Did you buy it back yet?!?!?!?

 

i've bough back a totaled motorcycle, if you have the time and room to do it go for it

 

I have bought a vehicle back from insurance 2 times. Here is how it worked for me with 2 different insurance companies.

Car/motorcycle was totaled and I negotiated the settlement amount, they will go up on the payout if they are trying to low ball you. Getting an independent appraisal of the cars pre damage value will help with getting a larger payout.

After the amount was agreed upon I told them I wanted to keep the vehicle and wanted their buy out price. Both times the price I paid for the totaled car/motorcycle was the salvage value from the junk yard. As far as I know they cannot charge you more than that amount or a percentage, although this may vary by state. This amount is also negotiable, through your agent or with an independent quote.

This is where it got interesting. Since the car was over 9 years old there is no rebuilt/salvage title required, I kept the car with the original title. You could run a carfax and still see that there was a claim paid on the car but the title is clean.

 

To me this just sounds too good to be true especially for an insurance company which isn't common.

 

This is very common. The only thing is If he fixes the damage the car will have a reconstructed title and will only be worth about 60% of book value and a bank won't give a loan on it. Someone will have to buy it with cash money.

 

This happened to me when I was rear ended, got my check and still own the car within a week from state farm. I'd buy the car back for sure.

 

Sounds very interesting keep us posted.

 

We haven't heard from grazrootz since page 2, I believe a lot of us would like to hear the final results of this situation....Gary

 

Definitely want to hear the outcome. And I still want to know what insurance company he was using

 

$18,000, or $16,200 to keep the G.

Let's say you keep it.

Pay to get it fix and save the rest, or part out. Either way you will come out of top. There's way more than $1,900 worth of parts.

I need a black dashboard...

 

thats a little bit drastic. i've seen new projectors sell for 600, so used should be around 500 or less. rear tails might fetch you 300 if your lucky,.
wheels will be valuable. also sell out parts of the interior, tons of nickels and dimes you could easily get 3K without spending much time trying to sell.

 

thats a little bit drastic. i've seen new projectors sell for 600, so used should be around 500 or less. rear tails might fetch you 300 if your lucky,.
wheels will be valuable. also sell out parts of the interior, tons of nickels and dimes

 

I'm not saying you're making it up, but it's just a little hard to believe the insurance company would let that car go for 1900 even with a salvage title. I've bought over 100 wrecked g's from insurance auctions and a car in the same condition as yours would easily sell for around 7k right now. I just don't see why your insurance co. would want to throw away $5000.

Maybe they make an error of some sort and this is your lucky day. Buy the car back, fix it up, or leave it like it is and resell it to maximize your profit.

18000-1900 = 16100 in your pocket w/ the car.

16100 - 2500 labor - 2500 parts (door, quarter panel, curtain bag, seat bag, misc) = 11100

11100 + 14000 (car's value after being rebuilt) = $25,100

You'd be stupid not to buy the car back and make 25 grand off a car which only has a clear title value of 18k. Basically the insurance company is screwing themselves out of 5-7 grand.

On a side note, I'll give you 5k for the car as it sits. Send a PM if interested.

 

Yes fellow members there's a possibility....^....it's unusual for a insurance company to take a loss this big since this is there business!
Gary

 

of course buy it back!!!!