QuestionIt looks like my car will be totaled. It is worth approximately $18,000. It has approximately $14,000 in damage. I currently owe $25,000. I have GAP insurance on the car as well through a separate policy.
I would like the car back.
This car will belong to the insurance company and not the GAP insurance company correct?
Does the GAP insurance company have any rights to the vehicle?
If I choose to repurchase the vehicle, will my GAP still pay off the car before i repurchase the vehicle?
If the GAP insurance company doesn't "kick" in because I want the car back, can I get the value of the vehicle minus the value of the vehicle sold to a junk yard back from the insurance company and fix the car myself?
AnswerHi Steve,
You should not buy back the car. The process you will have to go through is very difficult. First, your settlement will be reduced by the amount of the salvage value of the car. Second, the insurance company will still have to apply for a "SALVAGE" title. That salvage title will then be signed over to you. You will then have to have all repairs completed and then submit the vehicle to a state inspection to certify it's road worthyness. And then you can apply to have the vehicle's title put back into your name. Third, the title will always be branded with the words "SALVAGE" OR "REBUILT". As a result, the vehicle will only be worth about half of standard value.
I hope this helps
Richard Hixenbaugh
