I think my vehicle is totaled. What happens now?

A vehicle is deemed a total loss in most states if the estimated repair cost of your vehicle exceeds the value of your vehicle, rather than whether your vehicle can be repaired.

However, there are varying statutes related to determining a total loss. In each case, our licensed appraisal team reviews and applies the state-specific guidelines when assessing damages. Vehicle damage must be assessed by a licensed appraiser to confirm whether your vehicle is a total loss.

If the damage to your vehicle is confirmed to be a total loss, an adjuster who specializes in “total loss” claims will work with you to settle your claim. After we obtain a market valuation of your vehicle, we will calculate the settlement amount and send you documentation outlining the settlement and the documentation we require from you (such as the title, odometer statement, etc.) based on state guidelines to complete your claim. Payment for your claim will be issued once all requirements have been met.

If your totaled vehicle is at a tow yard or body shop, you should remove any personal belongings from it. Based on your state, your adjuster may instruct you to remove the license plates. You must also inform the tow yard or body shop that Electric Insurance is permitted to pick up the vehicle and move it to a facility that does not charge storage fees.

Once a settlement amount is agreed upon, the total loss adjuster will also advise you how much longer an authorized rental car will be covered.

If there is a loan on your vehicle, we have to speak to the loan company and obtain the loan payoff amount and documentation. If the settlement amount exceeds the balance of the loan, you as the vehicle owner will be issued a check for the difference between the settlement and loan amount. If the settlement amount is less than the loan payoff amount, then the entire settlement amount is issued to the loan company and the remaining loan amount is handled directly between you and the loan company.