Insurance question
#1
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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.
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.
#2
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.
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 $7,000 and give you back the title.
#6
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they gave me 3800 for my shitty 240 and allowed me to buy it back for 0$. 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
#7
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.
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.
Last edited by soviet; 03-18-2011 at 04:03 PM.
#8
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.
#9
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.
Edit: Correction, it must be at least 7 years old in order for them to allow a buyback.
#13
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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.
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.
#14
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. :(
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