Buying back a wreck?

[power_of_dreams]

Hypothetically speaking, if your car is written off do you get a chance to buy it back from the insurance company?

Do you get first priority, and how is the price determined?

[omgzilla]

Yes and Yes.

Usually an assessor looks at the vehicle and determines the extent of the damage and how much it would cost to repair (if possible). If it is a repairable write-off then usually panel shops etc make an offere to buy or bid on the wreck.

From the assessors quote and the offers from panel shops etc an amount is calculated.

Most insurance companies will give you the option of giving you back the wreck and just giving you the rest of the insured value, pro-rata .

[55EXX]

so you get the value of the car minus the money they would have got for it at auction/from panel shop/wreckers.

[MikeyG]

basiclly yes

[whtteg]

depends on insurance company if you are given first option or if you will need to go to auction and bid to buy it back

[omgzilla]

so you get the value of the car minus the money they would have got for it at auction/from panel shop/wreckers.

Pretty much, correct. I believe it's usually a case of the amount you pay is the assessors report of how much it is worth as a wreck. Then panel shops can bid on it etc. Depending on these figures a final 'value' is decided upon and that is then what you'll pay for it to "buy it back".


depends on insurance company if you are given first option or if you will need to go to auction and bid to buy it back

Also correct, although most insurance companies will give you first preference.

Another thing to mention is that if a car is listed as a repairable write-off, once the car is repaired, it is then usually looked over by an assessor to deem whether the car is in good form and make sure there is no un-repaired damage etc. Especially if you go to take out a new policy with the same insurance company as before (repeat policy after repairs).

Insurance companies share information so there's probably no way of avoiding reassessment after repairing a repairable write-off... as far as i know. Not that you'd ever want to see a car back on the road that hasn't been repaired properly that is, just thought i'd give some extra info.

[power_of_dreams]

thanks for the info omgzilla

[omgzilla]

No probs dude. Hope i've answered all of your questions ;)

[hisoka]

pickles auctions in brisbane has a lot of insuranced repo cars~

[cya13b]

also some policys will have salvage rights options, so have a read through the insurance booklet.
my insurance with shannons gives you the right to buy back the wreck.

[omgzilla]

also some policys will have salvage rights options, so have a read through the insurance booklet.

That's another good point! Some insurance companies won't allow you to salvage certain things from the wreck (stereo equipment, gauges etc). If its going to leave an empty space (CD Player slot for example) they usually won't let you take it out of the wreck.

In most cases - if it's covered/insured on the policy they'll want to keep it with the wreck.

It's best to read through your policy carefully, if you can't find answers in the policy booklet - call the insurance company to verify! Don't just take someone's word for it.

[power_of_dreams]

oh, whilst on the point of salvage right options...

do you mean some companies will allow you to salvage some parts without buying back the wreck?

If this is the case, why would people insure their mods if they could just take them and replace them with stock parts?

[omgzilla]

Yeah, that's what i meant by salvage rights. The insurer allowing you to take certain (usually personal) belongings from the wreck - without buying it back.

Like I said, it's most usually a case of 'whatever is installed in/on the car stays with it'.

Obviously personal belongings are a given.

[power_of_dreams]

I don't suppose stereo equipment and minor mods fall under personal belongings then?

[omgzilla]

I don't suppose stereo equipment and minor mods fall under personal belongings then?

Correct. I was lucky to be able to take even my floor-mats out of my old skyline when it was written off (genuine NISMO mats worth around $350)!

[power_of_dreams]

thats the question why I ask.
General aftermarket shit like that, that most people wouldn't even bother insuring.

thanks again