Can I Keep a Totaled Car and Get It Repaired?

At times it may be easier to total a vehicle than deal with repairs and paperworks following an accident. Some of them may only cost 70% of its open market value to fix when it has been decided to scrap. Policyholders may not agree but insurance companies can still choose to pay the full value and keep the auto. Since the title is now surrendered to the carrier you may need to buy it back if you want to get it repaired on your own.

A few policyholders may have the similar feelings when they hear their car may be totaled. Some of them get used to the idea quickly and cannot wait to get the check. If you still insist on it vehicle insurers wouldn’t probably have any problem selling the salvage to you at a price. Normally, they do sell these cars and that is one of the reasons why they can write off some of them at around 70% because their parts are still worth money. Actually, few body shops specialize in finding vehicles worth fixing up and selling at a profit. Or breakers may want them for used parts.

When you buy and get it repaired you would be required to get it past some tests. Many states require safety and roadworthiness tests before they allow you register a salvage title. It may be all right if it is you who carried out the work or inspected it.

But people should be careful when they are buying one that is fixed by someone else and there are no pictures and paperwork to document what was the damages, parts changed and works done to it. It could be anything. You may think that you are getting a bargain but you may actually be taking over someone else’s trouble.

The next problem is with coverage. Most of them aren’t happy to insure a salvaged auto, except for liabilities. Even if they accept to include Collision and Comprehensive coverage you may still have a problem at a later date. For example, a similar vehicle to yours may be worth $10,000 in the market. But you may only get about $4,000 if it is totaled again or stolen, never to be found. The reason is the fact that it was once involved in a serious accident and therefore it would not be worth the same money as the similar autos with perfectly good titles. When this is the case, many people may be happy to arrange liability only auto insurance coverage anyway.

Share on Pinterest
There are no images.