CARFAX offers insurers new automation to include taxes, fees in total loss claims
CARFAX booth at the 2024 NIADA Convention and Expo in Las Vegas. Photo by Andrew Friedlander.
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CARFAX wants to offer insurers a more accurate way to determine what a totaled car is worth.
The vehicle history report provider announced it has enhanced its Total Loss Valuation Report to include automated calculation of taxes and fees through a partnership with Claim Toolkit.
The company said the addition allows claims professionals to more efficiently and accurately incorporate taxes and fees into final settlement amounts.
“Claims professionals shared that automatically incorporating taxes and fees information into the CARFAX Total Loss Valuation Report would make the report more comprehensive and user-friendly,” director of insurance claims Tom Scheffer said. “We’re happy to provide this enhancement, helping our customers further streamline their total loss valuation process.”
The new capability is another step up for CARFAX in the insurance sector this year, following the introduction of its Vehicle Build Score in February.
The CARFAX Total Loss Valuation Report is designed to enable total loss adjusters to determine a vehicle’s unique pre-accident value using CARFAX’s VIN-specific history-based value.
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The company said that value is derived from millions of used-car listings and takes into account each vehicle’s trim and options, mileage, condition and location, among hundreds of other attributes from CARFAX’s vehicle history database.
The CARFAX Total Loss Valuation Report, launched in 2020, is currently available for use in 48 states and the District of Columbia.
