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Can you buy your vehicle back from the insurance company if your vehicle is totaled?

I was in a car accident last Sunday and my car was appraised today.  There is a chance that my vehicle may be totaled.  My boss and one of my co-workers said that if the insurance company makes that decision I can use that money to buy back the car for next to nothing and use the rest of the settlement to pay for repairs.  I have never heard of such a thing before, has anyone else heard of this practice?  Better yet has anyone actually done this?  I hope someone can give me some perspective here.

3 Answers

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  • Anonymous
    7 hours ago

    You can.  Is it worth it?  No.

  • Anonymous
    7 hours ago

    Yep you can always buy it back and it's easy.

    It happens thousands of times a day

  • Anonymous
    10 hours ago

    Short answer - in most instances, yes, but you'd have to jump through all the hoops to have it properly repaired and then obtain a salvage title for it. Most people do not have the means to do that economically. Don't waste your time or money, especially because you'll never get more than liability insurance for it and it's resale value will be very low. 

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