Insurance and Totaling Car. Help!?

Question

So there was a bad hail storm and my car had $6,000 worth of damage to it and the insurance company totalled it. Its a 2004 dodge neon and I owe 3,000 on it. So to my understanding they are going to pay the 3,000 that i have left to pay on it and then take my car and the lady wasnt sure if id have a option to buy it back. Ok so im wondering will i be able to buy it back for less than the 3,000 and if not im left with nothing? This sort of sucks in my opinion and it didnt help the insurance lady couldnt even answer my questions. Does anyone know? My insurance company is AAA and I live in Minnesota.

Answer 1

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Answer 2

Well, you CAN have the option to buy it back.  You tell the adjuster, you want to keep it.  They subtract the salvage value from the check they cut - It should absolutely be less than the $3,000.  I'd guess around $1,000 or $1200, and the amount IS negotiable.  

But you won't be able to carry collision or comprehensive on the car any more, with a salvage title.

Answer 3

What exactly "sucks" about all this?  The insurance pays the ACV of the vehicle.  That's the way insurance works.