What is the standard ratio of vehicle total loss claims? or what is the practice
Total Comments: 2
Posted: Tue Mar 06, 2012 11:35 am Post Subject:
The total loss ratio is not standardized and is generally dictated by state law. Most insurers would consider a vehicle to be totaled if the cost of repair/replacement exceeds 75-80% or more of the vehicle's market value.
Posted: Tue Mar 06, 2012 03:35 pm Post Subject:
75-80% or more of the vehicle's market value.
The term is ACTUAL CASH VALUE. Replacement Cost minus Depreciation = Actual Cash Value. When the ACV is less than 75%-80% of the cost of repairs, the vehicle will be considered a total loss.
Posted: Tue Mar 06, 2012 11:35 am Post Subject:
The total loss ratio is not standardized and is generally dictated by state law. Most insurers would consider a vehicle to be totaled if the cost of repair/replacement exceeds 75-80% or more of the vehicle's market value.
Posted: Tue Mar 06, 2012 03:35 pm Post Subject:
75-80% or more of the vehicle's market value.
The term is ACTUAL CASH VALUE. Replacement Cost minus Depreciation = Actual Cash Value. When the ACV is less than 75%-80% of the cost of repairs, the vehicle will be considered a total loss.
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