Totaled Car Value Calculator

After an accident, your insurance company uses a totaled car value calculator to determine your car’s actual cash value (ACV) and decide if it’s a total loss. Often, insurers check state thresholds to decide if repair costs exceed a certain portion of a car’s ACV. 70% to 75% is a common threshold.

The best auto insurance companies use Kelley Blue Book and the CCC Market Value Report to determine ACV.

So, can you find a total loss car value calculator? Do insurance companies use a car insurance valuation calculator? We’ll explain this and how to use a salvage title car value calculator below.

Enter your ZIP code into our free tool above to compare car insurance quotes from top providers.

Total Loss Formula Calculator: What Insurers Consider

Insurance companies will only pay to repair a car if the repair costs would be less than a certain portion of the fair market value. Unfortunately, the industry has no specific total loss calulator for this, and the approach may vary widely depending on each insurance company’s specific car ACV calculator and some state rules.

So, how do insurance adjusters determine the value of a vehicle?

To determine the insurance value of a car that has been damaged, insurance companies use services such as Kelley Blue Book (KBB) as their total loss vehicle calculator. They may also use the CCC car value calculator, more commonly known as the CCC Market Value Report.

Alternatively, a professional appraiser may be used as an insurance car total loss value calculator. Other amounts may be added to the equation, such as the cost of title, registration fee, or sales tax.

Read More: How do insurance companies determine car value?

Many insurance companies may have proprietary formulas to help assist as their totaled vehicle calculator. You may get an indication of its approach by looking at the fine print in your policy.

How State Laws Impact Your Insurance Car Payout Calculator

Certain states employ total value thresholds or total value formulas, and insurance companies that market within those states must consider these rules in their totaled car payout calculator. An insurance company will then use its own ACV car value calculator to determine if it will repair the vehicle or write it off as a loss.

Sometimes, the state will insist on issuing a salvage title for a vehicle if its salvage car value calculator determines damage exceeds a particular threshold. Each insurance company is free to make its own decision if the vehicle repairs fall below the state’s automatic “salvage title threshold.” However, this may determine whether the vehicle is now classified as salvage or whether it retains a clean title.

Hover over your state below to see the total loss threshold percentage:

For example, Indiana state law says that if the vehicle’s repair cost exceeds 70% of its fair market value, it must become a salvage vehicle. This rule also applies if the decision-makers at the insurance company opt not to repair it. In Nevada, the threshold is 65%, and other states use their own formulas.

Read More:

• Indiana Auto Insurance
• Nevada Auto Insurance

How to Know Who Gets the Residual Value of a Totaled Car

If a company decides that it won’t pay for the damage after using its total car value calculator, it will give you the actual cash value of the vehicle instead, less any deductible you have. If you have leased the vehicle, it’ll make the payment directly to your bank or financing company. If you owe more than the determined value, you’ll need to pay the difference between the insurance payout and your remaining loan balance.

Read More: Replacement Cost vs. Actual Cash Value: Car Insurance

Since a new vehicle can depreciate as soon as you drive it off the lot, you may be at risk if you lease or finance a car that is quickly “totaled” by an insurance company. If you don’t pay off the vehicle as quickly as its value depreciates, you should consider buying gap insurance from your insurance provider. This type of insurance would pay off the difference between your balance and the insurance payout in this situation.

Using a Totaled Car Insurance Payout Calculator at Home

You can get a general idea of what the insurance company is likely to say by comparing the repair estimate to figures that you find in the Kelley Blue Book. This car insurance payout calculator will give you a car value estimate for free, based on your make, model, year, and condition before the wreck.

More About Using a Car Value Calculator for Insurance

Each insurance company uses its own total loss formula calculator when determining whether a vehicle will be a total loss. Sometimes, the company will consider state minimum thresholds in its car total loss calculator, too.

If you’re planning to file a claim, you can use a totaled car calculator on your own by comparing the mechanic’s repair bill to an online resource like KBB.

If you’re looking for lower car insurance premiums, enter your ZIP code into our free tool below to instantly compare quotes near you.