Insurance question
 

Some guy over on M.net said that if a car is deemed totalled, you can buy it back from the insurance company for "much less than the check they give you".

I was always under the impression that you give the car up, receive the check, one or the other. Can you really get the car back AND get the check for the value of the car?

Assume full coverage.

Thanks.

It's called a buy-back option. Either you have to literally buy it back for a percentage after they give the initial check OR they leave the car with you and give you a check minus the buy-back cost.

Let's say they give you a check for $10,000 and you ask if you can buy it back. They say yes for $3,000. Either you get the check for $10k and then send them $3k to release the car to you (if it's at a shop or tow yard...assuming it was a bad wreck). Or they can cut you a check for $7,000 and give you back the title.

Yup, I did this when my first SE-R was backed into. I didn't feel like repairing it (it had been riced up by a previous owner and I was tired of sorting through the various issues), but we bought it back and sold it at a profit to someone who wanted the shell and motor for a track build.

most insurances will let you buy back.
some (like my friends retarded ass one in Reno) won't.

but ya

They gave me $5000 to total my car, and I bought it back for $1200. bought a new car for 3800, worked out great.

they gave me 3800 for my shitty 240 and allowed me to buy it back for 0$. It had 10k in parts on it so I would have been screwed if I didnt buy it back because they value modifications at like 50% of market

My shitty stock 96 got valued at something like $3400. I bought it back for $700. So after a $500 deductible, I ended up with the whole car and a check for $2200.

I think I paid $50 to get rid of the shell (it was beat).

edit: Should probably mention that I bought that car for $1350.

My 97 was valued around $6500 (after some negotiation) when it was wrecked in 2008. The cost to have the car fixed was something like $6200. They explained that my buy-back amount was the difference. So I was able to buy the whole car back for around $300. I then got the $6200 check to go along with the dead car.

It appears that it's illegal in Illinois for them to let you buyback a car. A friend totaled his STi, and I wanted it's remains. Insurance said they couldn't and I thought they were BS'ing me. Sure enough though, there is a law on the books.

Edit: Correction, it must be at least 7 years old in order for them to allow a buyback.

that doesn't make sense. it's YOUR car, the title is in your name.

always tow your car home in a wreck.

Even if you decide you don't want to buy it back, you at least have some leverage in case they don't offer you a satisfactory amount.

Correct, but if you have full coverage insurance, and you want them to pay out, you have to sign over the title to them first.

I know that if he had brought it to his house instead of the body shop, we would have stripped the hell out of it.

They will usually let you buy it back. A friend of mine wadded up his twinturbo'd G35 Sedan a couple of years ago and the car was so bad his insurance company refused to let him have it back. They let him replace all the aftermarket stuff with stock stuff, but he couldn't buy the car itself back from them.

That car was bad, though - roof was crushed below the rear headrests and so tweaked all 4 wheels wouldn't sit on the ground at once. It was beyond salvage - I think they called it "non-repairable" or something.

This STi was barely totaled. Unibody was still good. Needed some suspension, three wheels, and LOTS of bodywork. The cost of new OEM parts (especially the wheels $$$), and the bodywork is what sent the estimate into the 'totaled' range. A little time and some used parts would have brought the repair bill down to ~$2K. :(

typical. I just usually take what I want off the car, and let them keep it.... I do this by reporting it after I take pics, exchange info, tow it back to my place... then report it.