Liability Insurance Inquiry
I own my car outright and have liability insurance. If I were to get into an accident that’s deemed my fault (uncertain how this applies in a no-fault state), would I still retain ownership of my vehicle, or would my insurance company take possession of it?
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In a no-fault state, liability insurance typically covers damages to other parties involved in the accident, while your own insurance handles your expenses regardless of fault. If you get into an accident that is deemed your fault, your liability insurance will cover the damages to the other party, but it generally won’t affect your ownership of your vehicle.
As for whether your insurance company would take your car, that usually only happens if the car is deemed a total loss (i.e., the cost to repair it exceeds its value). If it’s repairable, you would still own the vehicle. However, keep in mind that if you file a claim, the insurance company may have a stake in the vehicle until the claim is settled. Always check your specific policy terms and speak with your insurance agent for more clarity on how your situation is handled.