What to do if I totaled my car in an accident and the insurer wants to offer me money in exchange for a copy of the title but I still owe money to the finance company?

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What to do if I totaled my car in an accident and the insurer wants to offer me money in exchange for a copy of the title but I still owe money to the finance company?

Asked on October 23, 2012 under Accident Law, Illinois

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

If you totalled your car, your insurance company should be held to paying off the car. The way it works is you need to look at your insurance coverage and what the insurance company has alotted you. Sometimes this is a negotiation. You need to review your insurance coverage. If the money your insurance wants to give you is more than the money you owe, pay off the car (you don't have the title, the actual registation is with the lender). If it is less than what is owed on the car, negotiate with the insurance company.


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