who own the wrecked car after accident?

Question

I just had an accident and the car was totaled. I have full coverage for the car. My question is who owns the car if the insurance makes the payment to me? Do I still own the car or the insurance company automatically has the ownership of the wrecked car?

Answer 1

As part of the total loss settlement - the insurance company will have you sign the title over to them. The insurance company will then sell the salvage to try and re-coup some of the money they paid you.

The insurance company can work with you to let you retain the salvage - but you will get less money. This is because the insurance company will deduct the amount they think they could have gotten for the salvage had they taken possession of it and sold it.

Answer 2

The insurance company owns the car after it is totaled, They will most likely part it out, or sell it at auction. They cut you a check for the est worth of the car and do whatever they want with the rest. You can buy back your car at cost at the auction if you find out where its being held and such.

Answer 3

The insurance company owns it once you get the money.

I had a car totaled in a fire 12 year's ago and told them I wanted to buy it back anyway since it was a collectors item. They said no problem. They handed me a check for $6200 and I handed them a check for $300, there asking price! The car never left my possesion. I didn't need to go to the auction etc.

Answer 4

Once you rent a attorney, you'll be able to traditionally warranty it is going to be a minimum of six months earlier than you spot any cash. Lawyers upload among 6 and 18 months to the claims time. You would not have any severe accidents. You'll be fortunate to get sufficient to pay your clinical charges, and your attorney will take one million/three of that, so you can commonly emerge as nonetheless owing for the ones clinical charges. IF she even has coverage.

Answer 5

The insurance Co. paid you for the car and therefore they own it. Sometimes, when they declare it totaled, they will offer to sell it to you for a portion of the settlement and sometimes they don't.

Answer 6

personaly the car should be yours, the insurance company is paying you cause of the coverage you have, the coverage you paid for every month. youd think they would let you have the useless left overs..... love insurance companies

Answer 7

They do. You have to turn the title over to them. They get the salvage value.

If you want to KEEP your car, you can tell the adjuster that, and they'll subtract salvage value from the check they write you. Depending on what kind of car it was and what kind of accident you had, salvage value can be anywhere from $500 to $4,000 or so.

Answer 8

depends on the policy, and if the insurance co. writes you a check for the damages if the car was totaled!

Answer 9

No, the insurance company owns the car once you have been paid out.

sometimes you can buy it from the company afterwards if you negotiate with them. But once you've totalled it and they pay you, it's theirs.

Answer 10

Before they will send you a check you will have to send them the title and sign a document stating that the settlement is acceptable to you. Then they own the car, but up til then it is yours.