Totaled is a term used in the insurance industry. When a vehicle is damaged, if the cost of repairs is greater than the total value of the vehicle post-repair, it is said to be totaled. In french its called VGA (Véhicule Gravement Accidenté) Generally, the insurance provider will only pay out the lesser cost of buying a replacement vehicle, instead of paying to repair the old one to its previous state. In the UK, a car in this condition is called a write-off. This term is an accountancy term. The consequence of the 'written down value' becoming zero. This means the value of the car is now worthless, therefore it cannot be included in the accounts. It is written-off. However, it is worth noting that although a car has been totaled, it is not truly worthless, in that usually it will still contain salvageable used parts, or at a bare minimum still have value as scrap metal. Write-offs can be distressing for the owner as the amount offered by the insurance company is normally its "market value" at the time. If the car was rare, or simply in excellent condition compared to others of its age and type, the market value may not allow the owner to purchase an identical vehicle. For this reason, many insurers offer "agreed value" cover for owners of classic vehicles, which guarantees a set financial sum in the event of a total loss. There is normally a rule that the vehicle must be at least 10 (or 15) years old for mass-market models, although for specialist cars, such as Ferraris, agreed value cover may be available from an earlier age. In Australia, where the word is spelled 'totalled', it can also mean 'very inebriated'.
