If an insurance company chooses to total out my car, will they keep my vehicle or can I???
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If an insurance company chooses to total out my car, will they keep my vehicle or can I???
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I recently got into an accident with a person who had State Farm Insurance. I am afraid that they might choose to buy my car (total it out) instead of paying for my repairs. If they choose to do that, will I get to keep my vehicle?
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Koar
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It is always an option to "buy your car back" from any insurance company if they total it. If they total your car, they will cut you a check for the value of your car before the wreck. If you want to keep your vehicle, they will sell it back to you for the current salvaged value. Usually they take that amount out of your check and you get to keep the car. If it doesn't look like it should be totalled, you can insist that they fix it. |
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mbrcatz
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Well, IF they pay you the full amount of the car, then they are entitled to keep the car. But you can negotiate with them, keeping the car, and subtracting the "salvage value" from the amount they pay.
Depending on how badly damaged the car is, and what it's worth now vs. before, salvage value usually runs between $500 and $2500.
Your agent can help you negotiate this. |
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badbill1941
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No, but you can buy it back. |
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MB-n-KC
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I think they keep the vehicle. They are paying you for it so they want something |
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Scott H
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No. They bought your vehicle from you. You can buy it from them for the salvage value, usually. |
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Pengy
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If the cost of repair is more than 75% of the cars worth it is determined to be totaled and they will give you the market value, not necessarily what you owe on it, and keep the car You can speak with them as to whether or not they will accept an offer to keep it. |
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Crybaby Bob
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You can ask to keep it. If you don't they sell it to a guy who repairs it and resells it.
I had a vehicle totaled and told the insurance company I wanted to keep it. I gave it to my brother and he's been driving it for 4 years. |
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niki
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you can request to buy it back from them only if it's cosmetic damage.you have to pay the scrap value.mine was £100.
you must notify the dvla that the car is off road and cash in your tax and start again. |
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