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What happens to a totaled car after the insurance co pays you for it?

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2005-09-16 05:48:43
2005-09-16 05:48:43

Some insurance companies will sell the car back to the owner. Others sell the totaled car to a salvage yard.

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you will have to pay a debt and GET CAR INSURANCE

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.

than your car is totaled and your insurance company just pays you a dollar amount instead of paying for the repairs... assuming you have insurance

Loan company gets paid first if you owe more then the insurancwe pays you owe the balance, if insurance pays more then loan you get the differance.

Typically you need a car with insurance to get a title loan. If your car is totaled, the loan company are entitled to that money since they hold the title for your car.

GAP insurance stands for guaranteed auto protection. It covers the total amount you owe on your car in if it is totaled. Regular insurance only pays for the value of your car which can be a lot less then what you owe.

If you have the proper insurance or you were hit by someone you will surrender the car and the title to the insurance company and they will pay you the actual cash value of the car before it was hit.

If a car is totaled in an accident and only liability insurance is present, there is a chance that the other party's insurance will pay for the vehicle if the accident was their fault. If a car is totaled, but no others were involved, then the responsibility falls on the registered owner. This will not release the registered owner from paying for the vehicle, either, if money is still owed on the car.

Typically, your deal with the bank that you bought your car through is separate from your car insurance. However, many insurance companies offer "gap" insurance to cover this issue, so that the car is paid off if it is totaled. Talk to your agent, and they can tell you exactly what coverage you have and how much they'll pay. The insurance company (yours) will look the car and if it is totaled they will give you the money for its current value, minus your deductible. If its repairable, they will give you the money to repair it, minus your deductible. Any money left on the car payments after the amount your insurance pays is your responsibility, unless your insurance specifically covers this. If you didn't have insurance, then you lose it all, no money to fix or replace the car, and you still have to pay for the car. Never drive a car without insurance, period.

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.

Car insurance that pays for your injuries when you're in an accident in your car is

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

If you wreck your car, then it is usually the insurance that pays for you ;)

It's not a "Law", it's an agreement between you and your insurer. If your car is totaled, and your insurer pays you or the leinholder a claim, the car is then property of the insurer to regain any money the can from the claim. It should be explained in the many lines of text in your policy.

Typically, when an insurance co. pays you for a totaled car you surrender the car and the title to them so it's weird that you still have the car at all! Once you surrender the car to the insurance co. they report it as totaled and usually auction the car off to recoup some of their money. Your situation is odd.

The insurance company. They have in theory bought the car or what was left of it.

Depends on the underwriting rules as to what they consider indemnifying you. They may cover it, and then subrogate against the other insurer.

It depends. if you have GAP insurance, the insurance company will pay the payoff amount. If you do not have GAP insurance, it is the holder of loan's responsibility to pay off the complete open loan regardless of the amount paid by the insurance company.

The rule of thumb is that the owner's insurance pays first and, if that coverage is inadequate, the driver's car pays.

Full coverage auto insurance covers everything. If the car is totaled they will will replace it. Liability auto insurance will only cover medical bills, and not the car if it is totaled.

The insurance company tells you. The way they figure this out is by comparing the cost of repairs to the value of the car. If the cost is the same, or greater, the car is totaled.

That depends on what the car is and how much the insurance values it at.

The insurance company will pay the finance company not you.


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