Captain_Kirk
Well-Known Member
Does anyone know how the insurance company determines the buy back value?
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May differ on your state and insurance company, but my adjuster said value of car minus repair cost. Sometimes it can be good, not worth it, or you're kind of force to buy back and do the repairs because they give you pennies on the dollar.
State Farm
05 SLK w/ 36k value at $10.5k. Repair quote $8k = $2.5k buy back. Body guy said he could fix it for $3k. So $5.5k for a running car and pocket $5k if we had kept it. Sold on IAAI for $4k.
01 Sequoia w/ 135k value at $7k. Repair quote $5k = $2k buy back. Body guy wanted $3k. It was hit pretty bad plus higher mileage so we totaled it out. Sold on Copart for $2k.
This one is a little different. The adjuster from Progressive said the repair cost was more than the value of the car. She did car value minus junk yard offer.
93 N/A rebuilt title Supra w/300k. Value at $4k. Junk yard offered $2k. Body guy fixed it for $600 and I pocketed $1.4k. Lesson, don't buy a NA rebuilt Supra.
OP said they value his car at $47k and the repair quote was $40k, assuming they calculated it the same as my cars we should have a $7k buy back?
Captain_Kirk
Well-Known Member
If it was just $7k I would take OPs car in a heartbeat. 
