Insurance Will Not Allow Buy Back on Total Loss

[TimH]

Hi Beyond,

I was recently in a car accident where I was hit in both the front and rear of my car which resulted in damage to car equaling roughly twice the value of the car. I was deemed not at fault for the accident (I was rear ended into the vehicle in front of me). My insurance company has had an appraiser look at my car and offered a settlement. When I asked if it was possible to buy back my car I was told it was not possible. Is this typical? I thought you would always have the option to buy back your car. I stated that my intention was to buy back the car strictly for savage I was told that this is against their policy. I kept asking and they said that the buy back percent would be 30% of the settlement value but that they usually only allow a buy back when the vehicle is a write off due to cosmetic damage, like hail damage.

I feel like they're trying to screw me on both the 30% buy back amount as well as not allowing a buy back in the first place. At this point I've refused to sign the car over to them and accept the settlement. Is this normal? I thought I would have had no issue buying back the car and at a lower amount as well, like $500 or 10%.

Thanks,
Tim

[zhao]

Its somewhat normal. What they probably haven't told you is you should be allowed to bid on your car at the salvage auction it goes to, even though it will likely be a 'dealer' only auction like impact at adesa. My insurance company wont allow buybacks also (td) but its an option to set up a one time account where you can only bid on your own car in the case your car is written off and they wont let you buy it back direct from insurance (my guess is they have a contract setup with the auction house to process all their claims). Also, I've heard from other people is they had the right to buy the car back for the highest bid price at auction, but I have no factual evidence behind that, just hearsay.

[craigcd]

Guessing most of the auctions would be dealer auctions so you would likely need to be registered or have someone help you who is.

[Anomaly]

Just went through the same thing with my insurance company this past month. Wife's car got hit, wanted to buy it back. Insurance refused because it wasn't cosmetic damage, like hail. Also said it was against their policy. I didn't try to fight them that hard on though. Might be obvious, but make sure you send them any receipts you have for the car...got an extra $1000 out of my wifes car because of the maintenance records and receipts.

[TimH]

Thanks for the information guys. I've pushed pretty hard on trying to get my car back but after trying to escalate it they still are refusing. They won't let me buy it back because they don't want me to put it back on the road, even though that's not my intention. When I asked them what status the car would have if I gave the car to them they said it would salvage.

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Just went through the same thing with my insurance company this past month. Wife's car got hit, wanted to buy it back. Insurance refused because it wasn't cosmetic damage, like hail. Also said it was against their policy. I didn't try to fight them that hard on though. Might be obvious, but make sure you send them any receipts you have for the car...got an extra $1000 out of my wifes car because of the maintenance records and receipts.

Yeah, in the last 6 months or so I've replaced the timing belt, fuel pump and haldex pump which is probably around $1500 just for the parts. About 3 days prior to the accident I just put on a new set of tires as well. I guess I'll just be submitting the receipts I have and see what they have to say.

[G-ZUS]

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Just went through the same thing with my insurance company this past month. Wife's car got hit, wanted to buy it back. Insurance refused because it wasn't cosmetic damage, like hail. Also said it was against their policy. I didn't try to fight them that hard on though. Might be obvious, but make sure you send them any receipts you have for the car...got an extra $1000 out of my wifes car because of the maintenance records and receipts.

I got t-boned 2 years ago, $9-10k damage on a '03 Accord. Intact allowed to me buy it back

[GTR_Auto]

If you don't want to put it on the road tell them to sell it to you as a Non repairable title