Is the car still yours after being declared a total loss?

[Annie]

After being declared a total loss, the car still belongs to you. A total loss vehicle refers to an insured vehicle that is completely destroyed or severely damaged, where the repair costs exceed the vehicle's actual value at the time. The calculation formula for a total loss vehicle is as follows: 1. If the insurance amount is higher than the actual value at the time of the incident: Actual compensation = (Actual value at the time of the incident - Residual value) * (1 - Deductible rate). 2. If the insurance amount is equal to or lower than the actual value at the time of the incident: Actual compensation = (Insurance amount - Residual value) * (1 - Deductible rate). Relevant information about total loss vehicles is as follows: 1. The repair costs exceed the vehicle's actual value at the time, but the vehicle still has value. Therefore, the repair shop can purchase the vehicle, repair it themselves, and then sell it in the used car market. 2. Total loss vehicles can be traded after obtaining the insurance company's consent. The disposal method for total loss vehicles can be auction, and most repaired total loss vehicles enter the used car market.