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How can I buy my car back from my insurance company?
My car insurance company said my car was totaled after an accident. I think the damage is repairable. Can I buy back my car?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If your
car insurance company
deems your vehicle a total loss, you may be able to buy back the vehicle in some instances.Negotiating with your insurance company to take ownership of the vehicle is the most straightforward method to buy your car back. When a vehicle is a total loss, insurance companies will pay out the actual cash value of the vehicle. If you want to keep the vehicle, they wouldn’t pay out the full amount. Instead, most companies would give you a reduced payout if you want to keep the vehicle. You’d then be responsible for repairing it out of pocket.
Before you decide to keep the vehicle, be mindful that you will need to register the vehicle under a
salvage title
. Registering a vehicle as salvage has special requirements. Some car insurance companies also charge more for insurance. If you feel comfortable with your state’s requirements and have an insurance company that will insure the vehicle, you can move forward with negotiations.
Since you filed a claim on your insurance, you may find that your rates go up as a result. That’s when you should check out the
Jerry
app. Sign up in less than a minute to compare quotes from over 50 different insurers and get the best rate.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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