—often called a "salvage buyback"—is a process where you keep your car after an insurance company declares it a total loss, usually in exchange for a reduced payout. How a Vehicle Buyback Works
: You keep a car you love or have invested in.
: Tell your insurance company immediately that you are interested in keeping the vehicle.
When a car is totaled, the insurance company typically takes possession of the vehicle and sells it at a salvage auction. However, you often have the right of first refusal to keep the car.
: In most states, the insurance company will notify the DMV, and your clean title will be branded as a Salvage Title . Steps to Buying Back Your Totaled Car
: The insurer calculates the Actual Cash Value (ACV) of your car (what it was worth right before the accident).
To legally drive the car again, you typically cannot stop at a salvage title. You must:
: Most states require a specialized salvage inspection by law enforcement or a state-certified facility.