What happens if my car is totaled?

Auto insurance company declare a car a “total loss” if the cost of repairing it would be more than enough money to cover its cash value and then selling it to a salvage yard. If your insurance company has figured out the worth of your car then it may subtract other costs, like the estimated repair costs . Vehicle won’t be considered totaled if the actual cash value exceeds your repair and other costs,. But if it does, then insurance company may write you a check for the actual cash value of the car and subtract your deductible and other fees. The insurer may pay the same amount to the leaseholder if you lease the vehicle and If you finance, the financing company gets the money first and if that amount is more than what you owe, it is possible you may get the balance.
But if you lease or finance your vehicle, may be your insurer could decide that your car is worth less than the amount you owe to the leasing or financing company.