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Total Loss Threshold by State refers to the specific percentage at which an insurance company must declare a vehicle a total loss after an accident. This threshold varies by state, typically ranging from 60% to 100% of the car’s actual cash value (ACV). In states like Georgia, the total loss threshold is 75%, while in Colorado, insurers use the Total Loss Formula (TLF) instead.
Knowing the Total Loss Threshold State is essential for vehicle owners dealing with significant damage. It determines whether your car will be repaired or deemed a total loss, impacting claim settlements and vehicle replacement decisions.
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