If you’ve just been involved in a serious car accident in Brockton, Randolph, or Stoughton, you’re likely focused on getting your car to the shop—and fast. However, due to something called a total loss threshold, depending on the level of damage your car sustained, there’s a chance that its next stop may be the junk yard and not the shop.
Since total loss thresholds vary by state, Collision 24 created the following post that reviews some frequently asked questions about the loss threshold in Massachusetts and how you can determine whether or not your car is repairable or a total loss.
What is a total loss threshold?
A vehicle is considered a total loss, or totaled, when the cost of the repairs it needs exceeds the value that it carried before the accident occurred. A total loss threshold is the cost limit by which a car is considered either salvageable (below the threshold) or off to the scrap yard (at or above the threshold).
How is total loss determined?
The tricky part is that different states have different rules as to when a car is deemed a total loss, operating by either a percentage rule or a custom formula.
For example, in New Hampshire, a vehicle with damage that adds up to 75% of its value would be considered totaled, while in a state like Colorado where the total loss threshold is 100%, the same car would be considered fixable.
What is the total loss threshold in MA?
Massachusetts is one of several states that doesn’t operate on the percentage rule. Instead, the total loss threshold of your car is determined using the following formula:
If the cost of repairs plus the amount you’d get at the junk yard for scraps equals or exceeds the car’s value pre-accident, your car is a total loss.
Is my car a total loss?
In order to determine whether or not your vehicle is a total loss, a comprehensive appraisal is required. Key information will come out of this evaluation, including an estimate of the car’s value before the accident and the level of damage that was sustained.
Don’t forget that your insurance company also has a major say in whether or not your car is a total loss, which is based on the amount of money they’re willing to pay.
How We Can Help
During this stressful process, it’s important that you seek help from professional appraisers with many years of experience working in the collision repair industry.
Collision 24 is staffed by expert appraisers who you can trust to provide a comprehensive and fair evaluation of your vehicle. Our staff will also act as your advocate with your insurance company, helping you get the maximum payment for repairs that your policy allows.
If your vehicle is repairable, then you have an incredible team of certified collision repair technicians right here, ready to move forward with repairs that will restore your ride to its former glory in no time.
If you’re looking for help post-accident in Brockton, Randolph, and Stoughton, schedule an appointment for an appraisal with our team today.