CCC report that lists actual sale prices of cars like yours sold at local car dealerships. Ask your adjuster for a copy.
Good Luck. |
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nona b
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i think its something like 60-70% of book value |
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Just Me
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Surprising little with the junk they build now.Between the high prices for parts and labor it doesn't take much. |
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okieann1952
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If the repairs would cost as much as the value of the car. |
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joe a
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ussauly for insurance its the point where the cost to repair the car costs 50% or the cars book value, ie how much its worth.. |
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pbleek
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When the repair exceeds the blue book value of your car, on an older vehicle there does not need to be much damage to consider it a total loss.
For the insurance company its strictly a financial decision: $13,500 is cheaper than to pay out $19,000. |
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Biker for Life
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Anything more than fair market value is what the insurance company's use |
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Sam
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If you're not willing to pay for damages...it's a total loss.
If the total damages will cost more than a new car...it's a loss. |
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Dazza
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52% that is gay |
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