Total Loss (Totaled)
/TOH-tul loss/
When repair costs exceed your car's value.
Definition
A total loss occurs when the cost to repair your vehicle exceeds its actual cash value, or when it cannot be safely repaired. Insurers typically declare a car totaled when repairs cost 70-80% of the car's value. You receive the ACV minus your deductible.
Example
With $15,000 in damage and an ACV of $10,000, the insurance company declared the car a total loss.
More Auto Insurance Terms
Insurance that pays for damage or injuries you cause to others.
Coverage for injuries you cause to others in an accident.
Coverage for damage you cause to others' property.
Insurance that pays to repair your car after an accident.
Insurance for non-collision damage like theft or weather.
Protection if you're hit by an uninsured driver.
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