The insurer is legally the possessor of the car once they pay out the total claim. Insurers will then try to either sell the car to a rebuilder who will fix it up and sell it or to a re-processor who will scrap it for valuable parts and recycle the rest.
Wiki User
∙ 11y agoNot if you notify you local PVA that the car is totaled and not longer in service. You will pay taxes up to the day it was totaled.
Home equity loan perhaps. No bank is going to finance a totaled car.
Get a new car. == If someone hit your car you will be paid the actual cash value of the car. If you totaled the car and had collision coverage you will be paid actual cash value, too.
No.
no
drink driving
Some insurance companies will sell the car back to the owner. Others sell the totaled car to a salvage yard.
A car is considered "totaled" if the cost of repairs is equal to, or greater than, the blue book value of the vehicle.
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.
cry
The definition of a totaled car is when the repair cost of the vehicle exceeds the actual value of the vehicle. Hence, although it is unadvisable, it is possible for an auto body shop to fix a totaled car, depending on how severe the damage was.
It depends on why it was totaled. If it's cosmetic damage that totaled the car (like a shallow sideswipe) of course. If it's structural, like frame damage, maybe. If it was in a flood, it's probably not a good idea to fix it since quirky electrical problems will haunt the car forever. If it is repaired it would still carry a totaled title but it can be qualified with the brand 'totaled/reconstructed' on the new title.