Totaled vehicle buyback, how's that work?

willness33

willness33

Here for the memes
Joined
May 3, 2005
Location
Alexis,NC
See "things that suck ass". TJ will almost assuredly be totaled. Frame and tub are straight. I have a bunch of spare TJ parts and fenders, hood and bumper wont be that much $. Soooo, what's the process and anyone else that's gone through it, how much of a pain in the ass is the insurance co going to be?
 
It's been a million years so I can't remember all the details but I remember it was an easy process. When they contacted me about the payout amount for my YJ, I inquired about buying it back. It was $500 (totally worth it!) but I had to move quick to avoid paying additional storage fees.

Good luck! 😉
 
May not be so bad now with a TJ, but the insurance companies know they'll bring good money at auction for parts so the buy back price may be unreasonably high. Depending on the price and the damage, you may be better off pulling all your aftermarket parts and letting it go. Then find another and install parts. Just have to weigh those options once they give you the values.
 
I got rear-ended in my van about 2 yrs ago. His insurance company told me where to go to have the damage estimated (Chevy dealer in Kernersville). My van was 10 yrs old with about 150k on the clock at the time. They wrote it up and it was considered 'totaled'. I took the option of keeping it, and they sent me a check for $4,600 IIRC. I found a black van in a junk yard 2 hrs North up in VA. I drove up there and bought the hatch, bumper, and taillight for $700. A little work with a slide hammer, sledge hammer and some pieces of 2x4 and it was good enough for me.
 
LBarr2002 said:
May not be so bad now with a TJ, but the insurance companies know they'll bring good money at auction for parts so the buy back price may be unreasonably high. Depending on the price and the damage, you may be better off pulling all your aftermarket parts and letting it go. Then find another and install parts. Just have to weigh those options once they give you the values.
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It used to be that it was a flat rate - 20% or something - dictated by law for the state - that you pay to keep the vehicle. It's been almost 2 decades now since the last time I went through this in NC though, so it may have changed.
 
LBarr2002 said:
May not be so bad now with a TJ, but the insurance companies know they'll bring good money at auction for parts so the buy back price may be unreasonably high. Depending on the price and the damage, you may be better off pulling all your aftermarket parts and letting it go. Then find another and install parts. Just have to weigh those options once they give you the values.
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This is exactly how it happened with my 2005 civic. Car was 100% fixable, in my driveway, no bodyshop needed. But when the buy back was close to 2/3 of the payout, I elected to take the money and run. I was trying to sell the car at the time anyway, so it worked out for me in the end.

And this was in Feb- March 2021.
 
RatLabGuy said:
It used to be that it was a flat rate - 20% or something - dictated by law for the state - that you pay to keep the vehicle. It's been almost decades now since the last time I went through this in NC though, so it may have changed.
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20% of what? Could they artificially inflate the "value" or is it 20% of nada book?
 
Hit a deer in my Camry a few years ago. The offered me one number if I kept and a higher number if they took it. I took the lower check and bought a TJ with it ironically. Spent $120 on a set of headlights and pulled the bumper out after heating it up with a torch. Drove that car 2 more years and sold it.
 
LBarr2002 said:
20% of what? Could they artificially inflate the "value" or is it 20% of nada book?
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It was 20% (and I don't know if that was the number) of whatever you settled the payout value to be at.

Related - do not just accept whatever the company says is the total value. They very often will lowball on it. It should be the real replacement cost. you have the right to fight and argue the value. Get quotes from what the same car costs nearby to buy. Prepare for a fight.
Something that I found helps is that (assuming somebody else it at fault) you press them hard to cover the cost of a rental for you, whether you need it or not. You are entitled to it. Once they are paying for that rental, they have a daily cost associated with dragging out the haggle on the settlement. If you don't like their value, counter with something realistic and tell them you won't settle until they consider it.
 
All excellent advice so far. I figure 2k in pocket would make it nicer than before. Anything else is gravy. Kid loves her jeep and it saved her skin so it deserves to live on. Currently it is already at my house. I didn't want it sitting around in a "yard" while insurance dicked around. She wont be found at fault. First impact was non yielding left turn guy. Second one was guy following too close and hit her after she came to a stop. I know of the lowball tactics and will set value at current replacement prices. Wont be my insurance covering it.
 
Is the frame on the Jeep bent?
 
drkelly said:
Is the frame on the Jeep bent?
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Without actually measuring I'm going to go with no. Still have to do that today. It looks pretty perfect. Control arms, axle tube, track bar and steering took all the hit. Tub is still straight and the frame has no buckling showing anywhere. Even the flimsy control arm mounts on the frame end are perfect. The stock arms folded nicely lol.
 
I just went though this with the 2010 HHR after a deer decided to commit suicide by jumping in front of the moving vehicle. To me not that bad, to the insurance co, totaled. They offered $5000 for the car, which was a reasonable offer for it, especially since I only paid $1500 for it when I bought it over two years ago. Said I could keep the car and they would give me $4000. Weighing it out, I knew if I took the $5K, I would be hard pressed to find a replacement in as good as shape and as dependable as it was, even though it is the ugliest car I have ever owned and makes me feel older than I am when driving it, common sense prevailed. So I kept the car and $3750 ( less $250 deduct) spent $400 on parts and some Freon, $100 for paint and a few hour of my time and banked $3250. Plus now I can still sell it close to what is it worth If I find the right replacement down the road.
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89wrangler said:
I just went though this with the 2010 HHR after a deer decided to commit suicide by jumping in front of the moving vehicle. To me not that bad, to the insurance co, totaled. They offered $5000 for the car, which was a reasonable offer for it, especially since I only paid $1500 for it when I bought it over two years ago. Said I could keep the car and they would give me $4000. Weighing it out, I knew if I took the $5K, I would be hard pressed to find a replacement in as good as shape and as dependable as it was, even though it is the ugliest car I have ever owned and makes me feel older than I am when driving it, common sense prevailed. So I kept the car and $3750 ( less $250 deduct) spent $400 on parts and some Freon, $100 for paint and a few hour of my time and banked $3250. Plus now I can still sell it close to what is it worth If I find the right replacement down the road.
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Use some of the extra $3750 to swap in the SS drivetrain and it won't make you feel so old.
 
If you keep it it will be a salvage title, resale will be more difficult and lower than ones with a good title.
 
If you keep it and get a salvage/rebuilt title then your ins co may not issue full coverage on it, if that's something you're concerned about.

Duane
 
CLRracer said:
If you keep it and get a salvage/rebuilt title then your ins co may not issue full coverage on it, if that's something you're concerned about.

Duane
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If you insure it with Hagerty, you can state the value of the insurance. They don't care what it's worth, you get what you set it at.
 
Just know, if your goal is to ever the sell a vehicle now after this. It comes with a salvage title. Your registration stays current and you will be unaffected. BUt the moment you want to sell or transfer to someone else, they will not have a fun time registering a salvaged title. Something to keep in mind if you have any goals besides keeping for continued use by you exclusively
 
All of that about salvage vehicle is incorrect. As someone who has owned and sold several salvage title vehicles, this is first hand experience…

Salvage simply means insurance determined it costs more than it’s worth to repair the vehicle. You cannot get full coverage insurance on it, just liability. There can also be no loan on the vehicle because of this.

There is absolutely no issue owning or registering a salvaged title vehicle in the state of NC or surrounding states for that matter 🙄

You simply disclose the salvaged title to any potential buyer. Some of you boomers are really showing your age with so much distress about this non-issue 🤣

It’s always funny hearing people say “I’d never own a vehicle with a salvage title”
That’s ridiculous. Sure it’s worth less because of it but long as you buy it right to begin with that doesn’t matter.
 
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