by PriceDtonya » Sat Jul 23, 2011 04:25 am
Is it legal for the insurance company to charge you 25% of the settlement to buy back your totaled car? And if so do they have to give you the title? Say the settlement is $4,900. they are charging $1,200 to buy it back. is this legal?
Posted: Sat Jul 23, 2011 05:13 am Post Subject:
You only need to post this once.
Yes... it's legal and done all of the time. The vehicle has salvage value. If you choose not to give it up then the insurance company can deduct that salvage value from what they owe you. Look at it this way, they are paying you the value of the vehicle in it's pre-accident condition. As such, they are entitled to it's salvage.
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