Can I Buy Back Total Loss Vehicle From Insurance Company

Reader’s Question:

My car was deemed as total loss here in Texas. I was wondering if I could actually buy my car back. I hope someone could help me with this.

Linda

Corpus Christi, TX

Hey there, Linda. I had a similar case as this before, and I asked my agent about it. Although, auto insurance laws differ from state to state, I think that, for this matter, the same rule applies in , Texas. Anyway, my agent told me that, typically, if your car has been deemed a total loss, you have every right to buy back your car from the auto insurance company for salvage value, like if you still want to keep your car or if you are planning to repair it. But the rules on this depend on the insurance company. Different auto insurance companies have different guidelines and regulations that are part of the whole process of buying back your car. I suggest that you check this with your auto insurance company in order to be sure.

I visited the web site of the Texas Department of Insurance. It says there that you can actually buy your car back from the auto insurance company if you agree on subtracting its salvage value from the insurance settlement. If you are going to repair the car, you just have to make sure that the total cost of the repair will not go beyond the actual cash value of the car. For estimates on salvage value, you may inquire from salvage yards there. But take note that the actual salvage value of the car is going to be determined by the auto insurance company.

I suggest that you ask your auto insurance company about this. Also, if you still have any questions, you may want to check out the web site of the Texas Department of Insurance. You will find a lot of useful very information there.