"Totaled" vehicles, or ones that are considered total losses after an accident, are recognized differently on a state-by-state basis. In North Carolina, a vehicle is considered totaled when the costs to repair the car or truck exceed the Actual Cash Value (ACV) by a Total Loss Threshold (TLT) of 75% or more.
Many factors come into play when determining this figure. The value of your vehicle may be calculated based on age, mileage, and condition. Making this situation even more complicated is that valuation methods vary by insurance company. The cost of repairs need to be estimated. The salvage value may even be considered.
It's important to review your specific auto insurance policy to understand the terms under which your provider will compensate you for damage to your insured vehicle. Language in insurance policies usually outlines maximum limits to physical repair costs, options to repair or replace parts, and the terms under which total loss are made. Don't let an insurance company take advantage of you after an accident. If you are not receiving the coverage outlined in your policy, Raleigh car accident lawyer Brent Adams is also an insurance dispute attorney and can review your rights and may handle the case for you if needed.
If your vehicle is not considered a total loss and you elect to get it repaired, be aware of faulty auto repairs. Follow the link and you'll learn how important it is to have safety inspections of vehicles after accident repair work is complete.