Slap Stick
Well-Known Member
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.
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.