Hey all Looking for advice from those who have bought back an insurance totaled vehicle. The SO needs an A-to-B ride and a friend just had a late model 34k on the clock, Camry get totally crapped on by the Hail fairy. Waiting on estimates but expecting it will get totaled. Looks like it'll need a new windshield and Passenger side mirror to be safe to drive.

I've read posts by a number of folks here who have gone both ways with an insurance buyback. some picking up the totaled car and others walking away from it and getting a replacement. I've never done this myself so looking for info on pitfalls and things to watch out for, as well as why you went one way or the other in your decision so I can help the SO decide on if they want this ride or keep looking.

SO is currently racking up miles on my 4Runner so would be good to get them back into a car of their own! ;) that is more suited to their daily needs.

Boort

Never done that before, but the obvious considerations would be registering/titling it (which shouldn't be a problem with the right paperwork) and insuring it.

Alot has to do with rather the insurance company will let you keep the title in its original title, if they say you will get a Salvage Title, your value of the vehicle will change dramatically. Salvage Titles on vehicles can drop the value of the vehicle and easy 25 to 50 percent of its value with a proper original title. If you are going to keep the vehicle and run the wheels off of it, then this would probably work out for you, but anything less than this be prepared for a huge loss of money.

If they were to buy it back if the insurance company totals it, they would have to pay it off and see what the remainder is. If it is a nice chunk, a paintless dent repair person may be able to take the dents out for a fraction of the cost. Yes, it would have a salvage title but they know it wasn't for a flood or accident, just hail. My old shop foreman bought a new Camry for pennys on the dollar and had a PDR guy fix him up. NEVER could tell the damage was there years later. There is a process with the DMV, but not a hard one.

A salvage title for the owner depends on what he is going to do with the vehicle, if he/she is going to drive the vehicle to the wheels fall off, then it can probably work for you, but if you intent to sell in a couple of years or so, it can cost you big bucks in vehicle loss of value.

In Texas, if its totaled and you want to keep it/buy back, the vehicle will be issued a salvage title. At that point it up to you what you do with it keep it or sell it later, but as others have mentioned, the salvage title comes with diminished value.

The dealership I retired from 35 years working there, looked at a salvage title as cancer, we would only give the customer trade-in value on what we could wholesale the vehicle for.

10 years in used car In House sales here. Same exact thing. We wouldn't guarantee anything except what it sold for at auction.