Here’s the story. We have a trusty 2013 Honda that’s in great shape. It was recently rear ended. Nothing to bad but the hatch won’t open.
Of course the insurance totaled the car due to its age/ value. BUT we were looking to buy it back because the damage is not bad and we don’t want to shop for a new car at this time .
We were told the insurance “doesn’t do that anymore”. Is this true ? We own the car. Who are they to not allow a buyback?
Can insurance won’t allow a buyback of a “totaled” car.
byu/SamMeowAdams inInsurance
Posted by SamMeowAdams
7 Comments
That sort of thing is state dependent. What state are you located in?
Also if you have a lien holder, they won’t if you still owe after the TL settlement.
Carrier/state specific. If you have signed an agreement, accepted funds, and signed over the title you likely won’t be able to get the vehicle back. It’s either already been chopped at a co-part lot or it will be.
If none of this has happened then escalate. You still own the vehicle. Make them provide to you in writing why you can’t get it back.
It depends heavily on jurisdiction, notably state in the US. Some will mandate insurances offer it, a few prevent it, and many require it be placed on a “salvage” title.
If you have a lien on the vehicle, it’s generally not possible in any case unless the loan is fully paid off as part of the insurance payout. GAP insurance will generally require the vehicle be turned over, and the lien will generally require the vehicle be in a drivable state.
that doesn’t make sense. you can owner retain the vehicle. dont use the term buy back because the insurance company doesn’t own the vehicle. you can’t buy your shit back from yourself.
Did you already accept the check your insurance paid out for the vehicle? You do realize you will receive a reduced payout if you keep the car. But without knowing your insurance company and your location it’s hard to give relevant advice.
I just did it, but my state allows it and doesn’t require salvage titles for vehicles more than 5 years old
CAR has been paid off for years . We have the title .
Bonus . Wife had knee surgery and can’t drive right now anyway . So we are in no hurry to buy another car.