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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.
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∙ 7y ago
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What happens if you have no insurance and you totaled your car?
you will have to pay a debt and GET CAR INSURANCE
What happens to a totaled car after the insurance co pays you for it?
Some insurance companies will sell the car back to the owner. Others sell the totaled car to a salvage yard.
Is it legal for your insurance company to deny a loss for a car that was totaled?
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 your car is declared totaled does the car belong to the owner or the insurance company?
The insurance company. They have in theory bought the car or what was left of it.
If you totaled your car while drinking will your insurance still cover it?
No, they will not.
What is the difference between full coverage auto insurance and liability only insurance?
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.
How much should the payout be for my totaled car?
That depends on what the car is and how much the insurance values it at.
Who get the money if the car is totaled and the car is on chapter13?
The insurance company will pay the finance company not you.
If your car was totaled and the insurance company paid you for it do you get a credit for that on sales tax on your new car?
NO.
Do you ever get a rebate from your gap insurance if it wasn't used and your car was totaled?
No.
CAN you BUY MY Car back after its totaled?
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.
Does insurance help with buying a new vehicle if your car gets totaled?
Yes, they will help, but they won't buy you a new car. Once your car is deemed totaled, the insurance company will usually pay you the value of the car before the accident minus your deductible. You can either buy back the totaled car and repair it or use the money towards a new car.
