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 you want to keep a totaled car, the insurance company will determine the salvage value and deduct that from your settlement check. You can still get liability insurance (if there are no safety issues related to the damage), but not collision or comprehensive unless you have the repairs made.
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.
You should check with your insurance company. If you still have a policy open for the car the premium is still due. But I'm not sure why you'd have a policy if the insurance company said the car was totalled
No. They will give you the money for the value of the vehicle and then you are on your own. However, check with your state's Department of Insurance. You might have recourse against the insurance company if you are unable to find a comparable vehicle with the amount they gave you.
Sure you can, but you're still responsible for paying off the loan to the finance company. If the check will cover the pay-off, give it to the finance company. If it doesn't, give it to them, anyway. It'll reduce your debt by that much.
The titled owner
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 you have comprehensive and collision the insurance company covers your car for loss. Unfortunately, most people don't have comp & collision after the car is paid off. If the bank still has an interest in the car, they will make demand of the insurance company and the BANK will be paid first. After that, if any money is left over you might get a check.
the first priority of the insurance company is to pay of the loan holder (so the value of your car is determined and out of that) whatever is left over will be sent to you. If the value of the car is less than what you owe you are stuck with the balance as far as gap coverage goes you will have to check with your insurance company they're all different
It depends on the policy you have from your insurance company. You will need to check with them
Presumably because the other driver's insurance doesn't cover that expense. Check into your own insurance policy to see if maybe your own insurance does.
Check your policy. I'd expect that as long as the totaled car was covered on the date of the crash that totaled it, you'd be covered - after all, if you weren't going to replace the car, would they expect you to keep paying at all? BUT, that all said, it's really your policy that will tell you the answer. Any insurance policy is a contract between you and your insurance company, and anything they say in the contract - that's the way it is.
Sure. Don't worry, one is coming in the mail === === Don't worry about the tow but don't give em the title without a check in hand first!
Phone your insurance company they will have all the information
The language changes depending on where you live. If you borrowed directly to buy the car the Bank or Finance company will Be registered with your insurance company and they will be paid. If there is money left over you will get a check from the bank or the insurance company depending on what lender and where you live. If you went to the local title loan place you may be paid direct but if you don't pay the title loan guys they can both sue and charge you with fraud.
If you can't pay back the title loan from a pawn shop due to being totaled and you got a cut check from your insurance company, I suggest you use that check to pay off that loan to avoid a lawsuit because the pawn shop will not see that insurance check you got from the totaled car. If you don't pay them off and they know the car is totaled, then they will come after you in civil court for the amount of the loan + damages + fees. If you got no check from the insurance company then they will just come after you for the loan. They do not fully own the vehicle because you did not sign over the title to the pawn shop. You are not allowed to sign it over to them unless you are really selling it. Some states do allow this but check with your state laws about it. All they are going to do is file a lawsuit against you for the amount of the loan unless you made payment agreements with the Pawn Shop which I would do.
You can check your car insurance to see what kind of theft is covered by contacting your car insurance company. In addition, you can log in to your car insurance company website account.
If the car was not classified "totaled" (meaning that the damage is more than the value of the vehicle) it is the right thing to do.
Just call the company and ask them.
You have had several things happen:You bought a car and as is the law requires told the insurance company who was financing it, and probably you have total loss or "gap" coverageThen you got into a crash that totaled the carThe insurance company knows you have to clear your car loan, and because of the coverage type, your bank has to get the moneySo you have to take it to your loan officer and get them to use the funds to clear your car loanYou will have to sign the check and the bank will take it and apply to your loan.
The Travelers Insurance Company is an American insurance company that was founded in 1853. If one is interested in finding out more information about Travelers, then check out their website.
Most insurance companies offer insurance for company cars. Check with the company you use for your own car. Usually they can do a price comparison for you.
If the car is being repaired, no. Usually they will require one signature from you and one from the shop of your choice, usually the shop is agreed or decided upon prior to check issuance. If the car is totaled, the insurance will pay you up to your cars book value and you're free to do whatever you wish with the money.