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Quote-a-Day Gifts
Insurance facts, terms, people, websites, history, and events in a calendar. Each day of the calendar year contains an interesting reference devoted to the Insurance industry.  Practical, informative and entertaining.

Insurance

October 19, 2017
PrintedOwl.com
A car is declared "totaled" when the cost of repairs exceeds the cash value of a vehicle, as in the case of many older cars. When this occurs, the insurance company issues the insured a check for the cash value of the car, minus their deductible. The car is then sent to a salvage yard, where it may be auctioned off for parts. The insurance company receives the money from the auction.
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