My car was totaled. I have been told that they get my car. Why? It belongs to me.?

Question

If I own the car why do they get it. I pay insurance to cover the damage done to my car if it is in a accident. Is this some unwritten law?

Answer 1

Does not sound right. The insurance is to pay for the damage. Not to buy your car. If your house is totaled and the insurance pays you, do they own the house? No, they would not spend a dime to remove the house from your lot. If someone has life insurance and he dies. Would the insurance company own the body after the pay? No way. Well maybe, it is in the fine print.

Answer 2

They are buying you car really, because what good is it if it's totaled. You can buy the car back from them. Ask your claim's adjustor about this. Be sure to do this soon, because they if the car is being stored, they are paying a storeage fee for each day it sits there. Plus, you don't have to take the first offer that comes out of their mouths. Make sure you are getting a fair deal. Most of the time, adjustors are really fair, but I have seen where they have done some refiguring and came up with more money!
God bless us all...................

Answer 3

The insurance company is paying you fair market value for the car, so they get the title. It no longer belongs to you in this case. You may be able to buy it back from them; you'll have to ask.

In many states you'll get a salvage title and will have to have it inspected once it's repaired before you'll be allowed to put it back on the road.

Answer 4

I"ve already been there and done that, and fought and won!!!! My insurance totalled my Escort after I hit a deer and they estimated it at $3100 damage. I bought a parts car the same color to use to replace the damaged parts with. Here's the catch. I owed $5100 on it and the insurance said its value was only $3000. They said they would pay the $3000 and I would be responsible for the rest. If you want payoff on a full-coverage claim you better have other insurance because full-coverage isn't full coverage. Mileage and wear reduce what you will recover even though you might owe a fortune. My insurance company contacted a salvage company to pick up my car and told me to send them the title. I told them there was no way and I didn't want them to junk my car as I had the parts to fix it. They said they had no choice and they couldn't sell it back to me as it was against their policy due to a lein being on the car. The salvage company called to get directions to come and get the car and I told them they were welcome to come but they would leave without the car. The guy was really nice and said he wouldn't have any part of it if there was a dispute. I proceeded to block my car in at my mother's house where no one could get it without my permission. I argued back and forth with the insurance company for 8 months and neither of us would budge. I told them I was not giving up the car and then still owe 2K on it, that's insane. I told my finance company, Household Bank, about it and they were wonderful. My rep called the insurance company and asked them why they wouldn't sell me the car back. The insurance lady said it was not their policy to. The finance company guy asked her what it would salvage for and she told him $342. That's right, $342. He asked me if I would be willing to pay that amount. We were on 3-way by the way. I told him I'd be glad to. He told her to deduct $342 from the check they were sending them and the salvage would be between them and me. She reluctantly did it and told me to turn my title in at the courthouse for junk. I told her she was crazy because the car wasn't totalled. Her insurance guy thought he was doing me a favor by upping the appraisal. She told me I'd never get insurance on it again until I went through rebuild. To make a long story short, I complained to her supervisor about my treatment and her lack of willingness to work with me. I put a fender, door, hood, and driver's seat track on my car for $125, called the same insurance company back and put insurance back on my car, and have put 50K on it since then and am driving it every day still. Since the other parts car was the same color I didn't even have to spot paint it. I still have the original title, not junked or salvaged, and the lady no longer works for my insurance company. They work for us, not the other way around. Don't let them bully you. You pay for their service. If you don't get the service you expect, there are many more companies out there. They have to give you first option to buy the car back for parts unless it is financed and even then if you will get your finance company involved you can get your car back....but.....you will have to pay the salvage value.....and there are books to tell it. It's not as much guesswork as you might think...

Answer 5

Doesn't sound fair to me either. It's your car and you pay insurance to replace it; not to be able to sell it to the insurance company. I guess we all better ready the 6 pt. print at the bottom more carefully.

Answer 6

if the insurance company pay out the value of the car then legally in their small print they now own it. you can ask for a price and they will sell you it back cheap.

Answer 7

No, but it's written in the contract you signed with the insurance company when you took out your policy.

If you want your car back, you can always buy it back from the salvage yard.

Answer 8

sounds about right pay insurance even after they finally pay you. Basically they are buying the car and you buy it back with a salvaged title.

Answer 9

You can tell the Insurance Company that you want to keep your car and they will sell it to you.

Answer 10

If they are giving you cash and not fixing your car...then they have basically bought it from you.

Most policies leave them the choice to fix it or pay you for it (basically allow you to buy another car) because that would be cheaper than fixing it.