What is State Farms Totaling Policy?

quntmphys238

Usually nowadays, car insurance companies will determine a car as being "totalled" if the cost to repair it is greater than the bluebook value of the car. Now re-read that carefully. One would think if a car is totalled, the insurance company will give you enough to then replace said totalled or un-usable vehicle. But, no, this is not the case. They will give you what the value of the car is. So, if it is an older vehicle, odds are you will not get enough to purchase a new or even nicer quality used vehicle. Good luck. Insurance companies are the only buisness that the government says you have to buy their product. Must be nice, huh?

Manny

To determine whether or not to total it's a very simple formula:
If the price to repair is > worth of moto, they will give you the worth of the moto.

How they determine worth of moto? Something like NADA or KBB.

Chris

There have been a ton of totaled vehicle questions posted in this area, you should check those out. Basically, they will offer you ACV (actual cash value which means what you could get the saem exact bike for in that condition in the market). It is not a figured arrived at by Kelly Blue Book. They will offer you that amount, and you can negotiate the figure. When you come to an agreement, you will sign the bike over to State Farm and they will take it and sell it to a salvage yard. This is not a State Farm practice, it's like this with every insurance company.

John Paul

30%of total value to repair the bike Ucan bid on the salvage value of the bike probably more expensive than you think. Or take the check and hope you did not owe anything on the motorcycle. Bank gets paid first you second. I should have said this first I'm glad you weren't killed! Insurance company's will always look out for what is in the best interest of the insurance company so arm your self with receipts of things that are extra on the bike,hope you make out with the adjuster OK.

CowboyBill

Total loss class 101: If cost to repair a vehicle exceed the value or a set percentage of value set by state guidelines the vehicle is declared to be a total loss. The unit will be purchased by the insurance company and sold at a salvage auction to recover some of the costs.

deadcars42

when an insurance company totals the vehicle, the damages will be around 75%+ (depending on the state that this happened in, it could be less than 75% of the damages) of the Value of the bike. Again, depending on the state, you may be able to retain the Salvage (bike) or they will take possession of it. If they allow you to retain it, some states require that you obtain a salvage title for the bike, others require that the insurance co. notify the state the vehicle is titled in that the bike was totaled in an accident.

Pucci88

The cost to repair the damages must equal at least 60-70% of the total value of the bike before it is totalled. they determine the value of the bike, by checking what other bikes cost that are the same type (like kind and quality and mileage). it is called the market value of the bike (prior to being involved in the accident.)

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