If a car is totaled out by an ins comp what happens to the car after paymentt to the owner?

Answer 1

A couple of things happen to it, perhaps more. First you have to define "totaled". A "totaled" vehicle does not mean absolutely, postiviely never drivable again but for insurance purposes it is "totaled". I am sure that is clear as mud.
1. You can take the money for the totalled car - then ask the insurance company what is the salvage value of the vehicle. If it is low enough, you can buy it back and maybe restore it.
2. The insurance company will sell the totaled car to a used car dealer, who will replace, fix and possibly restore it for resale.
There are probably more options, but these are the only 2 I have seen utilized.

Answer 2

After the vehicle is totaled, the insurance company takes title to the wrecked vehicle. Typically it is then sold off to salvage companies and usually broken down into parts and components. And yes, the insurance company does make money on this, given the high value of the parts.

Answer 3

You can have the car back if you give the ins company scrap price for the car.Most ins companys will do this so the owner can scrap out the car themself.Talk to your ins company and see if they will do this most will.Saves them the trouble of scrapping it.Hope this helps.Best of luck.

Answer 4

Goes to a holding yard to be auctioned off to licensed buyers(auto salvage yards and/or scrape metal dealers) You can't get in on the action.

Answer 5

some Insurance companies WILL sell the car back to you real cheap. [alot less then they paid you for it]