formula for total loss
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cost price -selling price
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Step-by-step explanation:
A car is declared a “Total Loss” when the cost of repairs would exceed the actual cash value of the car. This type of claim is slightly different from other more minor claims, and requires a bit more effort on the part of the insured.
The total loss threshold is calculated by dividing the vehicle's repair cost by its actual cash value. It is expressed as a percentage. For example, suppose a vehicle will cost $8,000 to repair and its ACV is $10,000. The total loss threshold for the vehicle is 80 percent (8,000 / 10,000).
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