Different automobile insurance companies have their own yardsticks for determining if a car is a total loss. If the cost of repairs exceeds the set benchmark, your insurer will rule out the vehicle as a total loss. The standard is usually about 80% of the total worth of the car before the damage. If you still owe money on the totaled car, you will receive a check that has your name on it as a beneficiary as well as the name of the bank that loaned you the money to purchase the car. This means that the bank that gave you the car loan has to be paid off first. In essence, you will have to settle your car loan first. If the check is more than enough to pay off your car loan, then you can keep the money left.