totaled car

Submitted by Anonymous (not verified) on Thu, 03/27/2008 - 06:48

if my insurance company totals my car because it would be more money to repair it than the kelly blue book says it is worth ,can I buy my car back and have it repaired and be legal by driving it , my main issue is will I still be leagal

Posted: 26 Mar 2008 09:30 Post Subject:

I know of no law that requires them to offer you the right to buy the car back. Once they have settled with you for the car, it is no longer your property it is theirs to do as they wish. (Hence the phrase buy back)

I know one carrier that I worked for that would never let the owner of the vehicle retain salvage... they did not want the problems if somehow the vehicle ended up back on the road with a clean title by either mistake or forged. If that vehicle would end up in an accident they could get tied up in legal fees for a lawsuit (deep pockets).

I also do not see them letting you buy back the vehicle for 1,200, if you can get 4K+ for it. They would want to get as much money for it as they can, and they would want the 4K. To be honest, the only way I used to allow people to buy the car back was if it was going to cost more to move it and sell it then the insurance company could actually get at sale.

My guess is if they told you they can't allow you to buy it back, then this is most likely their rule. If they said won't... then they are just being mean.

I would just ask them why they can't and they will most likely explain it to you.

Posted: 26 Mar 2008 10:08 Post Subject:

I know of no law that requires them to offer you the right to buy the car back. Once they have settled with you for the car, it is no longer your property it is theirs to do as they wish. (Hence the phrase buy back)

I think this is a state, and also company thing....in my state the owner always has first option of retaining salvage...

I also do not see them letting you buy back the vehicle for 1,200, if you can get 4K+ for it. They would want to get as much money for it as they can, and they would want the 4K.

This too depends on the individual companies procedures for determining salvage value...I've worked some that have a salvage contract with a yard, where it is a set percentage...the way it works right now with the company I work for now is, i have to call IAA (ins.auto auction) and get a 'salvage quote' they look in their data base and give me an average sale amount of the same year/make/mode/and even hit/amount of damage .... so I can see it's entirely possible that the op's company is doing a (let's say) 20% salvage value...and they may very well be able to get more than that...

Posted: 27 Mar 2008 07:50 Post Subject:

If that vehicle would end up in an accident they could get tied up in legal fees for a lawsuit (deep pockets).

..any ballpark figures??

Posted: 27 Mar 2008 10:08 Post Subject:

any ballpark figures??

about what? the salvage value or your vehicles value? what? The deep pocket thing the other poster was talking about was some carriers won't (apparently) allow an owner to retain salvage because they are concerned that they the carrier (deep pocket) could be held liable for another accident in the formerly totaled vehicle (i personally don't agree)...please explain more about what ball park you mean..

I'm sorry your OP ask if you could legally repair and drive your vehicle...yes you can it will always bare a salvage or prior salvage title thus making it worth less should it 'total' again...you will need to check with your state DMV and see what must be done re:rebuilt salvage vehicle...

Forgot to add as well I know of no insurance company that would use the Kelly book to determine a vehicles value.

Posted: 28 Mar 2008 11:55 Post Subject:

the salvage value or your vehicles value?


..rather a measure of legal fees for such lawsuits..

Posted: 28 Mar 2008 12:10 Post Subject:

oh, sorry didn't understand...these types of cases are usually taken by an attorney on a contingency basis, attorney gets a percentage (usually around a third if it doesn't go to trial)...if nothing is collected/won, then the attorney gets nothing as well...

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