When does an insurance company writes off a car as a total loss?
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When does an insurance company writes off a car as a total loss?
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Does anyone know when an insurance company writes off a car as a total loss?
Thank you.
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photog
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When it would more economical to scrap it than to repair it.
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yp_jimthecarguy
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n wisconsin the threshold is 70% of the cars value |
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CwboyBill
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It varies from state to state. It's based on repair costs exceeding the value or a set percentage of. It's 75% of the market value where I live, 99% in some states, 80% in others. |
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entidtil
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when the cost to repair nears or exceeds about 70% of "fair market value" of the car |
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The Heartbreaker
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The exact % most likely depends on your insurance company. Call a representative and ask. Usually if the cost to repair a vehicle is equal or greater than around 1/3 of the car's value to them, they will declare it a total loss and buy the car from you, IE give you the money that they deem the car would be worth, minus your deductible. |
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