If you’ve been told you have a totaled car after an accident, it means that the cost of repairs is too high compared to the value of the car. But how this is determined is based on several ...

For example, under Nevada law, a car is totaled if the repair costs are equal to or greater than 65% of the fair market value of the car before the accident. Total Loss Formula.

“I bought a new car last year with $1,000 down, and I financed the rest. Unfortunately, it was totaled in a collision last month. The insurance company said it had to pay off the loan first.