Salvage Recovery Process for Totalled Vehicle in Auto Insurance
I was recently in a car accident that resulted in my vehicle being totalled. The insurance company, TD, has reimbursed me the value of the car into my Lon account. When I reached out to inquire about closing my claim, they informed me that “The claim remains open for the processing of salvage recovery; it will officially close upon completion.”
Does anyone know how long this process typically takes? I’d prefer not to continue paying for insurance, especially since I don’t plan to purchase another car for at least a year. Should I cancel my insurance now, or is it better to wait until the claim is finalized?
It sounds like you’re in a bit of a tricky situation. The salvage recovery process can vary in duration depending on several factors, including the insurance company’s policies and the local regulations surrounding totaled vehicles. Generally, it can take anywhere from a few weeks to several months to finalize everything, but it’s best to ask your insurance representative for a more specific timeline.
As for canceling your insurance, you can typically do so, but there are a few things to consider:
Claim Status: If the claim is still open, it might be advisable to wait until it officially closes. Some insurance companies require that you have coverage in place until the claim is fully resolved.
Future Coverage: If you’re not planning on buying a car for a year, and if your claim closes soon, it could make sense to cancel your policy. Just make sure to confirm with your insurer to understand any potential repercussions or obligations you might have until the claim is finalized.
Refund Potential: Depending on your insurance provider and the timing of your cancellation, you might receive a refund for any unused premiums after canceling your policy.
It’s always best to discuss your specific situation with your insurance representative to ensure you’re making the best decision for your circumstances.