My vehicle totalled! Now what?

If the insurance company determines the your vehicle is an economic total loss ( the cost of repairs exceed the value of the vehicle), they will notify you and usually give you a choice of either selling the vehicle to the insurance company or retaining the salvage.  In most cases it is in your best interest to sell the vehicle to the insurance company.  The amount of the offer from the insurance company will be determined by what comparable vehicles are selling for in the area or by Kelly Blue Book or NADA valuations.  What is paid out to tow companies and the body shop for teardown or storage have no effect on the price.  However, the amount the insurance company can collect on the salvage does influence this price.  You are then liable to visit the body shop and sign a release to the insurance company, once you have negotiated a final price with them; including tax for the vehicle.  You will also be responsible to empty any personal items from the vehicle before signig the release.  Should you retain salvage, the insurance company will pay you a lessor amount determined by the value of the vehicle minus the salvage.  The vehicle is then yours to do as you please.  NOTE: that if you decide not to repair the vehicle, the body shop can charge you storage and any costs associated with teardown or put together on the vehicle.