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How do I buy my car back from my insurance company?
My insurance company said my car was totaled. I think I can fix it and would like to keep it. How do I buy my car back from them?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Having a vehicle declared a total loss is disappointing, especially if you feel that your car is fixable. Thankfully, you can buy your car back from your insurance company if you’re confident about fixing it and want to keep it. To do so will just take some negotiating.
When a vehicle is marked a total loss, a
car insurance company
has determined the cost of repairs is more than what the vehicle is worth. After a total loss, you’d receive the actual cash value (ACV) of your vehicle as your insurance payout.Your insurance company won’t pay out the full ACV if you decide to keep your vehicle, though. In most cases, you’ll receive a payout minus the buy back amount. You can negotiate this amount with your insurance company.
Once the vehicle is in your possession, you’d need to complete the necessary repairs and convert the
salvage title
into a rebuilt title
. Depending on where you live, there may also be special requirements for registering a salvage vehicle. You can find all of the state-required specifics and forms at your local DMV.Additionally, you may be required to work with a different insurance company, as not every company insures salvage vehicles. If you’d like help looking for a new insurance provider, go to
Jerry
. Jerry works with several companies that insure rebuilt vehicles, so you can find the best rate and coverage without the hassle.”View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
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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