What does an insurer consider a vehicle to be if the cost of repairs equals 90 percent of its current market value?

When the cost of repairs for a vehicle equals or exceeds 90 percent of its current market value, insurers categorize that vehicle as a constructive total loss. This designation indicates that while the vehicle is not an actual total loss—meaning it is still physically intact and can theoretically be repaired—the cost to restore it to its pre-damage condition is not economically justifiable.

In such cases, insurers evaluate the vehicle's value against the repair expenses and determine that it would be financially imprudent to proceed with repairs. Instead of repairing the vehicle, the insurer may find it more cost-effective to declare it as a constructive total loss, which could lead to a settlement or payout based on the vehicle’s market value rather than the costs of extensive repairs. This concept emphasizes the economic viability of repairs relative to the vehicle's worth, aligning with standard practices in the insurance industry.

The other options pertain to different concepts in insurance and loss assessment, which do not apply in this scenario.