Definition: When insurance totals your car, it means that your insurance company will have to pay for any damages or accidents caused by the vehicle in question, based on an estimated value calculated by the insurance company's underwriting process. The exact amount of what "total" refers to depends on the specific terms and conditions of your policy and how they are structured. Some policies may include a predetermined "base value" that is used to calculate the total, while others allow for variable amounts based on factors such as age or mileage. Once the insurance company has calculated the total, it will submit this amount to a third-party appraiser who uses a standard process to estimate the worth of your car. This can involve using various valuation techniques and may result in an amount that is higher than what you paid for your vehicle. The consequences of not having your insurance totals covered are typically limited if there are no serious accidents or damage to the car that would need to be repaired. However, if there were significant damages that did not receive coverage, your insurer will have to cover them up to a certain limit, which can vary depending on factors such as your age and driving history. Overall, when insurance totals your car is typically a significant expense for you and your insurer, but it's an important part of the process to ensure financial security.
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