Total loss

The insurer's decision to pay the owner to replace a vehicle rather than pay to repair it.

Also called: totaled · total loss claim

What it means

Definition

A total loss is an insurer's decision to pay out rather than repair. Florida's statute puts it as an insurance company paying the owner to replace the wrecked or damaged vehicle with one of like kind and quality, or paying the owner upon its theft. What triggers that decision is set by state law: South Carolina, for example, requires a vehicle with a loss of 75% or more of fair market value to be declared a total loss, while other states leave more of the calculation to the insurer.

Why a buyer cares

What it changes

The claim decision is what puts a brand on the title afterwards. Total loss is the insurer's act; salvage is what the state then records.

In practice

Where you meet it

In an insurer's claim letter, then on the title as a brand and in the brand history of a vehicle history report.

Two things that look alike

Not the same as

A salvage title is the title status that follows the decision; the total loss is the decision itself.

Where this comes from

Sources

Verified against Florida and South Carolina only. The 75% figure is South Carolina's and must stay attributed to it.