The insurance company totaled out my car? What exactly does that mean?

Question

The insurance company totaled out my car? What exactly does that mean?

Answer 1

It means the repairs cost more than the Blue Book value.

Answer 2

it means to them it is unfixable alot of times if you have a newer car then it dosen't matter if you just had a bump up then they will total it out. They will give you what the cash value is they usually look at the kelley blue book value and give you the least be sure like the other person said tell all the options and so on you had this will help also they will let you have the car for  a small amount if you will take a mechanic with you that does body work and fixes engines he can tell you if it worth keeping alot of times if you still want the car and you were making payments on it the payments stop and they give the company the money and will give you the rest if it is worth it to keep and it is a newer model then they will offer to let you buy it at like anywhere between 500 to 2500. so take someone to look at it and see if it is worth keeping and fixing if it is then you will have a new car for about nothing.

Answer 3

Depending on your insurance company's policy, the damage to your vehicle exceeded 70%-80% of the vehicles Actual Cash Value(ACV).  

You will be offered the ACV which is usually determined by third party companies like CCC.  Make sure the adjuster has the correct mileage and all of your options.  Any old damage will be deducted.

Answer 4

The best source for info on this is the adjuster handling your claim.

However, generally it means that the damages to your car have exceeded the state threshold which means the car can not be repaired. The threshold is usually a percentage of the Actual Cash Value (ACV) of the car. Most states dictate that if a car has damages that exceed 70% to 80% of the ACV then the car can not be repaired. That's what a total loss means.

The company will do research into what the car was worth (ACV) just prior to the accident. They will then pay you that (if you have a loan they will issue the check to BOTH you and the loan company together). The insurance company will then sell what is left of your car to a salvage company.

Make sure to ask the company for  a copy of whatever documentation they used to get a value on your car. Read it carefully so you understand it.

Keep in mind that your deductible will be taken off the settlement price when the check is issued.      

Good Luck