Expert: Anne - 1/20/2009

Question
I was wondering how I would be able to keep my car, after my insurance company has already issued me a check and considering it a total loss??

Answer
Hello Gretchen,

It really depends. Some states will not let you retain your total. Most do. Some insurance companies will reverse the transaction. You could call your insurance company and see how they handle this process. Some insurance company will be flexible, some won't.

However, all of them will require you to do refund money to them. The insurance company is buying your car from you as if the car was not in a crash. Essentially, they pay for the car, and in exchange they get a car and a title. If you want the car and salvage title, what the insurance company does is sell the car back to you for what they would sell it as "a damaged vehicle." Sometimes the insurance company will give you the option to keep this car for couple hundred dollars, sometimes, they will take a substantial cut. Again, it depends on the specific carrier.

For more information about total loss, visit:

http://www.auto-insurance-claim-advice.com/totaling-a-vehicle.html

Good Luck
Anne
http://www.auto-insurance-claim-advice.com/