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Will I need to transfer my vehicle title to the insurance company if my vehicle is considered a total loss?

If your vehicle is deemed a total loss, the insurance company will insist that you transfer title of the vehicle to them so they can send it to be salvaged.  In order for that to be accomplished, your vehicle finance company must also release its interest in your vehicle, which will require the insurance company to pay off the balance owed.  Once the finance company is paid in full, you will receive any money that remains beyond the finance company's remaining balance on the vehicle.

In some circumstances, the insurance company gives the car owner the option of keeping the vehicle, even though it has been totaled.  Under this circumstance, the insurance company is going to deduct the salvage value of the vehicle from the settlement amount, and the car owner has to take a salvage title.