The complete loss or destruction of all the property insured under a particular policy. Under Marine insurance, it is quite common to find a Total-loss-only insurance.
Property damaged to the extent that the cost of repairs exceeds the market value less the salvage value.
An insurance company declares a vehicle a total loss when a claim exceeds the full value of the vehicle. Insurance companies typically take possession and obtain the title of such vehicles. CARFAX receives Canadian total loss information from the Insurance Bureau of Canada. A Canadian vehicle declared a total loss often requires a technical inspection before it can return to the road.
This means that it is not financially viable to repair your vehicle. Î” back to top of page
Cost of damage repair exceeds the value of the property
When cost of repairs to a damaged property is more than the property is worth.
an actual total loss of the vessel or such damage to the vessel that the cost of saving and repairing her would exceed her market value at the time of the collision.
or write-off â€” a vehicle that is not repaired because it will cost more to repair than the vehicle is worth, or cannot be repaired well enough for safe operation. More Information.
loss of the subject insured completely or such that the subject has been severely damaged that it becomes valueless, ie either as an actual total loss or a constructive total loss resulting in the payment of the total sum insured under the policy
If your insurance company decides it is uneconomical to repair your car following an accident, theft or damage, it will be 'written off' as a total loss.
Damage(s) to property that are so severe that the property cannot be restored to the previous condition before the damage(s) occured.
Ignition or lubrication system in which electricity or oil is used without being generated or recirculated. The ignition system uses power from a battery, eventually running it flat. The lubrication system uses oil without returning it to a tank. Both systems were common on early motorcycles. Two-stroke engines use a total-loss lubrication system.
A term used to describe a loss so great that there is no salvageable value left.
Means it is uneconomical to repair your vehicle for any reason.
Not economically feasible to repair, when cost to repair exceeds 80% of its value.
A loss of sufficient size so that it can be said there is nothing left of value. The complete destruction of the property. The term is also used to mean a loss requiring the maximum amount a policy will pay.
This can be actual total loss or constructive total loss.
A vehicle or piece of property that is not economical to repair. The cost of repairs exceeds the market value or replacement cost depending on how the policy is written.
A term that may be used by insurers to describe the situation whereby the condition of an automobile or property is so extensively damaged that repair would cost more than replacement.
Property is considered totally lost when the cost to repair it exceeds its pre-loss value.
1)Loss of all the insured property. 2)Under a given policy, a loss involving the maximum amount for which that policy is liable.
Loss to the insured of the entire value of goods or other property insured, or a loss entailing the payment of the full face amount of an insurance contract.
A loss of the subject matter of insurance such that it is totally lost, destroyed or damaged beyond economic repair / A loss that gives rise to payment of the full sum insured.
the boat is completely lostâ€¦stolen and not recovered, sunk and not found or salvaged.
Insurers will describe a vehicle as a total loss if they think that it is beyond repair, or not worth repairing, financially.
Insurance for your belongings on the restricted basis of total loss only, this is very limited cover and you should check the details carefully
Insurance for belongings on the restricted basis of total loss only, this is very limited cover and the details should be checked carefully
Occurs when your property is damaged beyond reasonable repair. next letter
The condition of an automobile or other property when damage is so extensive that repair costs would exceed the value of the vehicle or property.
Loss of all the insured property. Also a loss involving the maximum amount for which a policy is liable.
A condition where the insurance company decides it is uneconomical to repair policyholder car following an accident, theft, or when the car is stolen and recovered and either it is impossible to repair.