Loss vehicle definition
Loss vehicle means the damaged motor vehicle or a motor vehicle that the insurer determines is a "total loss."
Loss vehicle means a vehicle damaged by collision or other occurrence, no longer capable of being repaired or cost to repair the vehicle is at least 70% of the retail market value. In case the sum insured is not less than 80% of the retail market value, either the Insured or the beneficiary shall transfer ownership of the vehicle to the Company and the Policy shall be considered terminated.
Examples of Loss vehicle in a sentence
USAA’s records reflect that you likely received an Actual Cash Value Payment on a Total Loss vehicle, but the records maintained by USAA on your claim have not yet been reviewed to determine whether USAA included or did not include payment for sales tax.