Total Loss
When an insurance company determines that the cost to repair a vehicle exceeds a certain percentage of its actual cash value, typically 75%.
Definition
When an insurance company determines that the cost to repair a vehicle exceeds a certain percentage of its actual cash value, typically 75%.
Related Terms
Actual Cash Value (ACV)
The fair market value of a vehicle before the loss occurred, used by insurance companies to determine total loss thresholds and payouts.
Salvage Title
A title brand issued when an insurance company declares a vehicle a total loss, meaning repair costs exceeded a certain percentage of the vehicle's value.
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