Truck Totaled - Buy it Back?

wesinls

wesinls

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My little commuter truck was rear ended last week and I was notified today it's going to be totaled.  I do know that the insurance company will / should allow me to buy it back for a discounted price (or so I've been told by countless others).

Should I buy it back - fix it myself for around 1000 in parts (car-part - already painted used parts) - and drive it with a salvage title? Then sell it eventually...seems like I could come out ahead 5 to 10k if I go this route.

I want a new truck (i like the new GMC canyons) - but hoping in the fall they will come down in price...supply is slowly increasing on them. Used to be only a few at dealers, now it's 10+ or more on average.

20240503_074943.jpg

 
If the buy back was super good then yes. I'd throw a bumper, brackets, used tailgate on that and call it a work truck . 

 
They total EVERYTHING these days, doesn't anyone fix crashed cars anymore?

Be interesting what they say your buy out is.

 
It will all depend on what the buy back is, but your strategy is sound. As long as the frame horns the bumper brackets are bolted to aren’t too bent up. 

 
If you do buy it back, make sure to keep pictures so you can show damage to next potential owner for their comfort. You can also reduce your money hit when selling a salvage title vehicle with them showing the small amount of damage.

 
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megadesertdiesel said:
do insurance companies insure totaled cars?  
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Yes / we bought my moms subi for my son last year !!! what a joke / They total everything these days.......... That truck looks awesome.....fix it / get the salvage title and call it a day - NICE / CHEAP and practical transportation!

:poule:

 
I did this with my Dually,... they gave me $36k, bought it back for $6k and repairs cost me $6k. I just have cosmetic (dents) damage. Was a great deal.

abc

 
I have a fleet of work trucks.  chit happens with them CONSTANTLY.  Our last truck was Tboned in an intersection.  Bent the rear axel and messed up the bed but frame was fine.  In stead of taking the insurance claim (premium increase) I just ordered some replacement parts from the junk yard and fixed it.  Cost me $1000 and it still has a clean title.  Food for thought.  I would just fix that and not take the claim.  

Front end collision, airbag, engine, etc, I would probably let them total it out and go to the wolves.

 
You need to do the math. Especially if you are only planning to keep it for a few months and then get rid of it. How much to buy it back + cost to repairs. Compare that to the value you will have when you sell it. A salvage title will reduce value anywhere from 20%-40%. You will also greatly reduce your buyer pool and it will take much longer to sell it. Then it just comes down to if it is all worth it to you. 

 
r3meyer said:
I have a fleet of work trucks.  chit happens with them CONSTANTLY.  Our last truck was Tboned in an intersection.  Bent the rear axel and messed up the bed but frame was fine.  In stead of taking the insurance claim (premium increase) I just ordered some replacement parts from the junk yard and fixed it.  Cost me $1000 and it still has a clean title.  Food for thought.  I would just fix that and not take the claim.  

Front end collision, airbag, engine, etc, I would probably let them total it out and go to the wolves.
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Thankfully in my case the other driver was at fault - as such the claim should be all positive for me? (no premium increase)

 
Double check the insurance price difference between insuring the clean titled truck, vs the salvaged title truck. AAA charges more for vehicles that have salvaged titles.

 
wesinls said:
Thankfully in my case the other driver was at fault - as such the claim should be all positive for me? (no premium increase)
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that doesnt' mean much, we had 2 accidents and went round and round with insurance companies. i thought for sure my daughters was totalled and it was just under the 

threshold to qualify. Depending on who the other company is is probably a big factor. I know on hers I had to pay the deductible because they couldn't get the other drivers fly by night company to call back, and it was just holding up progress on my end. we fought and fought with them, I got 1/2 mine back, and then they said we had to accept 1/2 liability. 

she was backed all the way in the street when a hvac guy jumped in his truck, threw it in reverse and backed into her, he admitted fault for not looking and being in a hurry, and we had a witness that was stopped and saw it all and we still got screwed over. good luck to ya

 
zilla68 said:
that doesnt' mean much, we had 2 accidents and went round and round with insurance companies. i thought for sure my daughters was totalled and it was just under the 

threshold to qualify. Depending on who the other company is is probably a big factor. I know on hers I had to pay the deductible because they couldn't get the other drivers fly by night company to call back, and it was just holding up progress on my end. we fought and fought with them, I got 1/2 mine back, and then they said we had to accept 1/2 liability. 

she was backed all the way in the street when a hvac guy jumped in his truck, threw it in reverse and backed into her, he admitted fault for not looking and being in a hurry, and we had a witness that was stopped and saw it all and we still got screwed over. good luck to ya
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In my case their insurance company assumed liability / assumed fault on the accident and all repair conversations are going through them.  I could have gone through my insurance company, paid a deductible, then would have had to fight to get my deductible back etc (as you described above). - but opted to wait a few days until their company assumed liability- which thankfully they did.  Long story short, it's my understanding this won't cost me a dime - just more of a hassle to deal with.....but if what had happened to you (other company ghosted me) - then ya, different game.

 
See what the payment and buyback amount is and make a decision.  Amusingly, you can deny their payment and it won't get branded (at least it wasn't in my case).  Amazing what chit gets totaled for these days.

Also: my insurance about a 15 years ago raised my rates for my car getting hit twice.  Both times I was stopped at a red light waiting for it to turn green.  Bullshit.

 
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