A vehicle is totaled if it cost too much to repair it. Usually, insurance companies determine whether or not a vehicle is totaled.
An insurance company declares a vehicle totaled when the cost to fix the vehicle exceeds 70% or more of its market value.
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.
If the car was not classified "totaled" (meaning that the damage is more than the value of the vehicle) it is the right thing to do.
What. Why would you think this is required? An insurance company will not find you a new vehicle is your is totaled, they will pay you the actual cash value of the vehicle you had.
Legally, its the friends because the insurance was in the friends name. Insurance checks are meant to be used on repairs to the vehicle or toward the purchase of a new vehicle. So you could try to force the friend to use the check toward the vehicle by taking them to court. Or you can start paying for your own insurance and not have to worry about the loyalty of your friends.
get a good job............you will (assuming you are at fault for this loss) be require to pay for the totaled vehicle.........
No. They will give you the money for the value of the vehicle and then you are on your own. However, check with your state's Department of Insurance. You might have recourse against the insurance company if you are unable to find a comparable vehicle with the amount they gave you.
'ticketed' really doesn't matter.........what matters is who is responsible or liable for the loss...........and no they do not have to 'replace' your totaled vehicle they owe you the acv (actual cash value) of your vehicle........
can be done by insurance company at time it is totaled out by them
Once a car is totaled it is gone. Usually the insurance company takes the car for them to sell and get some extra money and if it is claimed as a totaled vehicle I would not recommend driving it on the street where you can hurt yourself or someone else.
When a vehicle covered by insurance gets wrecked, the insurance company looks at how much it will cost to repair. If repairing the bike costs more than it is worth, then the insurance company declares it totaled and pays for a replacement.