Car totaled and insurance co. wants to keep it

[Slap Stick]

Insurance companies don't want vehicles. It cksts them to have to deal with them. The "buying back" scam is just that-a scam. Its a way to get you to keep the car while reducing their payout.
Insurance companies don't insure objects. They insure the value of the objects.
If your object is worth x and its a total loss they pay you x.
The object is still yours. You are not selling the object. You are recovering the loss in value.
When your house gets destroyed and they cover the loss do you "buy it back" and rebuild? No, you rebuild as the insurance company has covered your loss.
Your vehicle should be no different. If laws in your state say otherwise now you can see the power of the insurance lobby. The lobby makes a payout so they can reduce payouts to claimants.
I have a motorcycle that was totaled and was paid full book value. All the damage was cosmetic and I replaced the items I wanted on my own. The title never came out of the safe.
And I still have the broken items that can be fixed.

 

[moparedtn]

We taking bets on which company it was?
I got my duckets on State Farm. Evil incarnate, far as I'm concerned...

 

[cr8crshr]

What ever the Company or the fact that this was even brought up as it has with some vagueness attached to it, it just doesn't sound right nor correct. At least to me it doesn't. My Insurance experience it the business for over 10 years, I have never heard of such a thing. The questions brought up about "What Company" have been slow in coming and when answered, the OP didn't know who. Just the fact it is about someone else's car and Insurance makes me believe that this is nothing more than a fishing expedition. I get the original premise, but substance again is very lacking...cr8crshr/Bill

 

[Slap Stick]

Should've added more info. Ins totalled the car DMV will not allow the car to be registered no matter the damage. Major hassle to register the car.

Not true. My Taurus was a total due to hail damage. The guy I bought it from bought it from thw insurance company and then took it to the Highway Patrol for inspection. They checked all the VIN locations to ensure they were intact and correct and gave the car a clean bill of health and DMV issued a new title.
I bought the car cheep and have driven it for over ten years and 100k miles.
Your state may vary.

 

[moparedtn]

Insurance companies, once a claim is accepted, do two things without fail:
a. minimize payout as much as possible
b. maximize any avenue of recouping their losses....such as selling the carcass to the
highest bidder for all the cool old car parts on it.
They're damn good at both.

 

[sam dupont]

What ever the Company or the fact that this was even brought up as it has with some vagueness attached to it, it just doesn't sound right nor correct.

https://getyarn.io/yarn-clip/5152f277-39cb-48f0-a260-5716f7e2ba51

 

[sam dupont]

https://americancollectors.com/articles/how-to-prevent-total-loss-of-a-classic-car/

 

[Triplegreen500]

I've had cars, and motorcycles, totaled out. In Maryland, the company says "value is this. Our payment to you will be that. If you want to keep it, we will keep $XX of the payout and issue a salvage title to you."

In other words, like for my motorcycle, payout was $4500. Buyback was $300. I kept it and got a salvage title, and a check for $4200.

If I rebuild it, I then take it to MD state police for a safety inspection. Once it passes, it gets a reconstructed title and can be driven just like any other vehicle.

 

[Purepony]

Sounds like he took the buy out so they own the car, it’s pretty simple.

 

[cr8crshr]

https://getyarn.io/yarn-clip/5152f277-39cb-48f0-a260-5716f7e2ba51

Not sure of what you are implying towards me but Man what ever it is, you are way out there. Besides I don't smoke nor do drugs so if ya think I am on something then the only thing I am on is just Life!!! Best high there is...Now run along...cr8crshr/Bill

 

[slepr1]

Thing that pisses me off about the insurance companies is that they charge me for each vehicle I own...even though I'm the only driver! Geez I can only drive one at a time. Why do I need liability on all my vehicles while they're sitting in the garage? Car insurance is a huge money grab for the companies and lawyers.

 

[F4R/T]

I agree they say they are insuring the vehicle not the driver ... Funny how that works as I got a letter stating my one son wasn’t insured, I was doing this intentionally because I have a handful insured but he wasn’t listed. Agent replies back to me says he needs insurance I said well I have full coverage on 7 vehicles they are all fully insured .. Of course you know how it goes, I had to list him on one then bam over the barrel I went. Yep so I inquired why the raise just tormenting them now , they said well he has to be insured I said he isn’t but the car he drives is insured by me... I knew I wasn’t going to win the argument but I do call it bull ****.

 

[sam dupont]

Not sure of what you are implying towards me but Man what ever it is, you are way out there. Besides I don't smoke nor do drugs so if ya think I am on something then the only thing I am on is just Life!!! Best high there is...Now run along...cr8crshr/Bill

 

[Slap Stick]

They do not insure the vehicle. They insure the VALUE of the vehicle.
Therefore when a vehicle is totaled they pay you the boom value of the vehicle AND ITS STILL YOUR VEHICLE. You can't buy back something that hasnt been bought from you.
Its just like the "gun buy back" programs. You didnt buy it from the govt. It was never theirs. (This is not a political statement nor is it intended to be. It is a comparison)
Now, if you don't feel like messing with the vehicle, fine. Let them take it.
But, as I mentioned, my car was totaled due to hail damage. It really isnt bad at all but the dents are mostly small and all over. It would have costba fortune to repair. The owner let it go and a guy bought it at the auction and sold it to me. It's probably been the best car I've owned.
The original owner could have taken the book value and kept driving a perfectly good car.

 

[Budnicks]

That’s strange. The insurance companies always have a price for the owner to keep the car.

& it will have a salvage title after too

they did that to my dad, after he wrecked a travel trailer,
$5800 in repairs for a 20 year old travel trailer
it was "allegedly" more than the whole worth of the vehicle
total & costly hassle to fight it & reregister it too
had to go to the CHP & get it recertified as safe...

I had a car/truck totaled by my insurance adjuster
I told them I wanted to keep the car/truck, it is fixable
(a truck 76 Power Wagon actually, new bed new hood new grill etc.)
it never left my possession either
& I just kept the vehicle with IIRC like a $500 less
in my payment for the claim, it was like $10,000 total claim
I had it insured very well...
(it was State Farm at the time, I have AAA now)
I had just finished building it & took it to show to my agent
a month or so before it got wrecked...
I was sandwiched on the 680 freeway, me going to work
by 2 MMM 1 ton fully loaded carpet vans hauling ***/racing
to their next job, that didn't see traffic stopped...
I certainly wasn't my fault... (not sure if that would even matter)
I don't remember the type of policy...

it was way back in the late 80's too,
to them just another worthless old used vehicle