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Can I keep my truck if the insurance company totals it?

Asked by user in Florida.

I was struck by a car in my work truck on November 18, 2020. The insurance adjuster is going to total my work truck. I still have not received any money. It is now January 15, 2021. I want to keep my truck and repair it myself.

Answered by Enjuris Editors:

I’m sorry this happened to you.

When an insurance company “totals” a vehicle, they pay you the vehicle’s actual cash value in the form of a check. Generally, the insurance company will then take your vehicle to a salvage yard and the insurance company will keep the money it receives from the salvage yard. The insurance company’s rights in this regard are detailed in the auto insurance policy.

You can certainly negotiate with your insurance company. For example, you might ask your insurance company to provide you with the fair market value of the truck, less the money the insurance company would likely receive from the salvage yard. In exchange, you would be able to keep the truck.

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