Totaled

Totaled

Totaled (shorthand for total loss) is a term used in the insurance industry. In the US, when a vehicle is damaged and the cost of repairs and the salvage value combined would exceed the current value of the vehicle, the insurance company may declare it totaled. [cite web|url=http://www.progressive.com/claims/total-loss.aspx|title=Total Loss|publisher=Progressive Insurance|accessdate=2008-05-14] Generally, the insurance provider will only pay out the lesser cost of buying a replacement vehicle, instead of paying to repair the old one to its previous state.

Regional

In the UK, a car in this condition is called a "write-off". This term is an accountancy term. The consequence of the 'written down value' becoming zero. This means the value of the car is now worthless, therefore it cannot be included in the accounts. It is written-off. However, it is worth noting that although a car has been totaled, it is not truly worthless, in that usually it will still contain salvageable used parts, or at a bare minimum still have value as scrap metal.

Write-offs can be distressing for the owner as the amount offered by the insurance company is normally its "market value" at the time. If the car was rare, or simply in excellent condition compared to others of its age and type, the market value may not allow the owner to purchase an identical vehicle. For this reason, many insurers offer "agreed value" cover for owners of classic vehicles, which guarantees a set financial sum in the event of a total loss. There is normally a rule that the vehicle must be at least 10 (or 15) years old for mass-market models, although for specialist cars, such as Ferraris, agreed value cover may be available from an earlier age.fact|date=May 2008

ee also

* Lemon (automobile)
* Vehicle title branding
* Vehicle insurance

References

External links

* [http://www.npr.org/templates/story/story.php?storyId=5073848 "Autos Weather Katrina, End Up for Sale", Steve Inskeep, "Morning Edition", December 29, 2005]
* [http://marketplace.publicradio.org/shows/2007/08/27/PM200708274.html "Katrina's wrecks now Bolivia's headache", "Marketplace", Monday, August 27, 2007]
* [http://risingfromruin.msnbc.com/2005/11/cars_of_katrina.html "The cars of Katrina", November 22, 2005]


Wikimedia Foundation. 2010.

Игры ⚽ Нужна курсовая?

Look at other dictionaries:

  • Totaled — Total To tal, v. t. [imp. & p. p. {Totaled}or {Totalled}; p. pr. & vb. n. {Totaling} or {Totalling}.] 1. To bring to a total; also, to reach as a total; to amount to. [Colloq.] [Webster 1913 Suppl.] 2. to determine the total of (a set of… …   The Collaborative International Dictionary of English

  • totaled — adjective used of automobiles; completely demolished the insurance adjuster declared the automobile totaled • Similar to: ↑destroyed * * * totaled UK [ˈtəʊt(ə)ld] US [ˈtoʊt(ə)ld] an American past tense and past participle of total3 Thesaurus:… …   Useful english dictionary

  • totaled wrecked — destroyed destroyed adj. 1. p. p. of {destroy}. [Narrower terms: {annihilated, exterminated, wiped out(predicate)}; {blasted, desolate, desolated, devastated, ravaged, ruined, wasted}; {blighted, spoilt}; {blotted out, obliterate, obliterated};… …   The Collaborative International Dictionary of English

  • totaled — 1. verb (US spelling) 2. adjective destroyed …   Wiktionary

  • totaled —  , totaling …   Bryson’s dictionary for writers and editors

  • totaled — to·tal || təʊtl n. sum; whole v. sum up, amount to, come to adj. entire, complete, absolute …   English contemporary dictionary

  • totaled — UK [ˈtəʊt(ə)ld] / US [ˈtoʊt(ə)ld] an American past tense and past participle of total III …   English dictionary

  • Art, Antiques, and Collections — ▪ 2003 Introduction       In 2002 major exhibitions such as Documenta 11 reflected the diverse nature of contemporary art: artists from a variety of cultures received widespread recognition for work ranging from installation to video to painting …   Universalium

  • Business and Industry Review — ▪ 1999 Introduction Overview        Annual Average Rates of Growth of Manufacturing Output, 1980 97, Table Pattern of Output, 1994 97, Table Index Numbers of Production, Employment, and Productivity in Manufacturing Industries, Table (For Annual… …   Universalium

  • World War II casualties — World War II was humanity s deadliest war, causing tens of millions of deaths. The tables below provide a detailed country by country count of human losses.Total human lossesThe total estimated human loss of life caused by World War II was… …   Wikipedia

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”