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How much does it cost to buy back a totaled car from the insurance company?
I was in an accident and my car was deemed a total loss. The insurance company paid me the fair market value of the vehicle. However, I have the skills and desire to repair the vehicle, and I want to give it a shot. Is there any way I can buy my totaled car back? And how much will it cost?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
- The value of the totaled vehicle
- The severity of the damage
Buying back a totaled car is unique in that no book or online service will provide an exact amount for the car—the insurance company usually just sets a price on its own, which the insurer will typically deduct from your
total payout
.You’ll want to act fast, though! If you don’t, the insurance company will put the car up for auction that usually only allows licensed auto salvage companies to bid.
Keep in mind: Previously totaled cars can often be difficult to fully insure, and the insurance shopping can be a real headache. Make sure you can find adequate insurance before taking on the task of repair.
View full answer
- Gregory R.
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