Legal Question in Insurance Law in Virginia

total loss on my stolen car now i cant keep it

my car was stolen and returned damaged the ins co says that it is a total loss. they want to pay the lien holder 2200 of the 4200 that i owe. the car is a 98 neon and it now has some scratches and a nonvisible dent underneath other than that it is in perfect driving condition. it is going to be junked. what are my rights when it comes to buying the vehicle back for salvage costs when the ins co says yes i can and the bank says no i cannot have a vehicle with a lean on it without full coverage. i am still going to pay the debt off so why am i not allowed to retain the vehicle rather instead they would ratehr it sold to a junk yard. how can i keep the car?


Asked on 7/26/04, 5:18 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: total loss on my stolen car now i cant keep it

You will need to come up with $2000 to pay off the lienholder (the bank) in order to retain your vehicle. Once the vehicle is determined to be a total loss and only disposable as salvage, it is no longer fully insurable as you've mentioned and, therefore, your bank's rules, apparently, prohibit carrying notes on these kinds of cars in their vehicle loan portfolios.

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Answered on 7/27/04, 12:05 pm


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