Re: Insurance question - Saab General Bulletin Board - Saabnet.com
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Re: Insurance question
Posted by EricHOU [Email] (more from EricHOU) on Wed, 19 Nov 2003 14:11:25
In Reply to: Insurance question, Curious George, Wed, 19 Nov 2003 13:27:40
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It's totaled when the price of repairs is greater than what the car is worth, from the insurance company's view, not necessarily the actual book value. Then the insurance company will cut you a check, probably for less than you deserve. You then have the option to salvage the car and buy it back from the insurance company and use the insurance money to fix it, or go out and spend the money on another car. If you salvage the car, in most states, you get a salvage title and can no longer carry collision on it. Cheap for insurance rates but if you get in another accident you have no coverage for the car repairs. For specifics in your situation you need to talk to your insurance company because each state has different rules.
Eric
posted by 130.76.9...
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