Totaling a Car
Many people talk of totaling a car as a serious accident in which many people are hurt or the accident is grave enough that the car is beyond hope of repair. While many totaled cars are a result of serious accidents such as those mentioned, the vast majority of cars are deemed totaled because the cost of repair is too great when the value of the car is considered.
The standard formula for determining when a car is totaled is derived by taking the current value of the car in question and computing 75% of its value. If the cost to repair the damaged car exceeds the 75% mark of its value, the car is considered totaled.
So, for example, an older car that is worth $10,000 is involved in an accident. Because of the large amount of damage done and the cost of securing the various necessary parts, the cost of repairing the car is $7,600. This number exceeds the point of 75% ($7,500) and so the car is likely to be deemed totaled by the insurance agency.
When calculating the value of the insured car, the majority of the calculations require little input from the owner of the car in question. Most of the value is determined by considering the make, model, and year of the car as well as the features that are found on the car. This is then measured against other cars of similar specifications and the value is assigned accordingly.
Contact a Wisconsin Car Accident Lawyer
If you have been injured in a car accident or have had your car damaged in an accident, contact the Wisconsin car accident lawyers of Habush Habush & Rottier S.C. ® at 1-800-242-2874.