Reader’s Question:

I got into a wreck 2 months ago in our town here in Austin, Texas and my car was deemed a total loss. Can I still buy my car back?

Adam

Austin, TX

Yes, typically, in Texas (as in most other states), if your car has been found to be a total loss, you will have the option of buying it back from the auto insurance company for its salvage value - that is if you want to keep it and repair it on your own. Insurance companies usually have their own guidelines when it comes to buy back so you may have to inquire with your insurance agent there in Austin, Texas regarding the process on how to get things done with their company.

In Texas, I think you can keep your car if you are willing to deduct its salvage value from what the amount settled with your insurance company. But you have to make sure that the cost to repair the car will not exceed the car’s actual cash value. Otherwise, the insurance company will not agree with the buy back. If you need information about your car’s salvage value, you may contact your local salvage yards for estimates.

You may also ask your local government to check on how to go about the registration of your vehicle once you’ve bought it back. Typically, they know how to determine type of branded title (salvage or rebuilt) your car will have after the buy back. You would have to research on this one because it is hard to find insurance policies for a car with a branded title so I suggest you shop around for the best insurance deals to make sure you get the right coverage that you need.

Tags: auto insurance, car insurance