What Is The Law Behind Keeping A Totaled Car?

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   Many insurance companies will allow you to “buy back” a vehicle which they have declared to be a total loss.  The key is to let the insurance company know immediately that you want to retain the car regardless of their decision on repairs.  Once the car has been determined to be “totaled” it will be sent to a salvage yard and off to auction or dismantle.  Once it is in that system it is difficult to retrieve the car, so let the insurance company know immediately that you want to keep the car.  The insurance company will then adjust the settlement to include the value of the car in its current condition.

   Answered on June 20, 2014

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