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How much does it cost to buy back a totaled car from the car 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.
“Taking on a project like this is quite the adventure! The cost of buying back a totaled car from the
car insurance
company will vary depending on the value of the totaled vehicle and 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.
Another good thing to keep in mind is that previously totaled cars can often be difficult to fully insure, and the insurance shopping can be a real headache. Once your car is repaired and ready to go, one of the best (and hassle-free) ways of choosing the plan that works best for you is through
Jerry
. We’ll get you multiple customized quotes from numerous top-of-the-line providers so that you can choose the plan that works best for you! That way, you can be sure you’ll get your car out on the road again.Good luck with the repairs—you’ve got this!”
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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