Virginia Total Loss Threshold: What the 75% Rule Governs
Virginia has no 75 percent rule that forces an insurer to write your car off. Nearly every page ranking for the Virginia total loss threshold says otherwise. The number is real and it does appear in the Code, but it governs narrower situations: recovered stolen vehicles, and the DMV paperwork that follows when you keep […]
2022 Dodge Durango GT
Insurance Offer $22,000 my write off settlement $27,500 25% Increased Settlement
Iowa Total Loss Threshold: What the 70% Rule Really Decides
The Iowa total loss threshold is 70% of a vehicle’s fair market value before it was damaged. That number decides one thing, and it is not the thing most people think. It decides whether the state brands your title. It does not decide whether your insurer totals your car. Iowa Code 321.52 sits in the […]
Is a Total Loss Payout Taxable? What the IRS Tests
Almost never. A total loss payout is taxable only when the settlement is more than your adjusted basis in the vehicle, which for an ordinary personal car is essentially what you paid for it. Cars lose value, so the settlement is almost always far below that number, there is no gain, and there is nothing […]
2020 Jeep Grand Cherokee Limited
Insurance Offer $18,150 my write off settlement $22,500 24% Increased Settlement
2021 Toyota Camry SE
Insurance Offer $17,900 my write off settlement $21,500 20% Increased Settlement
2022 Dodge Charger GT
Insurance Offer $23,950 my write off settlement $28,500 19% Increased Settlement
Projected Sold Adjustment: Why Your Total Loss Offer Dropped
A projected sold adjustment is a deduction your insurer’s valuation software applies to the advertised price of each comparable vehicle used to value your car. The reasoning is that used vehicles usually sell for slightly less than their listed price, so the listings are marked down before being averaged. It is one of the least […]
2021 Chevrolet Colorado LT
Insurance Offer $20,700 my write off settlement $24,000 16% Increased Settlement
2021 Nissan Maxima SR
Insurance Offer $17,950 my write off settlement $20,800 16% Increased Settlement