If your car is considered totaled... does insurance company let you buy it back? How does this work? Do you have to be a dealer or have a dealer buy it back for you?
Thanks in advance!
Thanks in advance!
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If NSX is totaled (total loss) does insurance let you buy the it back?
- Thread starter nsxexotic
- Start date
I bought mine back last fall when I totaled it. There was so much body damage the salvage value was only $5800, I was able to part it out for over $28,000. Granted, I had a motor with a CTSC and 4,000 miles on it. The adjuster did not take this into account when they came up with a value.
Is your question academic or are you facing this? I took a long time to settle my claim and went back and forth with the adjuster and it was well worth the time.
Is your question academic or are you facing this? I took a long time to settle my claim and went back and forth with the adjuster and it was well worth the time.
I assume it depends on the company. But yeah, State Farm would have let me buy mine back. Talk to them about it, it's not as if they're going to call you and ask 
For the record I didn't buy mine back (I had nowhere to put it). In retrospect I consider that a mistake, especially since I then bought another NSX (same year even).
For the record I didn't buy mine back (I had nowhere to put it). In retrospect I consider that a mistake, especially since I then bought another NSX (same year even).
Most carriers will let you get buy it back and reduce the salvage value from the settlement.
Yes they will let you buy it back. I think that Armando (MiamiNSX) on this board just bought back his totalled NSX. I know that my Accord was considered totalled last month and the insurance company let me keep the car and gave me a check for the value of a replacement minus the $200 they would have got from the salvage people. It just takes some investigating and questions to figure out how to do it the right way.
nsxexotic said:
Just like everyone else already said, you shoudn't have any problems. They usually go by a percentage of the current blue book or 'fair market' value of the car and offer you that price for buying it back. Granted, if you have a lot of mods done that you can easily be parted out & sold, like what titaniumdave did with his SC'd NSX, and like what I've done with my wrecked CRX about 10 years ago with a list of mods, then it's worth buying the car back and parting out the salvagable items. But if the car is relatively stock or you maybe only had wheels or suspension or exhaust on it, it may not be worth buying the car back for a high amount and only selling off bits & pieces of it making half of that money back, and still having a crashed car sitting around that you need to now dispose of. It may be better & more cost-effective to move on and not worry about buying it back. BTW, you can usually bargain/fight with the insurance company on the buy-back price as well. I was able to get a crashed Integra back for $300, where originally they wanted to sell it to her for $1200 (I was the passenger in the car but it was my friend's car that I later bought from her). Just a couple of things to consider.
Just to add, nowadays most insurance companies will not let you buy back your car that is "totaled out" from theft or vandalizm (I think accident shouldn't matter) if it's considered a "hot" car that is commonly stolen for parts (ie. Civic, Integra, Camry). Due to so many insurance scams, they'd rather just keep the car and do away with it by either crushing it or auctioning it off than allowing the owner a chance to buy it back and make more money on top of the settlement by selling off parts from it. I see this happenning all the time. However, I don't think an insurance company would put the NSX into the same class as a common Civic or Integra if it ever came down to that. But just throwing that bit of info in for you.
Just know that whatever price they come up for your car is not what they will sell it back to you for, meaning everything is negotiable, dont jump on their first offer. Also dont think that you will be able to buy it back for a few hundred dollars.
Also make sure you get the car back in your posession as soon as you can, other wise you are paying storage fees to either the body shop or the tow yard.
good luck, be patient and be firm.
Armando
Also make sure you get the car back in your posession as soon as you can, other wise you are paying storage fees to either the body shop or the tow yard.
good luck, be patient and be firm.
Armando
yes you can buy it back - consult your insurance total loss adjuster, I am in this situation now and am buying back my car cuz it has a crap load of modifications I cannot let go to waste...
I actually used to work in the total loss department for one of your friendly car insurance companies. They really do not want to keep your car, they would rather you buy it back from them once the whole "ordeal" is over. I wish I would have been able to buy some of the cars I saw come across my desk for the price they were asking. I would be a very wealthy man.
You can also haggle with them on the value of the salvage as well. The insurance company has to pay all the storage fees on the wrecked vehicle. They have to pay to have your car towed form its current location. (usually around $300) to the salvage auction. The salvage lot then gets its cut from the sale, and so on and so on.
Here are some tips for getting a better deal on your salvage. If the car is at a dealer, or a repair shop, and you "know" it is going to be totalled and are interested in retaining it, try and get it back in your possession ASAP if you have the means. If you have AAA, call them and have them pick the car up and drop it at your place. The sooner you do this the better, as it saves the insurance company anywhere from $35 to $50 and even more a day as storage fees. Insurance companies love to save money. It saves them the above mentioned tow fees to the auction as well. You can use both these as bargaining chips during negotiate a great deal on your car. As a total loss appraiser, our job was to get your case closed in one week. Most people would just accept out first offer, and be on the way. They longer you draw out the claim (within reason), the better chance you have to get a little extra cash, and a good deal on your vehicle. NEVER ACCEPT THEIR FIRST OFFER
You can also haggle with them on the value of the salvage as well. The insurance company has to pay all the storage fees on the wrecked vehicle. They have to pay to have your car towed form its current location. (usually around $300) to the salvage auction. The salvage lot then gets its cut from the sale, and so on and so on.
Here are some tips for getting a better deal on your salvage. If the car is at a dealer, or a repair shop, and you "know" it is going to be totalled and are interested in retaining it, try and get it back in your possession ASAP if you have the means. If you have AAA, call them and have them pick the car up and drop it at your place. The sooner you do this the better, as it saves the insurance company anywhere from $35 to $50 and even more a day as storage fees. Insurance companies love to save money. It saves them the above mentioned tow fees to the auction as well. You can use both these as bargaining chips during negotiate a great deal on your car. As a total loss appraiser, our job was to get your case closed in one week. Most people would just accept out first offer, and be on the way. They longer you draw out the claim (within reason), the better chance you have to get a little extra cash, and a good deal on your vehicle. NEVER ACCEPT THEIR FIRST OFFER
Thank you so much... I did get into a small accident at about 25mph. My airbags did deploy. My questions is.... is there a certain speed you have to travel for the airbags to deploy?
The insurance company is being totally rude claiming I went to fast and it made my airbag deploy?????? WTF?
Any opinions or advice greatly appreciated. I will post pictures soon on a new thread for you guys to see first hand.
Thanks again!
The insurance company is being totally rude claiming I went to fast and it made my airbag deploy?????? WTF?
Any opinions or advice greatly appreciated. I will post pictures soon on a new thread for you guys to see first hand.
Thanks again!
I believe the angle of the hit has as much to do with the air bag deploying as does the speed.
Armando
Armando
nsxexotic said:
I've seen a LOT of salvaged cars hit in the front and there is no way to determine the speed of the vehicle based on air bag deployment. Some cars are hammered and the bags didn't deploy, versus some cars that hardly looked like they'd been in an accident and both bags were blown. Ask them for proof if they're saying you were going too fast. Its subjective until you start talking impact forces, angles, material involved, etc. Just keep being persistant and they'll settle. Its their job to save the company money, so they'll try everything they can within reason.
Dan
And it is your job to get as much as you can to be compensated for the accident, that is why we have insurance, at least from the comsumer's stand point.dang said:
dang said:
That's true. I've seen what looks like minor damage in the front, but the shock from the impact set off the airbags in a car. Then you have my mom, who was hit by a car flying through the red light. The driver flew in front of my mom, causing her to T-bone the other person. The entire front end of my mom's 2001 Accord EX looked hammered and the framerails were obviously way off to the side and compressed in. Plenty of force there but the airbags never deployed.
nsxexotic said:
The insurance company knows that it is very (in the case of a NSX, 'extremely') expensive to replace. Which is why you see a lot of Honda Civics totalled out when the airbags deploy because the cost of replacing all of the SRS parts would cost too much. Not saying that your insurance company would total out your NSX just because the airbags deployed, but they sure as hell don't want to have to pay for it if they don't have to. If they're a good insurance company, and if the other person was at fault (and they are insured) then your ins company should be going after the other company to pay for your loss and shouldn't jerk you around.
The claims officer is being a total a$$ and said I am partially liable..... come'on the dude turned left into my right of way. The officer even told him he was in violation of the vehicle code and got a fine for "failure to yield to on-comming traffic."
She claims I was going upto 50mph in a 25mph zone and then claims that the airbag deploy because I was going at least 30-35mph. TOTAL BS!!! Got my lawyer --- going to talk to witness (shes on my side) --- and waiting for officer in charge of accident to return from vacation. Hopefully I can get some pictures of the damaged and some from my camera phone at the time of the accident. (I will do this on a new thread).
btw: got my car towed home last night... 7 days in storage cost me 200 bucks.
My poor berlina black baby :-(
She claims I was going upto 50mph in a 25mph zone and then claims that the airbag deploy because I was going at least 30-35mph. TOTAL BS!!! Got my lawyer --- going to talk to witness (shes on my side) --- and waiting for officer in charge of accident to return from vacation. Hopefully I can get some pictures of the damaged and some from my camera phone at the time of the accident. (I will do this on a new thread).
btw: got my car towed home last night... 7 days in storage cost me 200 bucks.
My poor berlina black baby :-(
Who got the ticket and for what? Regardless of who is at fault, if you have full coverage wheres the problem?
Armando
Armando
I changed my coverage to liability with comprehensive theft coverage for the winter and did not have collision... my mistake. So there you have it :-( - I assume my insurance will not give a darn because I only have liability.
