Your car is considered “totaled” if the cost of repairing the car exceeds its actual cash value. The insurance company determines the value of the damaged car based on the retail value and/or Blue Book value of similar vehicles. The “totaled” or “salvaged” vehicle is sold to a junk or car salvage business for parts. According to the National Insurance Association of Commissioners, your insurance company retains your auto title after paying you the value of your totaled vehicle.
Some states and insurance companies allow you to buy back your car even though it has been totaled. You can purchase the car from the insurance company for a negotiated amount.
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