If you are in an accident and the repairs will cost 75 percent or more of the market value of your car, it will be declared a total loss and called "totaled" by insurance companies in Maryland. If you have a low-value car you may feel like you can make repairs and keep the car running. It is a slightly complicated process, but you can reclaim your car if it is ruled a total loss by the insurance company Vist the Wellspring Insurance Network Inc. in Frederick, MD to learn more about the intricacies of automobile insurance.
When a car is totaled, the insurance company takes possession of the car as part of the settlement. Often the insurance company will sell it for salvage to recoup some of their losses. If you wish to claim the car you have to notify the insurance agency as soon as possible. They will let you have the car back but will deduct the salvage value from your settlement.
In Maryland totaled cars are called Salvage vehicles. If your car is not repairable and you want it for parts, you will get a salvage certificate when you take possession. If it is repairable you will get a rebuilt salvage title. There is also a special title for cars that have been totaled due to flood damage. Also as part of the settlement, you will have to get a release from the loan company if you owe money against the vehicle.
Visit the Wellspring Insurance Network Inc. in Frederick, MD to get more information about car insurance. You may visit us online, by phone, or in person. If you do have an accident and want to reclaim your totaled car, remember it is very important to let the insurance company know before they send it to be salvaged.