If the vehicle is a total loss and an FMV is agreed upon, the liability carrier will require the Title and possession of the vehicle in exchange for the settlement check. In other words, the insurance company will not pay the FMV and allow you to keep the vehicle. The value of what is left of the “total loss” vehicle is referred to as the “salvage value.” When the adjuster pays the FMV then you must sign over the Title to the vehicle. If you wish to keep the vehicle then the insurance company will pay you the FMV minus the “salvage value.”