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  1. #11
    Join Date
    Oct 2016
    Posts
    3,129

    Default Re: Total Loss Settlement

    They will almost certainly be considered a total loss.

  2. #12

    Default Re: Total Loss Settlement

    Quote Quoting PayrolGuy
    View Post
    They will almost certainly be considered a total loss.
    Right, but why if the cost to repair the vehicle is less than the Market Value?

  3. #13
    Join Date
    Mar 2013
    Posts
    17,040

    Default Re: Total Loss Settlement

    Arizona uses the Total Loss Formula:

    Fair Market Value less Salvage Value. If the result is less than the repair cost (before deductible) the car is totaled.

    Your repair cost is $4493.79.

    You'll have to get the salvage value from your adjuster but assuming 10%, your FMV is $4922.41 - 492.24 salvage = $4430.17.

    $4430.17 is less than the repair cost of $4493.79 so the car is a total loss.

    You have the option of taking the $4430.17 - $500 deductible = $3930.17, keeping the car and getting a salvage title, then seeing if you can get the car repaired for $3930.17.

    If the salvage value is more than 10% you'd get even less.

    Do you have any good reason to keep the car and get it repaired? It's rarely a good idea. You'd have to have used parts installed and minimum quality paint.

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