Insurance Buyback - '96 Maxima
03-08-2020, 09:17 AM
#1
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Join Date: Jun 2015
Location: Flaherty, KY
Posts: 71
Insurance Buyback - '96 Maxima
Last week, some knucklehead sideswiped me on the freeway at 70mph, crinkled up my front passenger fender pretty good, and the front bumper cover looks like it's been doused in black paint from all the rub-off.
Cops were involved and I just got the police report Friday, it looks like they're attributing fault to the other driver. He caused the accident, but I wasn't sure if he would lie or tell a fairy tale to try and get out of paying for damages.
Now that that's figured out, I'm almost certain the insurance company is going to write my car off, is what I'm expecting. It's a '96 Maxima GLE with 270k miles. The car still has a lot of life left-- I don't live in the rust belt and it's in generally good condition inside and out.
I have a feeling they'll offer $1000 or less for value of the car, but the car is worth much more than that to ME-- nothing to do with attachment, but I simply cannot buy a daily driver that's in as good condition (I maintain my vehicles well) for $1000.
So I've always heard of people buying totalled vehicles back from the insurance company and then fixing and driving them. Anyone ever have this happen to them, and can you explain the process to me? Some folks have told me you can't get a salvage-titled vehicle insured, is this true? Are there any caveats to buying a car back?
I don't think there are any issues or limitations in my state (KY) to operating a salvage-titled vehicle. I see them for sale on dealer lots all the time, so it must be fairly common here.
Any info anyone can provide on the subject would be greatly appreciated!
Cops were involved and I just got the police report Friday, it looks like they're attributing fault to the other driver. He caused the accident, but I wasn't sure if he would lie or tell a fairy tale to try and get out of paying for damages.
Now that that's figured out, I'm almost certain the insurance company is going to write my car off, is what I'm expecting. It's a '96 Maxima GLE with 270k miles. The car still has a lot of life left-- I don't live in the rust belt and it's in generally good condition inside and out.
I have a feeling they'll offer $1000 or less for value of the car, but the car is worth much more than that to ME-- nothing to do with attachment, but I simply cannot buy a daily driver that's in as good condition (I maintain my vehicles well) for $1000.
So I've always heard of people buying totalled vehicles back from the insurance company and then fixing and driving them. Anyone ever have this happen to them, and can you explain the process to me? Some folks have told me you can't get a salvage-titled vehicle insured, is this true? Are there any caveats to buying a car back?
I don't think there are any issues or limitations in my state (KY) to operating a salvage-titled vehicle. I see them for sale on dealer lots all the time, so it must be fairly common here.
Any info anyone can provide on the subject would be greatly appreciated!
03-08-2020, 10:11 AM
#2
The first thing you need to do is to research your state’s laws and rules related to buy-back or retention of a total loss vehicle. They may prohibit it.
Keep in mind that your car will need to be issued a “salvage title”. Not sure that matters to you but you also need to research your state’s requirements as far as salvage titles go as some states prohibit these vehicles from operation on public roadways ... so check that out.
You need to talk to the insurer who’s paying the claim. What’s their policy and what adjustment will/must they make to the settlement amount and what will be the cost to you?
Also, some insurers won’t release a total loss to an insured/owner. They’ll only release these vehicles to a salvage yard and any re-acquisition must be arranged with the salvage yard once the insurer has transferred the vehicle to them.
Again, something to check into.
Keep in mind that your car will need to be issued a “salvage title”. Not sure that matters to you but you also need to research your state’s requirements as far as salvage titles go as some states prohibit these vehicles from operation on public roadways ... so check that out.
You need to talk to the insurer who’s paying the claim. What’s their policy and what adjustment will/must they make to the settlement amount and what will be the cost to you?
Also, some insurers won’t release a total loss to an insured/owner. They’ll only release these vehicles to a salvage yard and any re-acquisition must be arranged with the salvage yard once the insurer has transferred the vehicle to them.
Again, something to check into.
03-08-2020, 01:28 PM
#3
After checking your state laws, immediately let the insurance company know that you intend on buying your car back. Once it gets to auction for the salvage yard, it will be hard to get back. You’ll still get whatever the insurance company offers you for a total loss minus the amount the insurance company feels your car would’ve sold for at auction.
Then you can use the rest of the money to fix your car. I don’t know of any salvage yard that would be willing to sell a car back to the owner, simply because the car is worth more in parts on their yard than it is to sell it whole. Good luck.
Then you can use the rest of the money to fix your car. I don’t know of any salvage yard that would be willing to sell a car back to the owner, simply because the car is worth more in parts on their yard than it is to sell it whole. Good luck.
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