How to Sign a Title for an Insurance Company
- 1). Discuss your car accident with your insurance company and schedule a date for your car to be assessed. On the date of assessment, your insurance agent may tell you that the insurance company has assessed your car and declared it a total loss. That means you have to sign over your title of ownership to the insurance company.
- 2). Set up a date to bring your title to your insurance agent. On that date, you will formally sign the title over to the insurance company, which will apply for a salvage title on your behalf if you decide to keep the car. Your insurance company will apply to the state government to obtain a salvage title.
- 3). Purchase the car back from your insurance company after it has obtained the salvage title. Since your car is heavily damaged, you would pay an amount substantially reduced from the original price of the car. However, if your insurance company feels it is too risky to have a salvage car on the road, you may not be able to purchase the car back.
- 4). Have your insurance agency sell the car to a salvage yard if you want to get rid of the car. Making this decision also means you sign your title over to your insurance company, which will then pay you for the actual value of the car.
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