Is Your Vehicle a Total Loss?
A vehicle is usually determined to be a total loss based on the cost of the repairs versus the value of the vehicle.
THE DECISION TO TOTAL A VEHICLE IS MADE BY THE INSURANCE COMPANY NOT BY LOVETTS.
We will write a complete estimate to repair the vehicle and forward it to the insurance company.They will make the final decision on repairing versus totaling the vehicle.
THERE IS NO SPCIFIC COST TO REPAIR OR DOLLAR AMOUNT THAT DETERMINES A VEHICLE IS A TOTAL.
Each insurance company has their own formula for determining when a vehicle is a total loss. Vehicles are determined to be a total loss when the cost to repair exceeds a threshold. In most cases this threshold is usually a simple formula. If the cost to repair reaches or exceeds 75% to 80% of the pre accident value of the vehicle many insurance companies will total the vehicle. Sometimes there is an open area on an estimate where the cost to repair can’t be accurately determined prior to the actual repair. This potential additional cost along with the cost of a rental car may also be included in the projected 75% to 80% cost threshold.
HOW MUCH WILL I BE PAID FOR MY VEHICLE IF IT IS A TOTAL?
Most insurance companies use a computerized service such as NADA, National Auto Dealers Association, www.nada.com to determine the value of a vehicle. Your vehicle is compared to others of the same make and model that have sold in this geographic area. The pre-accident condition of your vehicle, mileage and the options or accessories that were on you vehicle are all considered when determining a value. You may want to check on the value of your vehicle by consulting Kelly Blue Book at www.kbb.com or Edmunds at www.edmunds.com .You may also want to check the prices of comparable vehicles in the local newspaper, at used car lots or using the Auto Trader, a local publication or online at www.autotrader.com
WHAT HAPPENS TO MY VEHICLE IF IT IS A TOTAL?
The insurance company will buy your vehicle from you at fair market value minus your deductible or you may buy the vehicle from your insurance company.
If your vehicle is a total loss and you accept payment for your vehicle from the insurance company they will take possession of your vehicle.
It is your right to buy your vehicle from the insurance company. The amount of your settlement will be substantially reduced due to the condition of the vehicle. If you have the TOTAL repaired you will have to have the state inspect the vehicle before it can be registered again and you will be issued a salvage title which will substantially reduce the re-sale value. Lovetts does not recommend that customers buy back a vehicle that has been determined to be a total and we will not repair a vehicle that has been declared a total.