Car insurance question. Who gets the totaled out vehicle?

Replies

• GA Fin Posts: 8,956 Admiral

  June 2014 #2

  In my experience it is negotiable. You will not get the full amount due if you want to keep the vehicle. In essence, you will be buying the salvage and it will have a rebuilt title. Worst case scenario, if the insurance company won't let your buddy buy the truck, ask them when it will go to auction and bid on it there.

  Straight white male living a life of privilege and proud of it.
  
  
  "The greatest pleasure is to vanquish your enemies and chase them before you, to rob them of their wealth and see those dear to them bathed in tears, to ride their horses and clasp to your bosom their wives and daughters."

  0 · Share on TwitterShare on Facebook
• BigDanS Posts: 832 Officer

  June 2014 #3

  When a vehicle is totaled, the insurance company is paying you the replacement value, and gets the vehicle in exchange. It then sells the vehicle for salvage value to lower its cost. If you want the vehicle and the "totaled value" they are going to deduct the salvage value from your payment. Sometimes they let the repair shop buy it and sell it that evaluates it, and sometimes they drive it away to auction.
  
  D

  CAMTEQ Computers - Networks - Service - Sales
  We do it all for business and home
  http://www.camteq.net
  Save $125 on your first service call

  0 · Share on TwitterShare on Facebook
• bigiron Posts: 543 Officer

  June 2014 #4

  Resinhead wrote: »

  If a carrier totals a vehicle, does the owner get the payment and the vehicle or does the carrier sell the totaled vehicle?
  
  Friend of mine wrecked his F450 and it might get totaled by his carrier. I'd like to buy it and rebuild it for a work truck for one of my crews.

  It's been a few years, but one of my (ex)drivers rolled one of my trucks. The tractor was repaired and the trailer totaled. It went to auction and I had the first right of refusal to buy at high bid, which I did. I think I was able to keep the title as original and not salvage since the insurance company merely paid the claim and never took possession of the unit. Many older vehicles might need minor repairs, but the cost of the repairs pushes to a total loss...insurance wise. I would certainly ask the insurance company, but if they will only issue a salvage title, you might have difficulty insuring it after repairs since the title will then convert to a rebuilt title. But like GA says, try to negotiate a settlement.

  0 · Share on TwitterShare on Facebook