CARFAX Introduces Enhanced Total Loss Valuation Report with Automated Tax and Fee Calculations

CARFAX Enhances Total Loss Valuation Experience

In a significant advancement for insurance claims professionals, CARFAX, a renowned name in vehicle history and valuation, has announced an enhancement to its Total Loss Valuation Report. This update, introduced on April 3, 2025, integrates an automated mechanism for calculating taxes and fees, making it easier and more efficient to arrive at final settlement amounts.

This groundbreaking enhancement is a result of CARFAX's collaboration with Claim Toolkit, a company known for providing sophisticated claims management solutions. As the report has gained widespread popularity among insurance companies across the United States since its inception in 2020, this new feature is expected to greatly simplify the claims process. CARFAX’s Total Loss Valuation Report aids professionals in determining the accurate pre-accident value of vehicles, utilizing CARFAX's unique VIN-specific History-Based Value. This value factors in a wide array of attributes, including mileage, condition, trim, options, and even location.

The Director of Insurance Claims at CARFAX, Tom Scheffer, highlighted the importance of this enhancement by stating, "Claims professionals expressed that having taxes and fees incorporated automatically into the CARFAX Total Loss Valuation Report would be a game changer, making the report not only more comprehensive but also easier to use."

Before this addition, professionals had to manually incorporate tax-related information into their evaluations, which could be time-consuming and error-prone. With the new automated feature, claims adjusters can now focus more on accurate assessments rather than administrative headaches. This innovation is particularly beneficial as it reduces the cycle time for total loss claims, thereby improving overall efficiency.

The CARFAX Total Loss Valuation Report is currently accessible in 48 states along with the District of Columbia, making it one of the go-to resources for claims representatives across the nation. Insurance firms can leverage this tool to provide their clients with precise valuations, speeding up the entire claims process considerably.

In addition to the simplicity this feature provides, it also aligns with CARFAX's mission to harness technology to aid consumers and professionals alike. By integrating an automated calculation system, CARFAX ensures that its offerings remain relevant in a rapidly evolving digital landscape. The incorporation of tax and fee calculations not only improves accuracy but also builds trust between insurers and their clients by presenting transparent evidence of vehicle valuations.

CARFAX, which is a part of SP Global Mobility, is recognized as a pioneer in vehicle history databases, having served millions of people reliably since 1984. The company continues to innovate with services such as CARFAX Car Listings, CARFAX Car Care, and CARFAX History-Based Value, ensuring they meet the diverse needs of consumers in the automotive market.

For more insights on this latest feature or the Total Loss Valuation Report, you can visit their website at CarfaxForInsurers.com. With CARFAX leading the way, the future looks promising for the integration of robust solutions that ease the burdens faced by claims professionals, ensuring fair and swift resolutions to claims.

About Claim Toolkit

Claim Toolkit is an esteemed provider of claims management tools dedicated to advancing the insurance industry's efficiency. Their suite of products designed for compliance, auto liability, total loss, and audits provides a framework for insurers to enhance their service delivery to customers, thus reshaping how claims are processed.