Retaining A Totaled Vehicle

If your car or truck was deemed a total loss after a Florida traffic accident, you might be surprised to learn that you may have the option of retaining your vehicle. In these situations, it’s important to understand why a vehicle was totaled, the differences between a salvage title and a rebuilt title, and how to obtain insurance coverage for a vehicle with a collision history.

Should you be struggling as you try to navigate all of the financial decisions following an accident, know that an Orlando personal injury attorney can assist you in this process.

Salvage Title vs. Rebuilt Title

A vehicle is declared a total loss by an insurance company when they review the cost to repair the vehicle and find it exceeds its cash value. In Florida, if the repair costs are more than 80% of the car’s value, it is generally considered a total loss.

Of course, financial calculations are only part of what could be seen as the value of a vehicle by its owner. Sometimes Floridians want to keep their vehicles for other reasons.

• Sentimental value. A car or truck might hold personal significance, such as being a family heirloom or having many memories attached to operating it.
• Some vehicles, such as classic or rare car models, might be worth restoring due to their collectible value.
• Family finances. If the vehicle is still operational and the damage is primarily cosmetic, it might be more economical to repair and keep the car than buy a new one.
• Special modifications. Cars with custom modifications for personal needs or preferences might be retained for the value these additions hold to the owner.

When considering keeping a car, it’s essential to have knowledge about the title process. A vehicle that is declared totaled is issued a salvage title. This title indicates that the car was deemed a total loss by an insurance company due to significant damage. A salvage title means the vehicle cannot be legally driven on public roads.

That said, sometimes a person wants to repair the car and bring it back to roadworthy condition. Then, if it can undergo an inspection by the state and pass, the vehicle can be issued a rebuilt title. This title signifies that the car has been repaired and is now safe to drive, although its history as a totaled vehicle is permanently marked.

Accessing Insurance Coverage

After a car receives a rebuilt title, it can be insured again but the coverage options may be limited. An insurance company may only offer liability coverage for a rebuilt vehicle, or they may offer full coverage but at a higher premium. Discuss all of your accident expenses and hopes with an Orlando personal injury attorney to explore your resolution options.

Is your car totaled? There are many details to assess after an accident, such as determining who pays injury expenses and if you want to retain the vehicle that was damaged in the collision or not. Talk to the experienced attorneys at Israoui Law. Call 407-381-4529 for the personal attention you deserve. Always speak to an experienced accident lawyer before speaking to any insurance company.