When you car is totaled and you have full insurance coverage...?

Question

What does your insurance company do with the wrecked car? do they take it and put it in a junkyard or do they let you keep whats left of it, or what?

Answer 1

It depends on what you want to do. You can have the insurance company pay you fair market value for the car, and it will be removed from your home. Or you can take the money and keep the car, take the money and sell the car, or take the money and part the car out. If you have a loan for the car, and you owe more than market value, you will have to pay the balance, after the insurance company pays it's share.

Answer 2

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RE When you car is totaled and you have full insurance coverage...?

What does your insurance company do with the wrecked car? do they take it and put it in a junkyard or do they let you keep whats left of it, or what?

Answer 3

First, if you have a car loan, the insurance company will pay you what the vehicle is said to be worth and this will go towards your loan.You may keep whatever money is left, if there is any.

If you don't have a car loan, they write you a check for what the vehicle is said to be worth. After that, you may usually buy the vehicle from the insurance company for a discounted (usually very cheap) price. Only problem is then, you have to pay for the repairs yourself.

Hope this helps!

Answer 4

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RE :When you car is totaled and you have full insurance coverage...?
What does your insurance company do with the wrecked car? do they take it and put it in a junkyard or do they let you keep whats left of it, or what?
Follow 12 answers

Answer 5

There are 2 options - you can:

1. Keep the vehicle, the insurance company will deduct salvage value - notice will be sent to the DMV that you retained salvage, and it will have a salvaged title.

2. You let the insurance company keep it - usually they will let their salvage yard sell it.

When the insurance company makes you an offer for the total loss of your vehicle, they should explain both options to you, if they do not, request that they do - they should be able to give you salvage value of your vehicle when you ask as well.

Answer 6

Insurance company sells car to salvage yard which then sells car for $200 to Pedro's Body Shop. Pedro spends $2,000 in parts to get the car up and running (and takes the car to another state where he changes the VIN Number to make sure that the Salvage Title Tag doesn't appear). Finally, Pedro sells the car for $10K to unsuspecting working class family and pockets the $7,800 in profit.

Answer 7

When the insurer settles your claim they 'buy' the vehicle from you. Disposal depends upon what sort of policy they have -- usually they are sold at auction to dismantlers or rebuilders. You have the right to buy back your vehicle in most states but getting it retitled is a major pain.

Answer 8

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Answer 9

they send it to an insurance salvage yard then it is auctioned off they are normally a dealer only auction so private individuals can,t buy them
if it is your vehicle and you tell them you want it back they will send it to the auction where it is bid on then they will call you to see if you want it for that price or not if not the high bidder gets it

Answer 10

They will usually take the car and sell it to a junkyard so they can recoup some money. However you can negotiate with them and get less money and keep the car