Total Loss Workbook
An Efficient, Consistent and Uniform Vehicle Settlement Approach
Insurance companies, when dealing with the total loss of a first or third party vehicle, are faced not only with determining the actual cash value of the vehicle, but also correctly calculating applicable taxes and fees that may be required by individual state DOI regulations and DMV requirements. The calculation is often times cumbersome because of the variation among state statutes and the cloudy language in many state regulations, especially as it relates to disposition of the vehicle salvage. This process is also time consuming and difficult to consistently manage on a large scale. The goal of Total Loss Workbook is to provide an automated mechanism for insurance company adjusters to consistently and uniformly calculate the taxes and fees for each state, taking into consideration an insurance company’s settlement policies.