If you want to keep your totaled vehicle after wrecking it, you likely can. Most policies do allow clients to do so. But beware; there is plain language insurance policy that revokes or lessens auto insurance payouts. Continue reading to learn more about the possible insurance payout outcomes of keeping a total loss vehicle, and your options for earning a profit if the insurance company does not pay up.
The Basics Total Loss Vehicle Insurance Facts
Insurance policies vary so greatly from person to person, and among companies, that there is not a baseline across the board. Your policy might be entirely different from the next person’s policy, and perhaps even different than other policies offered by your carrier. However, most insurance policies do have a baseline structure for total cars and payouts. Here are the fundamental facts you need to know:
Automotive insurance clients with full coverage will receive compensation from their insurance carrier to pay for the damages of the wrecked car.
Clients with full coverage auto insurance will receive compensation to cover the market value of the vehicle if the car is deemed a total loss (totaled).
Clients with full coverage car insurance who wish to keep their totaled car must inform their insurance carrier of their decision.
Full coverage auto insurance clients who choose to keep their totaled car will receive less compensation, or none at all, from the insurance company.
What to Do With a Totaled Car
Some automotive insurance policies will pay a client the actual cash worth of the totaled vehicle, minus any deductibles or fees owed by the client, and still allow them to keep ownership of their total loss car. In this case, you can choose to use the insurance payout to repair your vehicle as much as possible, and then pay for the remaining repairs out of pocket. Or you can choose to sell your totaled vehicle to an Indianapolis junk car buyer for instant cash.
In some cases, car insurance companies will not allow clients to retain ownership of a totaled car if they are accepting an insurance payout. When this happens, clients are typically paid a higher payout, and the insurance company will arrange the physical collection of the vehicle.
Indianapolis Indiana Junk Car Buyers Who Pay CASH for Totaled Vehicles
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