When is a Car Considered Totaled—and What Happens When It Is?

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The first step in determining whether a car is totaled (or, in insurance terms, a total loss) is to calculate its actual cash value (ACV) at the time of the loss. The ACV is how much your vehicle is worth after factoring in depreciation. (On average, vehicles depreciate between 15 and 25 percent each year during the first five years.) At Erie Insurance, a claims… Read Article

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