Question: Can I Keep My Vehicle If The Insurance Company Totals It??

Keeping a vehicle that your car insurance company has totaled.

If you decide to accept the insurer’s decision to total your car but you still want to keep it, your insurer will pay you the cash value of the vehicle, minus any deductible that is due and the amount your car could have been sold for at a salvage yard.

When a car is totaled What does insurance pay?

When a car’s damages are beyond repair, it’s considered a total loss. That means the cost to repair the vehicle is close to or higher than its value. If your car is totaled in an accident, insurance pays you for the car’s estimated value.

What happens when your car is totaled and you still owe money?

Totaling your car can ruin your year, but it’s especially traumatic when you still owe money on the vehicle. If your vehicle is totaled and you still owe more than it’s worth, your car insurance company will pay only actual cash value (ACV) for your vehicle.

How much damage does it take to total a car?

Definition. A total loss car is generally recognized as a car that would cost more to repair than it is worth. If a car is currently worth $4000, and the cost of repairing the damage is $6000, the car is considered totaled.

Photo in the article by “Flickr”