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Old 11-30-2012, 05:13 PM   #1
vision.dynamix
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Default Totaled Car buyback - Who's done it?

Who's bought back a totaled car from their insurance company?

How much was the repair estimate?
How much was the payout?
How much was the buyback amount?

What did you do with the car?
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Old 11-30-2012, 05:20 PM   #2
RossLH
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I don't remember the repair estimate, but they offered me $9000, and I bought it back for $1750--they gave me a check for $7250 and I kept the car. Ended up doing a brief partout (sold the transmission, driveshaft, rear end, and axles as a package for $4200, and a couple odds and ends for another $1000 or so) before selling the remains to a guy for $1800. The remains included the whole engine (FP Green included), complete body, full interior, etc.

Given more time I probably could have made more money, but I think it worked out alright. Gave me more than enough money to pay for its replacement in cash.
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Old 11-30-2012, 05:20 PM   #3
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Before I bought my Subaru I had my 98 Honda Civic DX, bought for 5k with 50k on the clock. I got rear ended the insurance company totaled it for 5k with 90k on the clock. Just a dent and some paint on the bumper cover. Put a jack behind the bumper cover popped the dent and used a buffed to get the paint off. I paid $500 to get it back and made out with $4,500 and a perfectly working car. They estimated around $3,000 in damage. I drove it for another 20,000 miles and sold it to my buddies dad for $1,000. Used the the money to help buy my WRX. Best accident ever.
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Old 11-30-2012, 05:22 PM   #4
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Quote:
Originally Posted by Jay C View Post
Before I bought my Subaru I had my 1998 Honda Civic DX, bought for 5k with 50k on the clock. I got rear ended the insurance company totaled it for 5k with 90k on the clock. Just a dent and some paint on the bumper cover, buffed it right out. I paid $500 to get it back and made out with $4,500 and a perfectly working car. Drove it for another 20,000 miles and sold it to my buddies dad for a $1,000. Used the the money to help buy my WRX. Best accident ever.
Did you have to do anything with the title?
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Old 11-30-2012, 05:24 PM   #5
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Originally Posted by vision.dynamix View Post

Did you have to do anything with the title?
I called the dmv right before I sold it they said no. I was under the impression I needed a reclaimed salvage title but the NYS dmv said otherwise. My buddies dad had no problem re registering it in jersey when he took it.
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Old 11-30-2012, 05:32 PM   #6
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I had a 1997 Impreza L that I bought for $2000. About 1.5 years after I bought it, some old lady smashed into the rear while I was stopped. It buckled the passenger rear quarter. Trunk and rear door were stuck, but were made to work with some persuasion with a hammer...

Either way, her insurance valued the car at $2500 with a $230 buy back. I walked away with the car and cash. They branded the title totaled. I took it to the AZ DMV and had it inspected (do the tail lights work, bumpers intact, etc) and then applied for a salvaged title. That cost me about $85 I think and took 3 hours.

Now the car has a salvaged title, but it really didn't hurt its value around here because any car that starts reliably and has working AC goes for $1500-2000 no matter if it's a clean title or salvaged. People buying a car that cheap really don't care.

So call insurance and ask what they will be doing with the title. Then call the DMV or read their site online and find the process for getting a reconstructed/salvaged title.

Oh, and I also got $800 for pain and suffering and $700 for lost work time. My wife got her medical bills paid and like $2100. We didn't even ask or negotiate, they told us they were obligated to pay this. I think that's because by taking the money we had to agree to pursue no lawsuits against them. I wasn't trying to profit so that seemed fine to me. It was an accident and they compensated me for my loss. It worked out well. Except for the old lady. I'm sure she got reamed on insurance and probably lost her license since she was senile.

I drove the car for another year and then parted it out and sold it to a buddy for $1.

EDIT: I forgot, I had to take the clean title to the DMV when it first happened and have it branded. The insurance company would not pay until they saw that I had done that with the title. Once I did that the lady at the DMV said that the car was now unregistered and no longer street legal until I got the salvage title inspection. I agreed and then drove the car for two weeks until I could get and appointment for the inspection. She even watched me drive away in the car.

I also got screwed a bit because the car had full group-N bushings, adjustable KYB struts, springs, strut tower bars, WRX brakes front and rear, aftermarket stereo, 06 WRX wheels with Star Spec Z1 tires, etc. but all of it came from my personal collection or were on the car when I bought it and since I didn't have receipts, the adjuster wouldn't include them in the estimate. So start collecting those receipts if you've got them This makes your payout bigger and likely won't change the buy-back value. Then when you get it back you can pull them off the car.

Last edited by kpluiten; 11-30-2012 at 05:41 PM.
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Old 12-01-2012, 07:56 AM   #7
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i was not about to buy back my 05 wrx with 88k. My insurance (farmers) told me that the vehicle is to new or some bull crap lie and told me it was the new law that ppl can not buy there cars back starting from some year. I was paid 12,5k for the car and it had about 9k in damages.
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Old 12-01-2012, 03:39 PM   #8
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Quote:
Originally Posted by st205wrx View Post
i was not about to buy back my 05 wrx with 88k. My insurance (farmers) told me that the vehicle is to new or some bull crap lie and told me it was the new law that ppl can not buy there cars back starting from some year. I was paid 12,5k for the car and it had about 9k in damages.
Sounds like bull**** to me. The were scamming you some how. Since they are an insurance company, I'd count on it.
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Old 12-01-2012, 03:46 PM   #9
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Quote:
Originally Posted by vision.dynamix View Post
Who's bought back a totaled car from their insurance company?
me -ish
How much was the repair estimate?
don't know, it was "totaled" out
How much was the payout?
$6500, and the car
How much was the buyback amount?
$0, I got the above amount, and the car
What did you do with the car?
gutted it, bought a rolling chassis, put the best of both cars on it, sold/am selling the remaining extra parts, took the chassis to the scrapyard
I've done this twice now, but only once through the insurance company

This summer I was T-boned, so this was not through my insurance company, but the other guy's insurance company (Westbend)

I've gotten a lot of "free" mods from buying chassis with goodies still on them, but I have a boatload of extra semi-worthless/hard to sell parts

All cars have been bugeyes

Last edited by rocketperson7; 12-01-2012 at 03:52 PM.
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Old 12-01-2012, 04:03 PM   #10
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I had a 97 prelude I paid 5000 for. Drive it for a year then some chick smashed into me. Got 6k for the car, bought it for free (for whatever reason they didn't take it off my check.) after I got it back my parents drove it for a bit, they live in the sticks so no reason to really tag it.

I eventually sold it for 2,000 cash to some dude.

The car really only needed a new front bumper, maybe a hood.
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Old 12-01-2012, 06:38 PM   #11
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Quote:
Originally Posted by kpluiten View Post
Sounds like bull**** to me. The were scamming you some how. Since they are an insurance company, I'd count on it.
Some states down allow buyback of cars less than 10 years old. I think it was MI or IL or another MWSOC state when I looked last night.
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Old 12-01-2012, 10:56 PM   #12
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Interesting discussion. I had never looked into it but for some reason assumed the buy back would be a much higher portion of the assessed value. Seems to range between 0% and 20%. If you have a lot of money into your car, it seems like a no brainer- even if you just part it out and scrap/sell the rest.
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Old 12-01-2012, 11:12 PM   #13
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Originally Posted by Jay C View Post
Before I bought my Subaru I had my 98 Honda Civic DX, bought for 5k with 50k on the clock. I got rear ended the insurance company totaled it for 5k with 90k on the clock. Just a dent and some paint on the bumper cover. Put a jack behind the bumper cover popped the dent and used a buffed to get the paint off. I paid $500 to get it back and made out with $4,500 and a perfectly working car. They estimated around $3,000 in damage. I drove it for another 20,000 miles and sold it to my buddies dad for $1,000. Used the the money to help buy my WRX. Best accident ever.

I had something similar to this. I had a 95 toyota pickup and had someone hit my passenger side fender. The ins. company totaled it. They gave me $3600.00 and I purchased the truck back for $700.00, replaced the fender and grill, paint for $400.00 and came out $2500.00 ahead owning the truck.
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Old 12-01-2012, 11:28 PM   #14
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Got rearended in my 04 xB about 2 years ago and went through the other party's insurance making it a 3rd party claim. My brother owns a body shop and handled the entire claim for me. I had to pay $2500 or around there to get the car back, or actually taken off the check they were giving me for the right off. We ended up fixing the car for next to nothing we just pulled the body and repainted the car. The car was given to my mom who needed a commuter car at the time. The best part about this my brother was generous enough to give me the car when I was 16 since it was hit previously, he fixed it and gave it to me, so I split the money I received from the insurance and gave it to him.

The car also didn't needed to get a salvage inspection since it was a 3rd party claim apparently. My brother also did this for other vehicles but weren't 3rdd party so they did need to get a NY state salvage inspection.
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Old 12-01-2012, 11:55 PM   #15
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The car also didn't needed to get a salvage inspection since it was a 3rd party claim apparently. My brother also did this for other vehicles but weren't 3rdd party so they did need to get a NY state salvage inspection.
That doesn't seem quite right if it was totaled out. It had to have a branded title of some sort.
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Old 12-01-2012, 11:59 PM   #16
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I'm not totally sure cause I didn't handle any of it, but the car didn't go for any NY state salvage inspection. I also know that the car stayed registered throughout the entire ordeal. Next time I'm home from school I'll have to ask my dad, the title may have some sort or branding but I know the car itself never had a salvage inspection and it's been back on the road for a little more than a year now.
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Old 12-02-2012, 12:45 AM   #17
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It is apparently a nightmare of a process in WV. My friend tried to buy back and repair his Impreza L when he was hit a few years ago. He ended up taking the little bit of cash and buying a Legacy GT. If you have the space and time to part it out, you can usually make out quite well.
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Old 12-02-2012, 01:02 AM   #18
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No one has mentioned that fact that you may not be able to have full coverage on a salvage title. Not sure about other states but in AZ you’re only able to get liability coverage. To me that is a big risk around here we have a lot of uninsured drivers running around.
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Old 12-02-2012, 01:26 AM   #19
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No one has mentioned that fact that you may not be able to have full coverage on a salvage title. Not sure about other states but in AZ you’re only able to get liability coverage. To me that is a big risk around here we have a lot of uninsured drivers running around.
Most insurance companies have this policy.
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Old 12-02-2012, 01:31 AM   #20
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Originally Posted by st205wrx View Post
i was not about to buy back my 05 wrx with 88k. My insurance (farmers) told me that the vehicle is to new or some bull crap lie and told me it was the new law that ppl can not buy there cars back starting from some year. I was paid 12,5k for the car and it had about 9k in damages.
Doesn't matter if there is a law or not. The insurance company owns the car after they total it. The previous owner has zero claim to it, and its up to the insurance company if they want to sell it back.
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Old 12-02-2012, 01:54 AM   #21
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Seems like people make out pretty good on these. I had my 97 Integra GS-R stolen and I never looked into a salvage. It was a great condition rolling chassis. I could have put a built engine turbo vtec in that thing if i would have known!
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Old 12-02-2012, 02:01 AM   #22
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I hope someone rear ends me and totals my car
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Old 12-02-2012, 02:09 AM   #23
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My 07 wrx was rear ended I got 22.5k for it I tried to buy it back to keep the engine and tranny. It only had 19k on it. They offered me 7k in cash and the car. I took the 22.5k instead. I regret buying another wrx...
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Old 12-02-2012, 08:00 AM   #24
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My brother got hit in his Dodge Omni. This was about 1990 and the car was a 1987. I was racing Omni GLHS's at the time so his car had some parts on it. Suspension, built motor, probably about 140 hp, LOL. Very clean car.

Anyway, the repair was $1800 for fender, paint, fix some bent parts on the passenger side chassis. so they totaled it figuring the car had a value of about $2500. He took the $2500 for repairs and bought the car back for $400. We got a new fender for $80 and had the car fixed and painted for $900 more. The car had no major damage and he drove it another two years.

Of course when it came time to sell it, it had a salvaged title, making the car almost worthless. I think he got $1500 for it.

Some insurance companies just send busted cars they pay off to the auction, not wanting to deal with owners trying to buy them back.
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Old 12-03-2012, 01:29 PM   #25
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Quote:
Originally Posted by Bababou View Post
No one has mentioned that fact that you may not be able to have full coverage on a salvage title. Not sure about other states but in AZ you’re only able to get liability coverage. To me that is a big risk around here we have a lot of uninsured drivers running around.
every state is different

u can do this all day long in texas.....
but if you do get FULL coverage and then the car gets totalled again.....you are only going to get(give or take) approx 60% of actual cash value of the prior totaled vehicle
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