What's the insurance term for when the repair cost exceeds the value of an auto? is it "totaled" out?

I work as a mechanic at a small trucking co. and they had an older tractor in a minor accident but the cost of the new radiator, a frame bracket , and a bumper plus labor, at a Peterbilt dealer is outrageous. The truck has a rebuilt engine and trans. and $2500 worth of fresh tires,but its an '85. Is the word "totaled" the right term? It would be a shame. I would like to have it and fix it myself.What's the insurance term for when the repair cost exceeds the value of an auto? is it "totaled" out?
Total Loss - A loss of sufficient size that it can be said no value is left. The complete destruction of the property. The term also is used to mean a loss requiring the maximum amount a policy will pay.



If you would like to buy it back from the insurance, you can probably do that for salvage value. Well, you can't, but the owner of record can by accepting less and then you paying the difference and taking ownership. Talk to the boss and see what he says.
write off is the termWhat's the insurance term for when the repair cost exceeds the value of an auto? is it "totaled" out?
"totaled out" sounds like the proper term. Also, in some states you can "buy" a "totaled out" vehicle and have a "re-furbished" title issued...contact your local dmv or secretary of state for more information....
The term is total loss.





When the insurance company totals a vehicle - they take the salvage and sell it at auction. You can ask the adjuster what salvage yard they use to dispose of the vehicle. If you know someone with a salvage license - you can call the salvage company and find out when it will go through auction and put a bid in on it.What's the insurance term for when the repair cost exceeds the value of an auto? is it "totaled" out?
Totaled usually implies that it can't be repaired. Salvage means that it is either unrepairable or that it costs more to repair than it's worth.



If you do salvage out a vehicle, you generally have to pay whatever could be gotten for it (and the metal is worth more these days). Then you get a salvage title. If you get it running again, you have to take it somewhere (such as Highway Patrol) and get certification that it is road-safe. Then you can get a title that allows you to drive it and get insurance, but it will always say that the vehicle was salvaged. So if it's in another crash . . . .
Insurance companies look at the value of the vehicle or tractor, and they divdie that by two, if the cost to repair it is more than half of what the value of the vehicle is, they will call it a total loss, the insurance will then usually cut a check to get something around that same year etc. Normally if an insurance company calls it a total loss they will give you the option of keeping it for a sum of money, normally its just a couple hundred and they take it out from the amt. they are allowing you to purchase another vehicle/tractor. etc.

xenon