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Auto Insurance Claims/total loss question

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Expert: - 6/14/2009


Question
Hi,
My car was wrecked by another car and I'm getting my settlement soon (settlement is far less than expected). If the status of my car is total loss do I get to keep my car or does the insurance have the right to keep it? The insurance has not mentioned anything about that matter even in writing so I guess its okay to keep and sell the wrecked car to the junkyard, right?

Answer
Hi Charles,

When an insurance company settles a total loss claim they are actually buying the car from you. You will have to sign over the title and send it to them. The insurance company will then sell the salvage to try to recoup some of their money. If you want to keep the car, the insurance company will deduct from your settlement the amount they would have been able to sell the salvage for. You should call and ask the insurance comapny what their intentions are with regard to the salvage.

I hope this helps
Richard Hixenbaugh

Auto Insurance Claims

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Richard Hixenbaugh

Expertise

Auto insurance claims procedure, auto coverage, liability issues, auto damage questions, how to deal with the insurance company, loss of use and diminished value.

Experience

I have been involved in the insurance industry for over 25 years. I have experience in underwriting, sales, claims adjusting, auto damage estimating, auto value appraising and diminished value appraising. I have testified as an expert witness over 35 times.

Organizations
Society of Certified Auto Appraisers

Education/Credentials
Completed all required courses for the Florida Property-Casualty agents license and the Florida claims adjusters license. I have attended various courses on auto damage estmating, vehicle appraising and am ASE certified in collision damage analysis.

Past/Present Clients
My company has done work for consumers nationwide.

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