The usual practice is for you or someone in your position to accept the total and then buy back the vehicle from the insurance company for salvage value. You can then have the vehicle repaired.
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Probably. Most insurance companies will tell you what they will give you for the value of your car, subtract any "salvage" value for your car from that amount and will give you a check and allow you to retain the salvaged vehicle. They generally don't car what you do with the car as long as your claim is resolved and they are off the hook for any further payment on your property damage claim. If you have an injury claim as well I would be careful what you sign since you don't want to waive your rights to it as well.
Yes. Generally you are able to do that. However, you might find that the insurance company pays you less than full value in this instance. Best of luck.
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Yes, you can receive a total loss settlement and keep the car on what's called an "owner retain." The insurance company will deduct salvage value from what they pay you, i.e., the amount that they could get from a junk yard for the car. You may have to register the car with a salvage title depending on Illinois law.
As the others have said, generally, yes, you can do that.
I have seen some odd situations where there had to be submitted some proof of the vehicle's roadworthiness before they'd cut the check. Depends on the policy language.
Stephen L. Hoffman
Law Office of Stephen L. Hoffman LLC
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No. Mr. Padove is correct. If the insurance company "totals" the car, they will NOT give you that money unless you surrender the title. You then must buy the car back for the salvage value. All of this is taken into consideration when they decide to "total" the car.
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Mr. Candiano is licensed to practice law in Illinois and Indiana. The response herein is not legal advice and does not create an attorney/client relationship. The response is in the form of legal education and is intended to provide general information about the matter within the question. Links:
Consult with an attorney if you have been injured as many lawyers will handle the property damage claim at no cost as part of representing you in your personal injury matter. Insurance companies have been known to get information and might say we can't pay unless you give a statement. Property damage claims can present other issues such as loss of use compensation, substitute vehicle and other issues. Far too often people try to handle their own claims. Consult with an attorney in your area.