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In a typical total loss settlement, you are paid for the value of the vehicle, which means the car becomes the legal property of the insurance company. But in some cases, it could take very little ...
Upon paying the claim, the insurer may offer to return the vehicle to the owner as an insurance buy-back, in which case the owner is responsible for having the repairs made and having the car inspected by a State-designated facility. Depending on the state, this inspection may remove the salvage brand from the vehicle's title. [8]
If your car was only worth $4,000 at the time of an accident and you're looking at $4,500 in body work to fix it, it doesn't make sense for your insurer to pay the higher amount when it can ...
Total losses may be actual total loss or constructive. [11] If the policy is a "valued" policy (so that the ship or cargo has an "agreed value" rather than a "market value"), then, in the absence of fraud, the agreed value is conclusive, but only for an actual total loss. In a constructive total loss, the agreed value is not conclusive. [17]
Progressive was formed in 1937 by Joseph Lewis and Jack Green as Progressive Mutual Insurance Company. [5] In 1956, the company found a niche by insuring more risky drivers. In 1965, Peter B. Lewis , son of Joseph Lewis, and his mother borrowed $2.5 million, pledging their majority stake as collateral, and completed a leveraged buyout of ...
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Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury resulting from traffic collisions and against liability that could also arise from incidents in a ...
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