An insurance company declares a vehicle totaled when the cost to fix the vehicle exceeds 70% or more of its market value.
can be done by insurance company at time it is totaled out by them
most time if the car was in an accident and is totaled you will have to by it back from your insurance company
When a vehicle covered by insurance gets wrecked, the insurance company looks at how much it will cost to repair. If repairing the bike costs more than it is worth, then the insurance company declares it totaled and pays for a replacement.
A vehicle is totaled if it cost too much to repair it. Usually, insurance companies determine whether or not a vehicle is totaled.
It just depends on whether or not the insurance company considers the vehicle worth repairing or not.
Either the cars owner or the insurance company who paid for the totaled vehicle
Legally, if the company pays you for the totaled vehicle, it belongs to them. You can offer (if they don't) to by the scraps back. This would be deducted from your settlement and you would be paid the difference.
If she was driving your vehicle, with your premission, it would fall under your insurance and they would have to pay for the other drivers vehicle
In some cases you can buy your car back from the insurance company or from the scrapyard if the vehicle is totaled. You will need to check your insurance policy to see what type of stance they take on this purchase.
If the accident is your fault, your insurance company is not going to pay out anything. If it is the other person's fault, the other insurance company will be liable.
Once a car is totaled it is gone. Usually the insurance company takes the car for them to sell and get some extra money and if it is claimed as a totaled vehicle I would not recommend driving it on the street where you can hurt yourself or someone else.
Whomever the car is titled to. You will have to sign the title over to the insurance company since they essentially bought the wrecked car from you.
Once you sign that paperwork, you agree to relinquish the vehicle to the insurance company as is.
There isn't a set rate on this. The insurance company will first examine to see if the accident in which your vehicle was totaled was done in a manner which voided your policy. Then, the analysis will be made based on the vehicle's value, and the extent of your policy.
No, you can't The insurance company will pay you the ACV (Actual Cash Value) of the vehicle. Meaning, you'll get what your vehicle was worth at the time of the accident.
This depends on your plans for the vehicle. If you do not need the vehicle and it is unusable, it may be best to let the insurance company keep it. If you want to continue using the vehicle or think you can sell it (For parts or as a whole), you may want to keep the vehicle.
Totaled vehicles which have been rebuilt generally have a "salvaged vehicle" title, or whatever it's called in your state. Vehicles with a salvaged vehicle title are by definition, not as valuable as the same vehicle with a clean title. If the vehicle is subsequently in another collision, the insurance company will not pay as much since the loss was not as great. Insurance companies only need to pay you for the actual value of the vehicle.
get a good job............you will (assuming you are at fault for this loss) be require to pay for the totaled vehicle.........
The answer to this question is easy and is NO. You cannot insure a vehicle that you do not own. This is very important. If you did this and totaled the vehicle, the insurance cannot pay you for the damages because you do not own the vehicle and they cannot pay your Uncle because he does not have a contract of insurance with the insurance company.
The cost for repair on a vehicle depends on what year it is and what shape it is in. If the damage to the vehicle costs more than the vehicle itself, it will be totaled by an insurance company.
Fault in the accident is not a consideration. Normally the insurance company or the at fault driver is responsible only for repairing your vehicle and providing you with a rental car. While this may not be entirely fair, it is the system and you agreed to it when you chose to drive. Some states do have a provision that a vehicle must be totaled if the damage exceeds a certain percentage of the total value of the auto. YOur best resource is your insurance agent. lwpat
Yes. The insurance policy is a contract. All it requires the insurance company to do is to pay the fair market value of the vehicle. You would need to get what is called gap insurance to pay the difference between the market value and the loan value.
You cannot insure a vehicle that is not titled in your name. If you did and the car was totaled the insurance company would not pay you because you are not the owner of the car and they cannot pay the true owner because they do not have a legal contract of insurance with the company.