How much is it to buy back a car from the insurance company?
I totaled my car this week but I want it back so that I can have the parts. How much would it cost to buy it back?
I’m so sorry you totaled your car, and I hope everyone is okay! When your car is totaled, your insurance provider will usually send it to an auction or salvage yard, so your first step is to contact your insurer to see if they’ve officially sent it off yet.
If you want to keep the car, some companies will skip the auction process and turn the car over to you immediately. If this is the case, they will still pay you the value of the car, but they may deduct the amount that the car would have sold for at the auction.
If they’ve already sent it to the auction or salvage yard, you’ll have to buy it there. This is definitely doable, but you should keep in mind that it will come with a salvage title. If you’re stripping it for parts, this is fine, but if you want to drive it again at some point, you’ll need to get a rebuilt title after repairing it.
It’s important to note that not every state will let you keep a total loss car, since some have outlawed the ability to buy back your vehicle. Before you do anything else, you should contact your insurance agent.
It’s also good to remember that an accident where your car is totaled may increase your future insurance rates. If you want to make sure that you’re still getting the best possible rate on the coverage you need, check out the Jerry app—we’ll get you personalized quotes from top-of-the-line providers, so that all you need to do is pick the plan that works best for you. And once you choose one, we’ll help you switch!
Best of luck!
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