I was involved in a accident doing 30mph, and suffered cosmetic damage to front of my car, no damage to other vehicle. Insurers have written it off as total loss as will cost more than car worth to fix it. friend said i could buy car bac off them really cheap. is this true?
2007-11-30 04:50:35 · 32 answers · asked by hyper1504 2 in Cars & Transportation ➔ Insurance & Registration
Many times it is, call them up and ask.
2007-11-30 04:53:07 · answer #1 · answered by ryankneale 6 · 3⤊ 0⤋
I would recommend you to try this web page where onel can get quotes from the best companies: http://insuranceforcheap.info/index.html?src=2YAecbk0Uays6
RE :Can i buy my car back from insurance company after they have written it off as total loss?
I was involved in a accident doing 30mph, and suffered cosmetic damage to front of my car, no damage to other vehicle. Insurers have written it off as total loss as will cost more than car worth to fix it. friend said i could buy car bac off them really cheap. is this true?
Follow 31 answers
2016-09-08 13:32:29 · answer #2 · answered by ? 6 · 0⤊ 0⤋
Yes you can retain the salvaged vehicle. Its not really "buying it back"
The insurance company will take a deduction known as Loss of Salvage (what they could have gotten for it at auction)
So for instance say your vehicle is worth $1500. The insurance company would offer you the$1500 and they would take possession of the vehicle.
Or you can keep the salvage and they would reduce the offer to $1200.
(Mind you these #s are only examples.)
Hope this helps!
2007-11-30 06:06:08 · answer #3 · answered by ♥ Uwish ♥ 6 · 0⤊ 0⤋
Hiya:
Once a car is a total loss....the actual car is then considered SALVAGE.
When it is time to settle your claim - they will ask you if you want to RETAIN the salvage (vehicle). If you do not want to retain the salvage then the insurance company gets to keep it.
Let's say the total loss value is $2000 and the SALVAGE is worth $500.
If you settle and DON'T keep the salvage....you get $2000.
If you settle and KEEP the salvage.....you get $1500.
Why?
When you settle a total loss the insurance company is essentially BUYING the vehicle from you at ACV and they then OWN the salvage. If you want to keep the salvage - you are essentially buying the salvage back.
If you didn't get the salvage...the insurance company would sell it at a salvage sale anyway.
Hope that helps.
~jifr!
2007-11-30 05:37:57 · answer #4 · answered by Jifr 4 · 0⤊ 1⤋
It's certainly worth asking them, as it might cost you less to buy back as salvage and then get a "back street" garage to do the repair work, possibly with recycled parts (scrap yard job) than to replace it with another vehicle
Depends on the terms of the insurance, but ALWAYS worth asking as ONLY the insurance people can really answer it !
2007-11-30 04:53:53 · answer #5 · answered by stu_the_kilted_scot 7 · 3⤊ 0⤋
Yes it is. What happens is you take less of a settlement to make up for keeping the car. The price is usually based on salvage value of the car.
2007-11-30 04:53:54 · answer #6 · answered by soaplakegirl 6 · 1⤊ 0⤋
YES SOMETIMES BUT READ THIS FIRST THEN DECIDE.
SALVAGED AND REBUILT VEHICLE TITLES
MOST INSURANCE COMPANIES WILL NOT INSURE THESE VEHICLES BECAUSE OF LIABILITY TO THEM.
IF THEY DO INSURE IT FOR YOU THE RATES WILL BE HIGHER AND THE VEHICLE WILL HAVE TO BE FULLY INSPECTED.
IF YOU BUY ONE OF THESE VEHICLES FOR $10,000 AND YOU ARE INVOLVED IN AN ACCIDENT AND THE VEHICLE IS TOTALED, THE INSURANCE COMPANY MIGHT GIVE YOU 1/3 OF WHAT THE VEHICLE IS ACTUALLY WORTH.
EVERYONE THAT BUYS ONE OF THESE VEHICLES WILL END UP PISSED OFF OR IN THE POOR HOUSE.
VERY BAD TO BUY NO MATTER HOW GOOD THE PRICE MIGHT BE.
ALSO YOU CANNOT GET ANY TYPE OF WARRANTY OR EXTENDED WARRANTY ON THESE VEHICLES AS WELL.
2007-11-30 08:53:25 · answer #7 · answered by Anonymous · 0⤊ 2⤋
You need to do this during the course of the settlement. They can let you have the car for what is offered by the salvage yard. That amount is deducted from the amount you receive.
2007-11-30 06:00:00 · answer #8 · answered by Otto 7 · 0⤊ 0⤋
Probably depends on your insurance company.
My friend just had his car written off for $8900 and was able to buy the car back from them for $900.
2007-11-30 04:54:02 · answer #9 · answered by Taryn 5 · 2⤊ 0⤋
They may be willing to sell it to you for the salvage value. Act fast before the insurance company disposes of the car.
2007-11-30 04:54:26 · answer #10 · answered by Anonymous · 3⤊ 0⤋
Yes you can, and real cheaps too. My brother in law done this, had the truck fixed , and it ran for a couple of more years before it finally gave out.
2007-11-30 04:54:23 · answer #11 · answered by WC 7 · 2⤊ 0⤋