Posted: 27 Nov 2007 07:22 Post Subject: state-mandated
Yes, the state-mandated percentage total loss threshold is used to determine the actual total loss. It is one of the three ways of evaluating total losses (other than the ACV & OTL). Remo
Posted: 27 Nov 2007 07:50 Post Subject: I'm from Massachusetts
My friend, I'm from Massachusetts & over here the insurers are offered with State-mandated forms rather than any Agreed value settlement. Three settlement options are offered to you: Cost of Repair, ACV & the figr depicted within the declarations. Also you need to know that more often the total loss claims are decided upon the amount displayed on the declarations page. Got it!
Posted: 27 Nov 2007 07:55 Post Subject: my idea
I just have the understanding that when the cost of repair exceeds the worth of your car in the market then it gets totaled.
Posted: 27 Nov 2007 09:58 Post Subject:
Good morning Need Help, welcome to the community, I think you will find the help you need here.
You can go to your states dept of insurance webpage and search there. If the information is not there, most have areas to ask questions. You might want to let us know the state you are in as perhaps there is some practical knowledge regarding your state.
But let me tell you first that not all states have a ''percentage'' total loss threshold. ''MY IDEA'' is correct mostly.
I just have the understanding that when the cost of repair exceeds the worth of your car in the market then it gets totaledA vehicle is deemed an economical total when the cost of repair exceeds the ACV (actual cash value) MINUS the salvage value of a vehicle. Some states do IN ADDITION to the above also include a percentage. Meaning if a vehicle reaches 80% (for this example) of it's ACV it must then ALSO be deemed a total. So you see it can be a total either way NOT only by percentage.
REMO was also correct.
Sally, absolutely INCORRECT.
Also you need to know that more often the total loss claims are decided upon the amount displayed on the declarations page. Got it!Unless it is a 'stated amount' policy, which are few and far between, and even then the stated amount is only the ''up to this amount'' not necessarily what an insured would collect if a total loss occured. The only amount displayed in the dec. sheet or on the policy is ACV. Again, with the possible exception of a stated amount policy.
Please let us know if we can be of further assistance to you.
Posted: 27 Nov 2007 03:52 Post Subject: total loss threshold as mandated by the state
How to find it?
Google search or, you could look through the following site:
link deactivated as per forum norms
Posted: 27 Nov 2007 06:04 Post Subject:
State-mandated percentage threshold is used to determine the total loss of the vehicle