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Is It a Total Loss?

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Car accidents can often result in substantial damage to your vehicle. At what point is that damage considered a total loss? And what can you do if you experience a total loss, or totaled vehicle? Before you search for who has the cheapest car insurance in Florida or wherever you drive, it might be best to review what constitutes a total loss, so you can be confident your coverage is adequate for your needs.


When Your Car is Totaled


Typically, a damaged vehicle is considered a total loss when the cost of repairing the vehicle is greater than the value of the vehicle itself, although sometimes the thresholds are lower. For instance, some states may consider a vehicle totaled when the repair costs are more than 75% of the vehicle’s value.  With a vehicle valued at $10,000, that would mean repair estimates over $7,500 would put it over that threshold, and your vehicle would be considered a total loss. There are also times when the determination of whether your vehicle is a total loss or not is made by the insurer.


What To Do If Your Vehicle is Considered a Total Loss


When your car looks like it has been totaled in an accident, it is important to contact your insurance company.  Given how important your insurance is in this process, it is important to find cheap car insurance quotes, like those at GetAQuote. An insurance claim will help your insurer evaluate the damage of your vehicle and determine whether it is a total loss. Depending on the type of coverage you are paying for, your insurance company may provide payment for the value of the vehicle considered a total loss, minus your deductible. Your vehicle’s value is determined by a variety of factors, including age, mileage, and condition, and may be similar to the prices similar vehicles are being sold for within your proximity.


If you are paying for collision coverage and comprehensive coverage on your vehicle, then your insurance company will likely help pay for the losses you sustained through a totaled vehicle. That means you should get money to help go toward a replacement vehicle, based on the value of your vehicle determined by your insurer.  However If you don’t have those coverages, you may have to pay for your vehicle’s replacement on your own. So it is important to weigh your insurance options carefully, and be aware of the potential costs of not having the proper coverage.


Feeling Under-Protected By Your Insurance Plan?


If thinking about totaled vehicles, and understanding the costs to replace them may not be covered by your insurance policy makes you concerned, or you realize it might be a good time to shop for a new insurance policy, there is help available. You can look for who has the cheapest car insurance in Florida or beyond with a company like Get-A-Quote. Get-A-Quote provides access through the means of a very simple-to-use tool. Taking our quiz will give us the information we need to help you find the best quotes available for you. So there’s no need to worry about whether you have enough coverage. Get-A-Quote today.