by Michael Wright » Sat Apr 04, 2009 11:46 pm
"Insurance company is totaling a slightly cosmetically hail damaged car; who legally retains the vehicle?" Everything else on the car is in excellent working condition, (2005 Cobalt Chevrolet). I am still paying on it, but I also have gap insurance.
Posted: Tue Apr 07, 2009 07:27 am Post Subject:
Hi Michael
Everything else on the car is in excellent working condition,
Your insurance company must have some reason why it's writing off your car. Is it beyond repair? Is the repair value more than what your car is worth? In either case your insurance company may deem your car totaled. In this case you will only get the book-value of the car from your insurance company. However, if you want to retain the car, you will have to inform the insurance company and I guess you have the right to do so. You can retain your car if you wish to. Repair it with the deductibles + some out-of-pocket money. But first carefully consider the cost of repairing. tcope has already pointed out how huge it can be. So if you have been thinking of retaining, give it a second thought.
Posted: Tue Apr 07, 2009 07:33 am Post Subject:
I found a similar thread you guys can check out
http://www.ampminsure.org/claims/totalledcar.html
Posted: Tue Apr 07, 2009 08:42 am Post Subject:
Sil
this is really an informative post on the subject matter. thanks
Posted: Tue Apr 07, 2009 09:24 am Post Subject:
You're welcome buckisaa. Our community aims at helping all those who need help with insurance. This is why we take this effort to offer all the assistance that we can. We have similar situations experienced by different individuals and the situations are also dealt with differently. So it always helps if we can offer a variety of solutions.
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