I have a 93 accord in excellent condition. I had a tree fall on it, and do $3500 worth of damage, just to the body, it still drives fine. It's only worth $3000, so the insurance company is most likely going to total it. What happens when it's totalled? I won't be able to drive or sell it any more?
2006-09-25 13:51:44 · 14 answers · asked by Italian QT 312 2 in Cars & Transportation ➔ Insurance & Registration
In most states when the repair costs exceed the value of the car it is considered a Total Loss. The insurance company 'buys' the vehicle from you at ACV (actual cash value or market value) and the vehicle is disposed of, usually at auction where it will be sold and disassembled for parts or possibly sold and rebuilt. Your only options besides withdrawing your claim or settlement is to retain the 'salvage' by deducting the salvage value from the settlement price the ins co offers you and keeping the car. WARNING! Do not do this. A $3000.00 Honda is NOT worth the severe headaches this involves with the DMV as the vehicle will have to be retitled using a salvage or 'rebuilt total' title --- ugh! Believe me, the insurance company will usually offer you more than you could have sold your car for. Chalk it up to 'life lesson #510' and buy yourself another car.
2006-09-25 13:54:51 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You can't sell it because the insurance company totalled it and paid you for the vehicle. Now they own it! The only way around that is what they refer to as a "buy back" in which you tell the insurance company you want to keep the wreck and they deduct what they refer to as "salvage value" from your claim check!
As an example, if your car is worth $3000 and the repair cost after an accident is $3500, the insurance company is going to pay you "fair value" which for say is the $3000. Now, you want the wreck so you inform the insurance company. They know that junk yards will pay them $600 for that particular make and model with "x" amount of marketable parts left on it. You will get a check from the insurance company for $2400. That's $3000 less the salvage value of $600. You keep the wreck and do as you're pleased with it. However, most if not all insurance companies report to DMV that the vehicle was "totalled" and therefore you may have problems securing a registerable title!
2006-09-29 01:20:57 · answer #2 · answered by Anonymous · 1⤊ 0⤋
The insurance Company will inspect your auto and determine if it is repairable You can negotiate with the insurance company about repairing or totaling the vehicle , You do not have to accept the first offer If the vehicle is totaled ins co will give you a sum of money and will own your car if you want to buy it back they will give you the price and you may buy the vehicle but in most states you will be issued a certificate of salvage you can make repairs to vehicle take pictures and produce receipts for parts and repairs and then apply for a reconstructed title but if your not in the automobile repair business your better to allow insurance company to sell car for parts after you remove all your items from the car
2006-09-25 14:13:12 · answer #3 · answered by David R 2 · 0⤊ 0⤋
This Site Might Help You.
RE:
What happens when your car gets totalled?
I have a 93 accord in excellent condition. I had a tree fall on it, and do $3500 worth of damage, just to the body, it still drives fine. It's only worth $3000, so the insurance company is most likely going to total it. What happens when it's totalled? I won't be able to drive or...
2015-08-16 17:31:56 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If it's "totalled" and you keep the $3,000, your insurance company will want the title and the car.
If you want to keep your car & the money, you'll have to get liability only until your car is fixed. Once it's fixed, your agent can inspect it and put full coverage back on.
Congrats on getting that much money for a car that's 13 years old!
2006-09-26 05:28:16 · answer #5 · answered by mktobyjo 3 · 0⤊ 0⤋
If it's totalled the insurance company pays you for the vehicle and it becomes theirs. They sell it to a salvage yard. If you want to keep it, you'll get considerably less because it's not considered repairable and you'll only get what the insurance company would get in salvage for the vehicle. Let it go and use the $ as a down payment on another vehicle. 1993 makes it 13 + years old. It's not worth trying to hold on to.
2006-09-25 14:24:01 · answer #6 · answered by Chris 5 · 1⤊ 0⤋
My understanding is that if it is totalled and they pay you the $3000.00 and you accept it, they now own the car. You can discuss with them the possiblity of keeping the car, but even if you keep the car, they won't ever cover anything else that happens to it. meaning, next accident, you on your own for damages. I would just get a new car.
2006-09-26 16:55:16 · answer #7 · answered by gatewaylorrie 2 · 0⤊ 0⤋
the purpose the insurance company totall the car is they dont want to spend money more then the car worthed now if you want to keep the car it will be under salve title that mean simply the car was in an accident in the past and the value of the car will drop down and yes no one will know about unless you want to sell it and yes you can insure it after you fix
2006-09-25 16:36:28 · answer #8 · answered by jay 3 · 0⤊ 0⤋
When or if the insurance company totals the vehicle, they will usually pick it up and haul it to a local shop to go over it and determine if it is totaled. Once totaled, they will apply for a salvage title and keep it.
But it sounds like you owe nothing on it, so they are simply going to pay you $3,000. And I am assuming you have comp and collision on this vehicle as well.
2006-09-25 13:56:00 · answer #9 · answered by Madonna1 2 · 0⤊ 1⤋
Every time I ask a question, even if it's the simplest one, nobody can give me a proper informed answer here. what happened to people that really make the effort to write an answer?
2016-08-23 07:35:30 · answer #10 · answered by ? 4 · 0⤊ 0⤋