What happens after my car is deemed totaled?

Answer 1

The insurance company will determine the acv (actual cash value) of your vehicle in pre loss condition. They will tell you this amount and if you disagree you will need to explain why, they likewise will need to explain how they arrived at this amount. Once that is done, you will need to decide if you want to retain the salvage or allow the insurance company to obtain the salvage. If you decided to keep it, it will become a salvage or branded title (making it worth less generally), and they will deduct the 'salvage amount' from your settlement. The company will then pay you, or you and your lien holder, less any deductible. They will also owe you (dependent upon the state laws), some sort of sales tax rebate, actual dollar amount, or an sales tax credit, as well as title or licensing fees. If you have a particular question please ask and I'll see if I can be of more assistance to you.