When is car considered a total loss?
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When is car considered a total loss?
Asked on January 19, 2016 under Accident Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
It's an economic question. The law does not make people "waste" money. So at the point at which it would cost more to repair a car than the car's then-current fair market (or "blue book") value, the car is considered a loss and insurers will "total" it, because people (or insurers) are not required to spend more to fix something then it is worth.
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