In some accidents, repairing a vehicle may not be safe or economically practical.
Mobi may determine that a vehicle is economically impractical to repair when the reasonable cost of repairs and other anticipated costs approach or exceed the vehicle's Actual Cash Value (ACV), or when the vehicle otherwise cannot reasonably be repaired.
Mobi determines the vehicle's pre-loss Actual Cash Value using a commercially reasonable valuation method which is shared in the evaluation report.
Factors may include:
Year, make and model
Vehicle configuration and factory options
Mileage
Pre-loss condition
Prior damage
Vehicle history
Geographic market
Comparable vehicles
Available market valuation data
Under Mobi's standard owner-retained process, the Host generally retains the damaged vehicle. A deduction is taken for the salvage value, however, Hosts may sell or repurpose the salvage as they wish.
A typical settlement may therefore be calculated as:
Actual Cash Value
− Salvage Value
− Applicable Deductible
− Prior or unrelated damage
− Other applicable adjustments
= Protection Plan Payment
Because the Host retains the vehicle, the Host is generally responsible for its disposition and for complying with applicable state requirements concerning salvage titles, rebuilt vehicles, registration or other title requirements.
Mobi will provide additional instructions based on the vehicle and the state in which it is titled.
If your vehicle is accumulating storage charges while a total-loss evaluation is being completed, please work with Mobi to move the vehicle to a storage-free location when requested. Charges incurred after a reasonable period provided to relocate the vehicle may not be reimbursable.