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Is it okay to sign over the title of a 'totaled' car to an insurance company and the leave out the name of the buyer?
Wiki User
∙ 18y ago
yes but i would only do so after they have settled with you and the chekc has cleared . The reason for not filling in a buyers name is that the ins co usually sells these vehicles to whoever will buy them , which could be anyone when the ins co takes possession of the vehicle it it their problem to fill in the buyers name not your , because at that point technically they are the owner since they have already paid you for the total loss. What they usually do is give you ACV (actual cash value )minus any deductable . If the ACV is $5000 deductable is 250 and the salvage value is $400 you would get a check for $4750 (5000 minus 250 deductable)and they would get a check for 400 from the salvage buyer who could be a salvage yard, body shop or a private individual who bought the totaled vehicle from the ins co
Wiki User
∙ 18y ago
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