Regardless of total loss or constructive total loss the policyholder is compensated for the idv of the vehicle. Unfortunately an insurer is only required to pay damages up to the fair market value of the destroyed property even if you owe more than the car s value on your car loan.
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In case of a total loss of a vehicle the overall cost of repair and retrieval of the vehicle exceeds 75 of the insured declared value idv of the vehicle.
Insurance car total loss. Some states go by a total loss threshold tlt where damage only needs to exceed a certain percentage of a car s value to be determined a total loss. About half of states use what is called the total loss formula tlf where if the sum of the cost of repair plus the salvage value of the car exceeds the car s acv then it is considered a total loss. If the insurer says that your car is a total loss it will only pay you the fair market value of your car as of the day of the accident.
A car is considered a total loss if the cost of repairing it is greater than 75 of the idv of it for purposes of compensation from the insurance company. The idv depreciates over time based on the age of the car. In such a case the insurance company reimburses the current idv of the vehicle minus the amount of compulsory excess.
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