CARFAX Enhances Total Loss Valuation Report with Automated Calculation of Taxes and Fees

Rhea-AI Summary

CARFAX announced the enhancement of its Total Loss Valuation Report to include automated calculation of taxes and fees, effective April 3, 2025. This upgrade, enabled through a partnership with Claim Toolkit, aims to help claims professionals more efficiently and accurately incorporate taxes and fees into final settlement amounts. Since its 2020 launch, the Total Loss Valuation Report has been widely adopted by insurance companies across the U.S., offering more accurate valuations for total loss claims and reducing cycle time.

The report uses CARFAX's VIN-specific History-Based Value, which derives pre-accident values from millions of used car listings, considering each vehicle's unique trim, options, mileage, condition, and location. Currently, the report is available in 48 states and the District of Columbia.

CENTREVILLE, Va., April 3, 2025 /PRNewswire/ -- CARFAX, a leader in vehicle history and valuation, announced today the enhancement of its Total Loss Valuation Report to include automated calculation of taxes and fees. This enhancement is made possible through a partnership with Claim Toolkit, offering claims professionals the ability to more efficiently and accurately incorporate taxes and fees into final settlement amounts.

Since its launch in 2020, CARFAX's Total Loss Valuation Report has been extensively adopted by insurance companies across the United States, providing more accurate valuations for total loss claims and helping reduce cycle time.

"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," said Tom Scheffer, Director of Insurance Claims at CARFAX. "We're happy to provide this enhancement, helping our customers further streamline their total loss valuation process."

The CARFAX Total Loss Valuation Report is a valuable resource for total loss adjusters, enabling them to determine a vehicle's unique pre-accident value using CARFAX's VIN-specific History-Based Value. This value is derived from millions of used car listings and takes into account each vehicle's unique trim and options, mileage, condition, location, and hundreds of other attributes from CARFAX's vast vehicle history database. The CARFAX Total Loss Valuation Report is currently available for use in 48 states and the District of Columbia.

For more information about the CARFAX Total Loss Valuation Report, visit CarfaxForInsurers.com.

About CARFAX

CARFAX, part of S&P Global Mobility, helps millions of people every day confidently shop, buy, service and sell used cars with innovative solutions powered by CARFAX® vehicle history information. The expert in vehicle history since 1984, CARFAX provides CARFAX Car Listings, CARFAX Car Care, CARFAX History-Based Value and the flagship CARFAX Vehicle History Report to consumers and the automotive industry. CARFAX owns the world's largest vehicle history database and is nationally recognized as a top workplace by The Washington Post. Shop, Buy, Service, Sell – Show me the CARFAX®.

S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.

About Claim Toolkit

Claim Toolkit is an industry-leading provider of claims management tools designed to streamline and improve the claims process for insurance companies. Their suite of innovative software products (Compliance, Auto Liability, Total Loss, and Audit) is designed to increase accuracy and efficiency, helping insurers deliver better service to their customers.

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SOURCE CARFAX

FAQ

What is the new enhancement in CARFAX's Total Loss Valuation Report?

The new enhancement includes the automated calculation of taxes and fees.

When was the enhancement to the CARFAX Total Loss Valuation Report announced?

The enhancement was announced on April 3, 2025.

What does the CARFAX Total Loss Valuation Report use to determine a vehicle's pre-accident value?

It uses CARFAX's VIN-specific History-Based Value derived from millions of used car listings.

How does the new enhancement benefit claims professionals using the CARFAX Total Loss Valuation Report?

It helps them more efficiently and accurately incorporate taxes and fees into final settlement amounts.

In how many states is the CARFAX Total Loss Valuation Report available?

The report is available in 48 states and the District of Columbia.