Some insurance companies will let you buy back, but beware that the title will probably be salvage or something similar. Insurance companies hate reinsuring cars that have been total loss.
Paul
Yea, I know there would be a salvage title, I do not think he(they) plan on driving it, though. Just to hang on to it, and take a few things from it for a replacement.
I know there are a few who do let you buy them back, but I was told that State Farm was not one of them?
Here in NY the salvage title only applies if the vehicle is 8 years old or newer, according to the adjuster who was out to look at my 96 F350 a couple of weeks ago.
It was declared a total loss according to the insurance company (Encompass) based on thier valuation using by ADP. They sent me some paperwork that I had to signed off on the total loss and bought it back for about $1600, they sent me a check for $6700 a couple of days later. I never sent them my title or keys.
Several years ago my 70 ElCamino was totaled. State Farm let me keep it for 20% of the appraised value. I rebuilt it and State Farm is the current insurer.
Just went thru this last week. I could buy back my Suburban for 25% of the value. If you choose to keep your car, they just give you a check for the lesser amount, you keep your car, but surrender your titile to them. You'll get a salvage title back from the state. But, that's in Texas and may be different where you live.
For me it wasn't worth it as it had 200,000 miles on it and the frame & rocker were bent bad. I took the money and ran, after I stripped as many parts as I could.....he he.
I think the main issues are that you can not get "full" coverage; you can only get liability insurance on it, plus it voids your factory warranty. Some states will give it a normal title after being registered with the salvage title for five or so years.
If the insurance carrier does allow you to buy the car back... several things.
1. If your state law requires it: you will have a branded title.
2. You can insure it again for full coverage if you have indeed corrected what was damaged prior. This would require a CARCO inspection. *Proof that vehicle was repaired to pre-accident condition.
3. If they come up with 25% or 20% etc..salvage deducted off of your ACV (actual cash value), ask them why or how. Often the state regulation calls for this %.... but you the insurer may also may be required to acquire up to 3 salvage bids from licensed salvors. (junk yards..dismantlers) And that figure could be to your benefit. (or not).
4. You may be saving the insurance carrier a bunch of $ in salvage processing fees at a salvage yard....(tow/storage/title transfer... ): does not hurt to bring it up to the claims adjuster.
They cannot brand the car salvage if you do not give them the title. Make a deal for the salvage BEFORE you settle/fork over the title that way you will not have a salvage title. They cannot brand your title if they do not have your title.
You do not get what you are given, you get what you negotiate!
I'm with State Farm. My 1992 Plymouth Laser was totalled in 2003. They gave me $6500 for it and I bought it back for $250.00 and made over $4000 parting it out. It had very low miles.
Well, the adjuster came and looked at the car, and talked with my brother. Took some pictures and left. :clonk:
Didn't look like he was to mechanically inclined.
-Todd
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