What happens if my truck is deemed a total loss?
Recently, my 2018 F250 XL (base model) sustained over $16,000 in damage from 1-2” hail, and the truck is valued at approximately $29,000. The damage is purely cosmetic, so I’m curious—will the insurance company total it?
If they do decide to total it, will I have the option to buy it back? Since it’s a work truck and the cosmetic issues don’t concern me much, I’d like to keep it if possible. It only has 78,000 miles, and I’m hoping they’ll just cover the repair costs. If they don’t, what’s the process for buying it back? Any advice would be greatly appreciated! Thank you!
I’m sorry to hear about the hail damage to your truck! The situation can be stressful, but here’s a breakdown of what typically happens:
Insurance Assessment: After you file a claim, your insurance company will assess the damage. If the estimated repair costs exceed a certain percentage of the truck’s value (which varies by insurer, but often around 70-75%), they may determine that the truck is a total loss.
Total Loss: If your truck is deemed totaled, the insurance company will offer you a settlement based on its fair market value at the time of the accident, minus any deductible you may have.
Buying Back the Truck: In many cases, you can buy back a totaled vehicle. The insurance company will typically provide a salvage title, and you’ll have the option to negotiate the buyback price. You’ll want to confirm with your insurer about their specific policy on buybacks, as not all companies allow this.
Process to Buy Back: If you want to keep the truck, you would express this to your insurance adjuster. If they agree, they’ll give you a specific buyback amount that usually reflects the salvage value. After you pay that, you’ll need to follow your state’s regulations for registering a salvage title, which may include inspections or repairs.
Repairs: Since you mentioned that the damage is purely cosmetic and you want to keep using it as a work truck, this could be a great option for you. Just ensure any repairs you want to make maintain safety and functionality.
Be sure to communicate openly with your insurance company to understand your options and any implications for future coverage. Good luck, and I hope you get the best outcome!