Some insurance companies will sell the car back to the owner. Others sell the totaled car to a salvage yard.
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.
It belongs to the insurance company
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.
In most states, you will owe whats left owing after the ins. co. pays.
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.