GolfHos

Car deemed totaled by an insurance co., but then you were given the option to buy it back?

Insurance company of at fault car (not me), doesn't want to fix the car, they consider it a total loss, offer 2400 dollars, which is fair. But we can buy it back for 350 dollars. They (ins. co,) sends a report to the state, and are then absolved. From what little I understand we have to fix the car and have a state patrol inspector declare it safe. And then I don't know what happens after that.

Question to the Cantina.

1) Have you ever done this?
2) How does it work?, I imagine each state is different so just ballpark it if you could.
3) Can it be insured again, and if so, what happens if it's involved in another "total loss" scenario.

Does it still run?

Yeah, the damage is to the passenger door & rear 1/4 panel, but it will cost most if not all (+) of the 2100 we get to fix it, (there is another ding I would prolly fix).

You can make out on these deals if you can fix it yourself, or have someone who will fix it for a good price.

I had an 84 T-Bird that I totaled and bought back from the insurance company in California.  I had to go through a lot of red tape, inspections and such and ended getting a salvage title for it.

That's the rub.  Here in PA, you would have an "R" title, meaning rebuilt.  Very difficult to sell a car with that title.

However, if the car is mechanically sound, and you are willing to run it into the ground, buy it back and fix it.

yep, salvage title is what you get here also. no biggie.

Check with your DMV.  I was looking at used motorcycles, and several were offered with salvage titles.  That's the title status the owner got when he bought back the bike.

There is red tape you can go through here in NC to "rehabilitate" the title, after which it's converted from "salvage" back to "regular".  But some states give out standard titles after rehab, some give out a standard* title; prospective buyers can tell the difference, and anything that smells like it was salvage is harder to sell and fetches a lower price.

After researching, it looks like WA gives you a "WA REBUILT" title.  Prospective buyers would presumably see that.  Don't know how comfortable you'd be not disclosing it.  Don't know if it's sufficiently material to the transaction that the buyer could cancel the sale and make you take the car back, either.  :o

If you have not yet turned the title over to the insurance company, you re still the owner of the vehicle. If you could get them to deduct the value od the car from the claim proceeds, and you keep the title, I wouldn't think you would have to go the salvage route. After all, total just means damaged beyond economic repair, not that it isn't a safe vehicle. Just a thought.

Worth asking, but insurer's paperwork may require that they obtain title to pay out on a totaled claim.