Tractor Posted August 25, 2004 Report Share Posted August 25, 2004 I have heard several people over the years mention that when an insurance company totals a car you can buy it back??? Thats odd. My family has had cars totaled many times and have always just had the thing towed back to our house and waited around for the check in the mail. I've never heard anything like "buying it back" happening. Why would you have to "buy it back" anyway? Isn't it yours. Just because you wrecked doesn't mean they now own it. I could see leaving it at a garage and never picking it up or something, but shit. please someone enlighten me. Evan Quote Link to comment Share on other sites More sharing options...
Guest powers Posted August 25, 2004 Report Share Posted August 25, 2004 no when they give you the check for a totaled car they are buying it form you, then they have the right to auction it off because they own it. If you are getting it fixed that's a different story. Quote Link to comment Share on other sites More sharing options...
Ziggy1647545504 Posted August 26, 2004 Report Share Posted August 26, 2004 "Buy back" is the term used when someone retains salvage on the vehicle. The insurance company doesn't have any use for your damaged car, so when doing the total loss evaluation, they may contact several salvage companies for salvage bids. If you elect to retain the vehicle, you essentially are paying the insurance company the salvage value of the vehicle. Or buying the salvage rights. The check that is issued to you when you retain the vehicle is the total loss amount less the salvage value. For example: If the total loss amount of the vehicle is $10,000 and the insurance company has a quote from a salvage company for $2000 for your car, then the check you get from the insurance company is $8,000. You just "bought" your vehicle back from the insurance company for $2000. As far as vehicle ownership goes, if you read the fine print in your policy, when a vehicle is deemed a total loss, if they issue a payment for fair market value of your vehicle, they assume ownership. If you don't retain the vehicle, you sign over the title via power of attorney. If you retain the vehicle, and intend to repair it, you have to file for a "branded" or salvage title. [ 26. August 2004, 11:51 AM: Message edited by: CR Caddy ] Quote Link to comment Share on other sites More sharing options...
Tractor Posted August 30, 2004 Author Report Share Posted August 30, 2004 Thats just it. We've had them totalled and never had to buy shit from them. We either drive them home or have them towed to our house. Of course its always an argument to get a towing service to take a car back to your house instead of a garage, but we do it everytime. Evan Quote Link to comment Share on other sites More sharing options...
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