Vehicle Total Loss Claim Settlement Report
The Vehicle Total Loss Claim Settlement Report is an app that can be used by insurance companies to notify a motor vehicle department or licensing department that a total loss claim for a vehicle was settled.
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When a motor vehicle is in an accident, and an insurance claim is submitted, an insurance company must make a determination as to the level of loss. A total loss occurs when an adjuster determines that the damage to an automobile resulting from an accident is costlier than the present value of the vehicle. The driver insurance company (the insurer) during a total loss makes an actual cash payment to the vehicle owner to settle the insurance claim. When a claim is settled, it is necessary to notify motor vehicle agencies or departments so that issues involving the title to the vehicle can be resolved, and the totaled vehicle is not subject to transfer sales tax, or other issues that may arise due to the total loss.
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