The formula to calculate the write off value (WOV) is:
\[ WOV = 0.50 \times CV \]
Where:
Let's say the current value of the car is $20,000. Using the formula:
\[ WOV = 0.50 \times 20000 \]
We get:
\[ WOV = 10000 \]
So, the write off value (\( WOV \)) is $10,000.
