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Car insurance vehicle buy back question
Posted on 8/27/16 at 10:36 am
Posted on 8/27/16 at 10:36 am
Can you buy back a vehicle that was totaled out for a flood claim? The adjuster on the phone said there was a law in La preventing this from happening. I have been told otherwise and that you can get a salvage title. I'd like to keep my vehicle if I can
Posted on 8/27/16 at 10:42 am to Bourre
I read on here a few days they are letting people just keep their flooded cars
Posted on 8/27/16 at 11:10 am to Bourre
quote:
I have been told otherwise and that you can get a salvage title. I'd like to keep my vehicle if I can
In Louisiana, if a car is totaled by an insurance company due to flood, the insurance company is required to notify the OMV of this and apply for a title carrying a certificate of destruction. The certificate allows the car to be sold for salvage, parts, scrap, etc., but from that point the car can never be registered for road use or insured in the State of Louisiana again.
Posted on 8/27/16 at 11:20 am to TigerstuckinMS
quote:
In Louisiana, if a car is totaled by an insurance company due to flood, the insurance company is required to notify the OMV of this and apply for a title carrying a certificate of destruction. The certificate allows the car to be sold for salvage, parts, scrap, etc., but from that point the car can never be registered for road use or insured in the State of Louisiana again.
False. I have a salvage due to flood Porsche in my garage right now that was purchased back from the insurance company here in Baton Rouge. The car is titled, registered, and fully insured for an agreed upon amount.
Edit- The more I think about it the more I don't think the salvage title says anything about how the car was salvaged.
This post was edited on 8/27/16 at 11:24 am
Posted on 8/27/16 at 11:23 am to Barf
quote:
Porsche in my garage right now
How much top quality poon you pull Baw?!!!
Posted on 8/27/16 at 11:27 am to Barf
quote:
False. I have a salvage due to flood Porsche in my garage right now that was purchased back from the insurance company here in Baton Rouge. The car is titled and registered.
True. If it was registered after 2005 (lots of wet cars coming out of NOLA that year, for some reason), someone broke the law and it's illegally registered. What's your address so I can notify the OMV so they can put the certificate of destruction on the title so you don't sell your flooded car to someone else?
You have to get a certificate of destruction for a flooded car
EDIT: Of course, this is if the car was registered in Louisiana when it flooded. If it was registered in another state when flooded, there may be a way around it.
This post was edited on 8/27/16 at 11:38 am
Posted on 8/27/16 at 11:27 am to SuperSaint
quote:
How much top quality poon you pull Baw?!!
Zero, I'm married. The car is cool though.
Posted on 8/27/16 at 11:38 am to TigerstuckinMS
False.
My family had a TJ that took salt water over the dash in Katrina. Insurance totaled it and it was bought back for $2200. After few cans of WD40, silicon spray, and a complete fluid change ($400), it's still going strong today. It's titled, registered, and insured.
My family had a TJ that took salt water over the dash in Katrina. Insurance totaled it and it was bought back for $2200. After few cans of WD40, silicon spray, and a complete fluid change ($400), it's still going strong today. It's titled, registered, and insured.
Posted on 8/27/16 at 11:39 am to Barf
What year and model porsche. I'm assuming it's older or didn't have much damange.
Posted on 8/27/16 at 11:51 am to pjab
quote:
False.
My family had a TJ that took salt water over the dash in Katrina. Insurance totaled it and it was bought back for $2200. After few cans of WD40, silicon spray, and a complete fluid change ($400), it's still going strong today. It's titled, registered, and insured.
You can say false all you want. Was it titled after Dec. 6 2005 on a flood buyback? It's illegal. Just because you have an illegally titled car doesn't mean that the law making it illegal doesn't exist. Read the citation I linked to.
Posted on 8/27/16 at 11:56 am to TigerstuckinMS
Also, we're talking about TOTALED cars, so if the cars you guys have weren't totaled, then all bets are off and I shall refrain from notifying the OMV. The law I cited applies only to cars that were bought by an insurance company and totaled due to water damage, which is defined elsewhere. Something like 75% of the total value of the car in damage to engine, powertrain, computer, etc., due to water.
But, the OP was asking about buying back flood totaled cars from the insurance company.
But, the OP was asking about buying back flood totaled cars from the insurance company.
This post was edited on 8/27/16 at 11:58 am
Posted on 8/27/16 at 11:57 am to pjab
quote:
What year and model porsche. I'm assuming it's older or didn't have much damange.
It's a 1997 993. It was flooded in 2008. Complete loss, fully underwater. Salvage title issued in 2009. I bought it, incomplete, a few years ago and finished the restoration. It's insured similar to a hotrod or classic car for an agreed upon value.
Posted on 8/27/16 at 11:59 am to TigerstuckinMS
quote:
You can say false all you want. Was it titled after Dec. 6 2005 on a flood buyback? It's illegal. Just because you have an illegally titled car doesn't mean that the law making it illegal doesn't exist. Read the citation I linked to.
You're wrong.
Posted on 8/27/16 at 12:00 pm to pjab
quote:
That is all.
Don't get too excited, it's a non turbo.
Posted on 8/27/16 at 12:04 pm to Barf
quote:
You're wrong.
And you clearly have not read the LAW I cited. I didn't just make that up. I didn't link it from someone's blog. That link goes to the online copy of the Louisiana Revised Statutes. You can refuse to read the law or believe what the law says, but it doesn't make your car any less illegally titled.
This post was edited on 8/27/16 at 12:04 pm
Posted on 8/27/16 at 12:05 pm to Barf
It's a salvage title, you get to make it whatever you want.
Posted on 8/27/16 at 12:06 pm to Bourre
My employer sent out a notice to all agents that due to it being declared a state of emergency, vehicles cannot be bought back.
Posted on 8/27/16 at 12:06 pm to TigerstuckinMS
quote:
And you clearly have not read the LAW I cited. I didn't just make that up. I didn't link it from someone's blog. That link goes to the online copy of the Louisiana Revised Statutes. You can refuse to read the law or believe what the law says, but it doesn't make your car any less illegally titled.
I'm not sure you understand the law you cited.
Posted on 8/27/16 at 12:08 pm to mctiger1985
quote:
My employer sent out a notice to all agents that due to it being declared a state of emergency, vehicles cannot be bought back.
Nothing says the insurance company is required to buy the vehicle in the first place. If a $100k car goes underwater there is zero chance the owner would let the insurance company buy the car from them.
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