I had no idea buying back your car from an insurance company was a thing until it happened to me several years ago.
Auto insurers and older cars
- Thread starter 74DartSport
- Start date
It depends on the state of course, but 70% seems to be the most common
They usually say not to carry comprehensive if the car is more than 10 years old unless you're financing it and the bank requires full coverage.
I think a better way to think about it is that you get a smaller total loss check and keep the car vs. the larger payout and the insurance takes the car. Here use that towards getting it fixed if you really like it. Always will be cheaper than a new one. I always figured a cash customer would get a better deal at a body shop for repairs like this...can use used parts etc.
Current threshold with my insurance is 90%, but due to the high values in the used marketplace they’ll go a little higher.
Just hurts that this is the second used car I’ve bought in really nice shape and less than 2 years into my ownership been hit and totaled.
First one I bought back and drove for four more years.
Just hurts that this is the second used car I’ve bought in really nice shape and less than 2 years into my ownership been hit and totaled.
First one I bought back and drove for four more years.
- Joined
- Jul 18, 2022
- Messages
- 394
Idk, to me your winning. Small body damage, nice payout and you keep the car. You're driving free courtesy of someone else's error.
Life is dropping the lemons right in the juicer!
- Joined
- Jul 18, 2022
- Messages
- 394
OP - don't forget to negotiate the payout amount. The insurance company is lowballing you. Look up pricing, argue condition and miles. Tell them your not satisfied etc.
You might be suprised when they all of sudden change the condition from B grade to A grade after a little pushback. It happened to me! I got 40% more just by asking.
You might be suprised when they all of sudden change the condition from B grade to A grade after a little pushback. It happened to me! I got 40% more just by asking.
JTK
$100 Site Donor 2025
I feel for ya, but the way the insurance industry is going. I wouldn't involve them in this matter at all. The claim will follow you for some time. Your rates will more than likely go up for filing a claim. If you have the misfortune of having to file another claim w/in a year or two (glass, comp, etc), you will likely get dropped all together. Ask me how I know this.
JTK
$100 Site Donor 2025
I was told that by my agent as well. Two deer hits and one glass claim in a 2yr period got me dropped. What I could find is about 2x as expensive. 54yrs old with zero claims or tickets in ~25yrs.
All I suggest is plan ahead. If you have a collision with one of your more expensive vehicles and NEED to use insurance.. The industry is in turmoil these days.
GON
$150 Site Donor 2025
- Joined
- Jul 10, 2022
- Messages
- 5,918
What surprised me, when we experienced a total loss in May. I had always heard the lowball stories when it comes to insurance. Our insurance co, the one where you never see those football players and coaches anymore in their ads, once they lost the Super Bowl, they paid us 85% of KBB private party sale for a vehicle in excellent condition. It was fair. Now I've got tons of parts in the basement. I just got 6 new oil filters--coincidentally the new car uses the same filter.
With this being said, isn't that going to be unfavorable in the event of a buyback? Or, am I satisfied because I felt the vehicle was not in excellent condtion, and in the buyback, if the car is, the owner is simply going to pay top dollar for it.
The other thing that surprised me. Our insurance agent was on top of it and cancelled the vehicle as soon as the payment was made for the loss. When I went to do it, it was 9 days later. The car cost $2.17/day to insure, so they almost saved me $20. Another surprise, for whatever reason, let's say each car cost $100/yr (making it up) to insure. $100/$100/$100. I had always thought, you drop one car, you save $70--not the full amount. From the new declaration and rebill, exactly the cost of the car came off, or, $2.17/day. Credit was applied for the prepaid amount as well.
I wonder if a 2025 vehicle that has 13x the actual cash value, costs more, or less, to insure. The premium imho is not related to the actual value.
It would be interesting to see if OP's vehicle makes sense to buy from the insurance co. Isn't it valuable to Copart? I have what I consider a mint 2006 LS430, so I'd hate to be put in the same position as the OP, but I would like to know how to mentally "justify" this scenario that someone else caused, not OP. In our case, I mentally justified it by thinking our car is below average and something happened beyond our control, we have no choice but to move on.
With this being said, isn't that going to be unfavorable in the event of a buyback? Or, am I satisfied because I felt the vehicle was not in excellent condtion, and in the buyback, if the car is, the owner is simply going to pay top dollar for it.
The other thing that surprised me. Our insurance agent was on top of it and cancelled the vehicle as soon as the payment was made for the loss. When I went to do it, it was 9 days later. The car cost $2.17/day to insure, so they almost saved me $20. Another surprise, for whatever reason, let's say each car cost $100/yr (making it up) to insure. $100/$100/$100. I had always thought, you drop one car, you save $70--not the full amount. From the new declaration and rebill, exactly the cost of the car came off, or, $2.17/day. Credit was applied for the prepaid amount as well.
I wonder if a 2025 vehicle that has 13x the actual cash value, costs more, or less, to insure. The premium imho is not related to the actual value.
It would be interesting to see if OP's vehicle makes sense to buy from the insurance co. Isn't it valuable to Copart? I have what I consider a mint 2006 LS430, so I'd hate to be put in the same position as the OP, but I would like to know how to mentally "justify" this scenario that someone else caused, not OP. In our case, I mentally justified it by thinking our car is below average and something happened beyond our control, we have no choice but to move on.
- Joined
- Jul 10, 2022
- Messages
- 5,918
In poking around my insurance cos website, they had a tip to contact the other party’s insurance directly if one is not at fault. This is what you’re saying and agreed. Our total loss was comprehensive and we were told no change to rates.
But if collision and one’s own insurance, they can. The rates don’t have to go up. They can remove a discount, and net effect is insured pays more.
JTK
$100 Site Donor 2025
You're right! I must have gotten lost in the thread. The OP doesn't need to involve his insurance at all then.
GON
$150 Site Donor 2025
Have a really good PDR shop see if they can pull to get you 90% corrected. If the paint is messed up, they can weld on pull tabs too. Then get a good paint shop to paint and blend the area. You might even try yourself with a rattle can, clear, wet sand, and polish. If that bumper is cracked, that too can be repaired with something akin to hot staples and resin.
Been busy but finally sat down and really read the valuation report. They deducted a large number of options this car has. Emailed the adjuster a shot of the Monroney label to get it re-evaluated.
Not worth collision insurance, I feel comprehensive is worth it. Comprehensive is cheap, Well of course variables abound depending on state. I was always more concerned about theft or attempted theft or damage to a car other than an accident.That'll buff right out
No really though, glad you're ok and that nobody was hurt.
With cheap cars, it's usually not worth it to keep comprehensive insurance, unless you're financing. The total threshold is usually 70% of the value of the car.
Similar threads
