Totaled

Totaled

Totaled (shorthand for total loss) is a term used in the insurance industry. In the US, when a vehicle is damaged and the cost of repairs and the salvage value combined would exceed the current value of the vehicle, the insurance company may declare it totaled. [cite web|url=http://www.progressive.com/claims/total-loss.aspx|title=Total Loss|publisher=Progressive Insurance|accessdate=2008-05-14] Generally, the insurance provider will only pay out the lesser cost of buying a replacement vehicle, instead of paying to repair the old one to its previous state.

Regional

In the UK, a car in this condition is called a "write-off". This term is an accountancy term. The consequence of the 'written down value' becoming zero. This means the value of the car is now worthless, therefore it cannot be included in the accounts. It is written-off. However, it is worth noting that although a car has been totaled, it is not truly worthless, in that usually it will still contain salvageable used parts, or at a bare minimum still have value as scrap metal.

Write-offs can be distressing for the owner as the amount offered by the insurance company is normally its "market value" at the time. If the car was rare, or simply in excellent condition compared to others of its age and type, the market value may not allow the owner to purchase an identical vehicle. For this reason, many insurers offer "agreed value" cover for owners of classic vehicles, which guarantees a set financial sum in the event of a total loss. There is normally a rule that the vehicle must be at least 10 (or 15) years old for mass-market models, although for specialist cars, such as Ferraris, agreed value cover may be available from an earlier age.fact|date=May 2008

ee also

* Lemon (automobile)
* Vehicle title branding
* Vehicle insurance

References

External links

* [http://www.npr.org/templates/story/story.php?storyId=5073848 "Autos Weather Katrina, End Up for Sale", Steve Inskeep, "Morning Edition", December 29, 2005]
* [http://marketplace.publicradio.org/shows/2007/08/27/PM200708274.html "Katrina's wrecks now Bolivia's headache", "Marketplace", Monday, August 27, 2007]
* [http://risingfromruin.msnbc.com/2005/11/cars_of_katrina.html "The cars of Katrina", November 22, 2005]


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