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How Is The Totaled Car Value Calculated

A car is said to be totaled when the cost of repairing the car exceeds the cost of it’s replacement. This can happen if the car is so damaged in an accident that it’s considered beyond repair.

This may also happen if the car owner is covered only by the minimum insurance and the insurance costs won’t cover the repair costs of the car.


For totaled cars, insurance companies prefer to make a settlement than paying for the repair costs. The totaled car value is calculated on the basis of the make, model, mileage covered by the car and condition of the car at the point of settlement. When determining the totaled car value, the depreciated value of the car is taken into account. Hence, insurance companies consider only part of the present market value of the car. This may vary from 60 to 80 percent depending on your insurance company.


If the car in consideration is totally beyond repair, then auto insurance specialists will advise you to settle for the salvage value of the vehicle. Once you accept the settlement amount, the car is then sent to the salvage yard where it’s parts are auctioned. The salvage value that you get paid should restore your financial condition to a point before the accident happened.


However, if are unsatisfied with the settlement amount being offered , then you can always approach the salvage yards in your locality to find out the approximate salvage value of your vehicle. You can average out the quotes to check whether your settlement amount is close to your estimated salvage value. It’s advisable to do your own due diligence for the ACV of your vehicle.

You should be aware that insurance companies themselves don’t calculate the totaled car value. They get it done through third party sources like certified collateral corporation, to be fair to the car owner and for protection against litigation. If you feel that the totaled car value is inappropriate and that your car qualifies for a higher settlement amount, then you can retain the salvage value and sell your car off at a higher salvage value. The second option is to get the repairs done yourself, if it’s financially viable, and get a few more years out of your car.

Cheap car insurance rate

It is not necessary that the company giving cheap car insurance rates will be a big company or a good and reputed insurance company. So the consumer must gather all the required information More on Cheap car insurance rate >>

Online Car Insurance rate

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Generally people are made to pay too much for Car insurance and hence it becomes little difficult to save some money with it. There are some companies. More on Car insurance comparison rates>>