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How do I buy back a totaled car from my insurance?
My car was totaled in an accident. I think the repairs are manageable and I want to keep my car. How would I buy back my car from my insurance?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you feel like you can manage the repairs on your vehicle,
keeping your totaled car
may be the best option for you.When a vehicle is totaled, a
car insurance
company has determined that repairs will cost more than the vehicle is worth. Because of this, they opt to pay out the actual cash value
of the vehicle instead of undergoing the repairs.In most cases, you would then use the money to purchase a new car. However, if you want to keep your car instead, you can negotiate with your insurance.
To keep a totaled car, inform your insurance. Since you have an idea of the cost of repairs, do your own research on the value of your vehicle on sites like Kelley Blue Book, Edmunds, or Autotrader. Once you have a number in mind, you can negotiate with your insurance. You won’t receive the full payout from your insurance, but usually a portion minus the cost of repairs.
If you move forward with repairing the vehicle, contact the DMV and register the car as salvage. You may also have to shop for insurance since some companies don’t
insure rebuilt or salvage
.If you need a new insurance company,
Jerry
can provide you with competitive quotes in under a minute. Swapping is just as effortless. Jerry takes care of all the paperwork and phone calls and even cancels your old policy on your behalf.With all of this in mind, you may want to price everything out before you decide to move forward with purchasing your totaled vehicle.”
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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