The insurance company has declared my mom’s 2000 Honda CR-V a total loss. Is there a way for us to keep the car? If we decide to take it back, will it be issued a salvage title or can we retain a clean title?
I’m located in Florida, and the CR-V has about 230,000 miles on it. It still runs and drives well; the main issues are cosmetic, like damage to the front bumper and grille.
Auto Accident Advice Needed I’m feeling overwhelmed and could really use some advice regarding a recent situation. A couple of…
Broker Compensation Insight Hello everyone, I’m interested in connecting with brokers from Marsh, WTW, Lockton, and similar firms. I’d love…
Car Accident Liability: Repairing vs. Not Repairing We were involved in a rear-end collision on the highway in California due…
Yes, in many cases, you can choose to keep the car even if the insurance company has declared it a total loss. This process is often referred to as “salvage retention.” However, it’s important to understand a few key points:
Insurance Settlement: If you decide to keep the car, the insurance company will deduct the estimated salvage value from your total loss payout. You’ll receive a lower settlement as a result.
Title Status: When you retain a totaled vehicle, the title is usually marked as “salvage” or “reconstructed” depending on your state’s regulations. In Florida, if you keep the car, you will likely end up with a salvage title, which indicates that the vehicle has been declared a total loss.
Repairs and Inspection: Be aware that if you plan to repair the car and use it again, you may need to have it inspected by the state to get a rebuilt title after repairs are completed. This process can vary, so check the Florida Department of Highway Safety and Motor Vehicles for specific guidelines.
Cosmetic Damage: Since you mentioned the damages are mainly cosmetic and the car still runs well, you might find it worthwhile to repair it, especially if the overall condition is good.
Before making a decision, it’s a good idea to consult with your insurance agent and consider the financial implications of keeping the car versus receiving the total loss payout.