Buying back a total loss
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TECH Enthusiast
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Joined: Dec 2004
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From: Thibodaux Louisiana
Buying back a total loss Anyone ever bought back a total loss from the insurance company? What did you pay as opposed to the value of the car before the wreck?
I got rear ended and pushed into the truck in front of me about 3 years ago, just liability on it. I paid $5k for the car and was hit about a month later. the car had 60k miles and was in beautiful shape so it was a steal for the price, you couldn't touch an lt1 with under 100k for under $7k in my area at the time.
They made me an offer of around $4k (absolute bull****) and they'd take the car or for $50 (yes fifty) less I could keep the car, so I took it and sold it wrecked to a friend to get some of my money back. I still got screwed in the end but it is what it is.
They made me an offer of around $4k (absolute bull****) and they'd take the car or for $50 (yes fifty) less I could keep the car, so I took it and sold it wrecked to a friend to get some of my money back. I still got screwed in the end but it is what it is.
Teching In
Joined: Oct 2010
Posts: 19
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From: Pomona,CA
I bought my SS back from the insurance last year. A girl ran a red light and I t-boned her which tore up my front end. They totalled it out and told me it was 1500 to buy it back. They valued my car at around 12k which shocked me cuz i though it would be lower but hey it works...lol. i just had to register it as a salvage title, get the brakes & lights inspected by a certified shop and pay for smog/dmv fees.
Thread Starter
TECH Enthusiast
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Joined: Dec 2004
Posts: 630
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From: Thibodaux Louisiana
great KBB has mine valued at 10,500 for clean retail. (i thought that was a little high.) So hopefully i can get it back for 1200 to 1500. The ins company is pissing me off it's been three weeks now and i still haven't heard anything from them.
ive always ran full coverage after my first accident. i have been in 2 since then and none were deemed my fault. but with full coverage i always was able to buy it back at a cheaper price to strip it sell the good parts and then sell the shell to a local who buys cars for scrap prices and get more out of the car than if i let them take it for around a hundred. if you can keep it and just salvage title it thats by far your best bet, except in new york where its a PITA to jump through all the hoops with the procedures and tests to pass it
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Joined: Oct 2010
Posts: 19
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From: Pomona,CA
state farm worked quick for me, they told me my options and once i faxed over everything they need, they had a check out to me quick. It was roughly 2 weeks from the day of the accident. Then they sent me a check for my deductable once they deemed i wasn't at fault and collected from the other insurance company...that took a little longer. I don't think they go off the KBB. They went off the price of cars that where being sold from local dealers and just average it out and that came out to the value they gave me.
As much money that goes into our cars, it's not really a question of full coverage or not. I have a truck that I DD so my Camaro is on my policy for a low amt of miles since I don't drive it much. IMO it's worth it because you never know what could happen. I've had too many friends that have lost their car, wrecked, stolen, etc and only had liability. It's not worth it to half-*** on insurance. Just my .02. But back to the original question, I'd also like to know the buy back on these cars.
Staging Lane
Joined: Nov 2010
Posts: 53
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From: Ozarks
I was hit by a truck that totaled the motorcycle I was on. I negotiated with the trucks insurance company about the value of the bike (it was considered a total loss). When it looked like they weren't going to offer any more I said that if I could keep the bike their price was OK. In the end I think the price went down by $500 in order for me to keep the bike. I was satisfied at that point. The title never changed hands so there were no fees and the title was not branded. The bike claim settled in a few months. The medical took three years. I think fact that the CHP report that said the accident was 100% the truck diver's fault helped motivate the insurance co. They did not jerk me around about the property part of the settlement.
Kerry P
Kerry P
On the last car I totaled out the insurance company offered me a low payout on. So I asked them to sent me a list of the cars they were comparing it to and found that they were comparing it to lower end cars no leather ect. with higher miles after afew go arounds I got $1500 more than their 1st offer. On the last tolaled out car I bought back I think they took $250 off my payout for it. Just ask them what it would cost you it never hurts to ask.
