Insurance Lesson

Total Loss

What makes it a Total?

Lesson Script

What This Video Covers

A total loss is when the vehicle damage from a single occurrence would cost more to repair than the value of the vehicle before the incident. Generally, insurance companies deem a car a total loss when the damage amount approaches 70% of the value of the vehicle.
Keep Learning

Related Insurance Video Lessons

Insurance Terms to Know

Lapse

A lapse is an interruption or termination of coverage because premium was not paid, the policy was not renewed, or conditions were not met.