Inquiry Regarding Liability Insurance
I fully own my car and have liability insurance for it. If I were to get into an accident deemed my fault (I’m uncertain how this functions in a no-fault state), would I still retain ownership of my vehicle, or could my insurance company claim it?
I’m thinking about buying a car in Toronto that has a claim but a clean title. If I decide to…
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Still waiting for my check… Last summer, my car was totaled, and I’ve already submitted my title to their insurance.…
In a no-fault state, liability insurance is typically meant to cover damages to other parties involved in an accident rather than your own vehicle. Since you own your car outright and have liability insurance, your ownership of the vehicle remains intact after an accident, regardless of fault.
However, if your car is damaged in the accident and you want to repair it, you would need to have additional coverage such as collision insurance or comprehensive insurance. In that case, your insurance company would provide compensation for the damages based on your policy limits. If your car were to be totaled, the insurance company would determine its value and pay you accordingly, but you would still maintain ownership unless they declare it a total loss and you agree to surrender the car.
It’s important to check the specific details of your insurance policy and consult with your insurance provider for clarification and advice tailored to your situation.