If you settle a total loss with an insurance company & choose not to keep the car, you have to send them your signed title and release possession of your vehicle to them in order to be paid for the claim. You do have the option of retaining it for less settlement money (due to salvage value and, in certain states, license & fees, taxes, etc...If you choose to retain, you will still not be paid for the repair of your vehicle, it is still totalled. Depending on the state, you also must get a salvage title on the vehicle until you have had it repaired & inspected by the state to be deemed roadworthy before applying for a rebuilt title.
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If you have physical damage coverage on your policy and the cost to repair the vehicle is more than the value of the vehicle then the insurance company will total the vehicle. In the case of a total loss, the insurance company will pay you the actual cash value of the vehicle less any deductible you have. On all insurance policies, where you have physical damage coverage, the insurance company has the option to repair the vehicle, pay the actual cash value of the vehicle, or replace the vehicle. Companies never replace the vehicle.
If the insurance writes off the vehicle - they get YOUR title document - and THEY then forward it to the DMV informing them that the vehicle is scrapped.
If your car is deemed a total loss, the insurance company will only pay up the value of the vehicle. They will have nothing to do with the repairs. If the vehicle is worth $5,000 and the damage is $8,000, you are going to pay $3,000 out of your own pocket. Once the insurance company pays you that $5,000, they are out of the picture. Just be prepared for a 'salvage' fee to be deducted from your settlement by the insurance company. That is what they would have gotten for your vehicle if you had surrendered it to them.
Ultimately, the decision to declare a vehicle a total loss belongs to the insurance company. If the insurance company is unable to have one of their own adjusters look at the vehicle, they will usually hire an independent. The repair shop can write an estimate and take pictures, but the insurance company will decide (based on state law and their own policies) whether or not the vehicle is a total loss.
I assume that you are referring to an automobile policy where the vehicle was a total loss. The insurance company will pay you the actual cash value of the vehicle but in order to do this title of the vehicle passes to the insurance company which gives them ownership of the vehicle. Some companies will allow you to keep the vehicle but will deduct a negotiated value for the salvage. I highly recommend that you educate yourself about the requirements in your State in dealing with a totalled vehicle. Most States will require the vehicle to be repaired and inspected in order to register the vehicle for road use after which you would receive a salvage title. If you want to use the parts only then these requirements don't pertain to your vehicle.
If a vehicle is damaged in an auto accident the insurance company that insures the vehicle has the option to repair it, replace it, or pay the actual cash value of the car. The last one is in the case of a total loss and the company never tries to replace a vehicle anymore. In this case it would repair the vehicle and pay for the cost of repair less your deductible which you will be responsible to pay for yourself.
the insurance company- if the vehicle is damaged more then it is worth- it is considered a "total lose" you will get what the car is worth at the time of the accident-not the total value of the car-other pendings vary like full compensation insurance
In terms of motor vehicle insurance, when an insurance company writes a vehicle off, they have a dedicated salvage agent, who will give them back a certain percentage of its market value (pre-incident) for every damaged vehicle sold to them. If the cost to repair the vehicle is greater than its market value minus the percentage the insurance company receives, it is known as a constructive total loss (category D), as it is more economic for the insurance company to write the vehicle off than repair it. Equation: Cost to repair > Pre accident value - Salvage percentage return = Constructive write off
You need to file a claim with your auto insurance carrier. The insurance adjuster will physically examine the vehicle's damage. If the estimated cost to repair all damages exceeds the total value of the car, then the insurance company will total the car. This means they will write you (or the lender) a check for the total value of the car before damages.Most of the above is true but a car is considered totaled when the repair costs exceed 50-75% (depending on the state you live in) of its actual cash value. If it is totaled you will sign the title over to the insurance company and they will take ownership of the car after they pay you.
If the damage to a vehicle will cost more to repair than the value of the vehicle before the accident, an insurance company will "total" the vehicle. That means they will pay you what the car was worth before the wreck. At that point the insurance company owns the wreck, not you. You have nothing left to insure, therefore.
According to most auto insurance policies, the company will repair, replace, or pay the actual cash value of the vehicle insurance if you have the appropriate coverage. If the vehicle is deemed a total loss, which means that the cost to repair is close or over the actual cash value of the vehicle, the company will pay the value of the vehicle to your finance company or bank if it is financed, and will pay you any amount over the amount owed to the bank or finance company, if it is financed. At this point you have in effect, sold them the vehicle so they will take what is left of the car.