A total loss appraisal is a formal method used when there’s a disagreement between a policyholder and an insurance company over the value of a totaled vehicle. After an accident, if the insurer declares the car a total loss and the owner disputes the settlement offer, the appraisal clause in the insurance policy can be invoked. Each party selects a qualified appraiser to evaluate the vehicle’s actual cash value (ACV).
If both appraisers cannot agree, a neutral umpire is appointed to make the final decision. This process ensures fairness and accuracy in determining a vehicle’s value. A total loss appraisal helps policyholders receive proper compensation and holds insurers accountable to fair valuation standards under state laws and policy terms.
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