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Write-off
If a vehicles's value is less than the cost to repair it, an insurance company will declare the vehicle a 'write-off'. In some instances it may be more cost effective to replace your vehicle than to repair it.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Financial services
- Category: Auto loans
- Company: Mercedes-Benz
- Product:
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