No. That would still be your responsibility.
If your vehicle it considered a total loss, your Total Settlement Value will include Taxes, Transfer Fees, Deductible and your Loan/Lien. *This is with State Farm Insurance, I am not sure about other companies.
In the event of a insured total loss, the insurance compnay, not you, has the rights to the parts. This is called salvage rights.
no
Get very good insurance from a reputable company !
No, If you have a replacement valuation Home Insurance Policy then the company will pay the "replacement cost" The cost of replacement may or may not reach your policy limits depending on the loss.
The total loss would be paid based on the findings of the insurance company, you can take the money regardless of whether you had repairs done.
No. Insurance benefits from a house fire would be considered a swap of assets. You cannot take a deductible loss on your taxes for the loss that was reimbursed by insurance.
Loss Ratio in insurance is the ratio of total losses paid out in claims plus adjustment expenses divided by the total earned premiums. If an insurance company, for example, pays out $60 in claims for every $100 in collected premiums, then its loss ratio is 60%.
If your car is deemed a total loss, the insurance company will only pay up the value of the vehicle. They will have nothing to do with the repairs. If the vehicle is worth $5,000 and the damage is $8,000, you are going to pay $3,000 out of your own pocket. Once the insurance company pays you that $5,000, they are out of the picture. Just be prepared for a 'salvage' fee to be deducted from your settlement by the insurance company. That is what they would have gotten for your vehicle if you had surrendered it to them.
No.! It's not true but extreamly minimise your loss. Some other factors are analyzed and verified after that claim is paid by company.
nil
No, the insurance settlement is considered compensation for a loss, not income.