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.
yes if you have collision coverage barring any exclusions in your policy to the contrary.
Collision insurance will cover any damages to your vehicle (or refund you the value of the car in the event that it becomes totaled) in the event of an accident. Collision insurance coverage typically only applies when you are the at-fault driver in the accident. Collision coverage covers any sort of collision whether it be with another car, a pot hole, a tree, a guard rail, a ditch, etc.
The insurance company would not have required you to get insurance coverage, as it is an optional coverage from the insurer's standpoint. The bigger issue is that the company through which you financed the car would have required collision coverage because it was interested in protecting the value of the collateral. Therefore, it may have obtained "forced-placed" collision coverage on the car and charged the premium to you (through your car payment). If that was done, you would normally have rec'd notice of it and been given a chance to get collision coverage and produce proof of it. Furthermore, collision coverage would have to have been in force at the time of the collision; it would not be retroactively applied to cover the loss.
In California it is normally necessary for you to currently have comprehensive and collision coverage in place at the time of the accident for your gap insurance to take effect.
It would depend on why the car was totaled and who's fault the accident was and what time of insurance do you have PLPD or Full Coverage
My insurance provider, Hanover, told me that they would only write liability coverage, and not full coverage on my truck that was flooded and totaled in New Orleans.
Get a new car. == If someone hit your car you will be paid the actual cash value of the car. If you totaled the car and had collision coverage you will be paid actual cash value, too.
Full coverage insurance will help you get your car fixed after it has been wrecked. You can also get a new car if it has been completely totaled.
If the accident was your fault you're out of luck. If you were hit by someone, their insurance will total your car and pay you for its actual cash value.
When a vehicle is financed, you must have comprehensive, collision, and liability or 'full coverage' to protect the bank. I am not sure what you mean by 'requirements' other than that. You can also buy "GAP" insurance, for if something happened and your car is totaled and you owe more that it is worth, the GAP will make will make up the difference
Drivers are always looking for ways to save money, whether that means switching cars, insurance companies, changing coverage limits, or removing coverages altogether, like collision insurance. Although it cost less to have a policy that only covers liability, in an accident, it may cost more to pay out of pocket for vehicle repairs than for the insurance. Liability insurance only covers the other driver, but for consumers who want to protect their vehicle, collison coverage is necessary. Collision insurance covers the policyholder's vehicle in a collision. Without this coverage, the policyholder's vehicle cannot be repaired or replaced by the insurance company, but from their own pocket.Obtaining Collision CoverageColliison coverage is easy to obtain. Most companies offer this coverage, though some deny this coverage to vehicles that are too old. It is best to contact a licensed insurance representative to purchase collision coverage along with the state required liability coverages. The agent will recommend a deductible, which is what the policyholder must pay before the insurance company covers the loss. Some companies allow their insureds to carry no deductible, but with most companies: the higher the deductible, the lower the premium. It is also wise to remember that the claim cannot be covered unless the amount of damages exceeds the amount of the deductible. For instance, a $300 repair will not be covered if the deductible is $500.Who Needs Collision CoverageNot everyone needs collision coverage. Older cars and vehicles that have been totaled are not worth much. However, what every consumer must consider is whether they have the money to replace or repair the vehicle themselves? If not, the cost of the coverage could be less than a repair. If the insured has a loan, collision coverage may even be required by the lienholder.Collision insurance protects the policyholder's vehicle. Without this coverage, the insured must pay out of pocket for repairs. This insurance can be obtained from a licensed agent; however not every driver needs this coverage. For those with newer vehicles, a loan, or who don't have the means to pay out-of-pocket cost, collision coverage should be on their policy.
I totaled my Mustang and was able to buy it back from the insurance company. They gave me the Blue-Book value less my $500 deductable. They would not insure it after I repaired it, I had to switch insurance carriers to get coverage.