Insurance Lesson

Total Loss

What makes it a Total?

Lesson Script

What This Video Covers

A total loss is when the vehicle damage from a single occurrence would cost more to repair than the value of the vehicle before the incident. Generally, insurance companies deem a car a total loss when the damage amount approaches 70% of the value of the vehicle.
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Insurance Terms to Know

Retrospective Rating

Retrospective rating adjusts final premium after the policy period based on actual losses, subject to formulas and minimums.