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How do I buy back my car from the insurance company?
After a pretty serious accident, my insurance company declared my car 'totaled,' and gave me a payout. I want the car, however! How do I buy back my car from the insurance company?
Melanie Reiff · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear about your accident!
After a wreck, if the cost to repair your vehicle exceeds the car’s value, the
car insurance
company may declare your vehicle a total loss. If this happens, they will decide to pay you cash instead of fixing the car and they’ll sell the car to a salvage yard.There are some instances in which the insurance company will sell you back the vehicle—for example, if you’re planning on repairing the vehicle despite the insurance company’s evaluation or if it has sustained hail damage but the vehicle still works well. There are some states, however, in which you are not allowed to buy back a totaled car.
If you are able to buy your vehicle, you will receive a check for the payout, minus your deductible and whatever the insurance company may have earned off selling the totaled car.
You may need to get a new policy if you repair your car. If that’s the case, check out
Jerry
. Jerry gives personalized quotes in minutes to help you find the coverage you need at the best prices. Jerry will even help with all of the changeovers! 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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