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What Does it Mean to 'Total' a Vehicle?


What Does it Mean to ‘Total’ a Vehicle?
Nowhere is the difference between “knowing” something and “understanding” something more evident than when it comes to the relationship between “totaling a vehicle” for insurance purposes and the concept of salvage vehicles under state law. Everybody knows what it means to “total” a vehicle. But very few people actually understand the relationship between a totaled vehicle and state law regarding when such a vehicle can be titled and driven on public roads. Because these concepts play a key role in understanding collision losses and subsequent subrogation efforts, we pull back the curtains on these mystical terms in this article. ....

New York , United States , New Mexico , New Jersey , Gary Wickert , Kim Reynolds , Department Of Justice , Party Total Loss , Senate File , Iowa Collision Repair Association , Iowa Insurance Institute , American Property Casualty Insurance Association , National Motor Vehicle Title Information System , Department Of Motor Vehicle , Information Services , Actual Cash Value , Total Loss , Kelley Blue Book , Coverage For Damage To Your Auto , Loss Thresholds , Vehicle Title Branding , Motor Vehicle , Salvage Certificate , Loss Threshold , Total Loss Ratio , Total Loss Threshold ,

Iowa raises auto salvage title threshold to 70% of vehicle value


Iowa raises auto salvage title threshold to 70% of vehicle value
Thursday, April 8, 2021 4:12 PM
Iowa auto body shops, insurers and policyholders will have more leeway on what constitutes a totaled vehicle for purposes of insurance settlements, industry journal Repairer Driven News reported. Gov. Kim Reynolds on Friday signed into law Senate File 230, which raises the threshold for what constitutes a wrecked or salvaged vehicle. Previously, the law required the designation of a vehicle as wrecked or salvage when the cost of repair exceeded 50% of the fair market value of the vehicle. The new law raises that threshold to vehicles needing repairs of more than 70% of fair market value. Scott Weiser, a lobbyist for the Iowa Collision Repair Association, said that auto body shops were losing money because of repairable vehicles being totaled. The Iowa Insurance Institute and American Property Casualty Insurance Association supported the bill a ....

United States , Scott Weiser , Senate File , Iowa Collision Repair Association , Iowa Insurance Institute , American Property Casualty Insurance Association , Repairer Driven News , Kim Reynolds , ஒன்றுபட்டது மாநிலங்களில் , ஸ்காட் வீசர் , செனட் கோப்பு , ஐயுவா காப்பீடு நிறுவனம் , அமெரிக்கன் ப்ராபர்டீ விபத்து காப்பீடு சங்கம் , பழுதுபார்ப்பவர் இயக்கப்படுகிறது செய்தி , கிம் ரெனால்ட்ஸ் ,