totaled
A car is 'totaled' when it gets damaged so badly that fixing it would cost more than it's worth. Insurance companies then pay the owner for the car's value.
A car is considered 'totaled' when the cost to repair it exceeds its market value. In such cases, insurance companies often declare the vehicle a total loss and compensate the owner accordingly.
Hear It Discussed
"So if it's ever totaled, including for catching on fire, that's what you're paid. And the value doesn't depreciate year after year like standard insurance."
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