Best Auto Insurance Companies That Don’t Offer To Buy Back After a Total Loss (2021)
There are not many auto insurance companies that don't offer buy back after a total loss. The buy back value of a total loss car is its actual cash value minus its salvage value. USAA, GEICO, and Allstate are all auto insurance companies that offer buy back after a total loss.
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UPDATED: Nov 29, 2021
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- There are not many auto insurance companies that don’t offer buy back after a total loss
- Even if your auto insurance provider allows buy back, it may not be the most cost-efficient option for you
- Auto insurance companies that do offer buy back after a total loss will pay you the actual cash value of the car minus its salvage value
Getting into a car accident is scary, and dealing with auto insurance companies is a hassle at best. Mainly, it is an inconvenience to work out auto insurance after a total loss.
Fortunately, most auto insurance companies allow you to buy back your totaled car. Unfortunately, however, auto insurance companies don’t offer buy back after a total loss.
Auto insurance providers want to pay as little money as possible. Therefore the potential risk of buying a previously totaled or damaged car may result in higher monthly rates.
Keep reading to learn more about affordable auto insurance companies that don’t offer buy back after a total loss and the best auto insurance companies that do.
If you’re ready to buy auto insurance now, enter your ZIP code to compare free quotes from auto insurance companies in your area today.
Which auto insurance companies don’t offer buy back after a total loss?
Auto insurance companies total a car when the costs to repair it are higher than its worth before the damage. However, laws determining when a vehicle is totaled vary for each state.
In a total loss, auto insurance companies may hesitate to give you buy-back approval if you don’t have the right coverage options or your vehicle is damaged beyond repair.
Because a buy-back car has previous damage, it’s a higher risk to insure. For example, the car could break down more quickly or cost more to fix than what it is worth to insure.
After a vehicle is deemed a total loss, the damaged car will usually go to an auction or junkyard to be sold and used for parts.
In cases where the totaled car is over ten years old, the insurance company will give it back to you. To do so, the company will pay you the car’s actual cash value. However, it will withhold its salvage value (what it would have brought in at an auction).
Many drivers choose to do this as it is potentially less expensive than buying another car, especially if there are no additional costs or requirements after repairs.
Every state is different, and state laws on buy-back cars vary. For instance, Illinois auto insurance companies typically do not permit drivers to buy back their vehicles after a total loss.
Whether or not you choose to buy back your total loss car, make sure to research your options with different auto insurance companies. This way, you know what to expect if your car is a total loss and what is permitted by your insurance company.
Ultimately, the best auto insurance companies prioritize getting you into another car, especially if you have full coverage auto insurance and GAP insurance.
Getting another car after a total loss requires less of you than buying back your old car. Also, having the right insurance coverage and understanding auto insurance can save you lots of money.
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Which auto insurance companies do offer a buy back after a total loss?
Even though previously damaged cars come with added risk, many companies offer to buy back after a total loss. As long as you make the needed repairs, most auto insurance companies will allow you to buy back a totaled vehicle.
Some of the best companies that offer a buy back include:
- American Family
- Liberty Mutual
- State Farm
Even if your auto insurance company offers buy back, it may not be the cheapest option. The repairs alone will be expensive, and your auto insurance company may have special requirements for buy-back cars.
For example, a totaled car now has a salvage title, which is difficult to remove and not often accepted by auto insurance companies. You may also have to get the car inspected after repairs to ensure it’s drivable and safe.
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How do I negotiate with car insurance adjusters after a total loss?
If, for example, my insurance wants to total my car, but I want to keep it, negotiating with an insurance adjuster is an option.
In this case, it is helpful to know how to negotiate with car insurance adjusters about car total loss. Before you buy back a car, have it deemed as a total loss but not salvage.
To get a salvage title on the car, you will have to pay fees and deductibles. Once you receive the car and salvage title, you will have to convince your insurance company that a buy-back car is in your best interest.
For the best results in this circumstance, make sure to explain your situation. Accompany your explanation with a few estimates and quotes from other auto insurance companies.
It may also be helpful to look into a GAP insurance policy if you consider buying back a total loss car. GAP insurance covers you in the event of a total loss by paying you the difference between the car’s actual cash value and the balance still owed on it.
GAP insurance can also help you pay back a lender if you still owe money on the car after it’s been totaled.
Also, each state varies, but most insurance companies, drivers, and scrap yards report total loss vehicles to the DMV.
Most importantly, compare auto insurance quotes from auto insurance companies that don’t offer buy back after a total loss and from those that do. This will give you the best auto insurance rates and information when looking to buy back a car.
Auto Insurance Companies That Don’t Offer a Buy Back After a Total Loss: The Bottom Line
Can I buy my totaled car back from the insurance company? Most auto insurance companies will allow you to buy back your totaled vehicle if you negotiate with them.
However, convincing a provider to sell a totaled vehicle back to you for repairs may be challenging.
Typically, auto insurance companies that don’t offer a buy back after a total loss want to avoid the complications of insuring a salvage vehicle and a high-risk driver.
We suggest including GAP insurance in your auto insurance policy to prevent any out-of-pocket costs. Also, it gives you an additional option if you can’t buy back your total-loss car.
The best way to save money is to compare car insurance rates from auto insurance companies that don’t offer buy back after a total loss and from those that do to see which fits your budget best.
Ready to buy auto insurance from auto insurance companies that don’t offer a buy back after a total loss? Enter your ZIP code into our free online quote tool to compare multiple auto insurance companies near you.