My 1970 Chevelle was rear-ended. The repair estimate was $40,000. The Agreed Value was $50,000. The insurer totaled it. I wanted to keep the car because I could fix it myself for $15,000 using used parts. The insurer said, “Fine, but the salvage buyback price is $25,000.” They were gouging me on my own car.
Key Takeaways
- You Have First Right of Refusal: In most states, the owner has the first right to buy back the salvage before it goes to Copart.
- The Buyback Price: This should be the “Salvage Value” (what a junkyard would pay). Insurers often inflate this. You can negotiate it with comparable salvage quotes.
- Title Branding: Buying it back usually triggers a “Salvage Title.” This permanently devalues the car by 30-50%.
- “Cherished Salvage”: Some policies let you keep the car and the full check (no deduction).
The “Why” (The Trap): The Deductible Salvage
Standard Calculation: Payout = Agreed Value – Salvage Value – Deductible.
If they claim the wreck is worth $25k (because the engine is good), your check shrinks to $25k. You are left with a wrecked car and not enough cash to fix it.
[IMAGE: Calculation graphic: $50,000 Car – $20,000 Salvage Buyback = $30,000 Net Check]
The Investigation: I Called Them
I checked buyback policies.
1. Grundy
- Policy: “Salvage Buyback” is often included.
- Result: You get the Agreed Value, and you keep the car. No deduction.
- Verdict: Excellent.
2. State Farm
- Policy: They get a quote from Copart.
- Result: They deduct that exact amount from your check. Copart prices are high in 2026 due to parts shortages.
- Verdict: Expensive to keep your car.
3. Hagerty
- Policy: “Cherished Salvage” (Add-on).
- Result: Full payout + Keep car.
- Verdict: Essential for sentimental builds.
Comparison Table
| Feature | Standard Policy | Policy with “Cherished Salvage” |
| Keep the Car? | Yes (Purchase required) | Yes (Automatic) |
| Payout Amount | Value minus Salvage Cost | Full Agreed Value |
| Title Status | Salvage Brand | Salvage Brand (usually) |
Step-by-Step Action Plan
- Negotiate the Salvage Value: If they say the wreck is worth $20k, find sold listings of similar wrecks for $10k. Argue the price down to increase your payout.
- Check Title Laws: In some states (like FL or TX), if the car is over a certain age, you might be able to keep a “Blue Title” (clean) even after a total loss. Ask your adjuster.
- Enable the Rider: If you love your car, add the “Cherished Salvage” rider today. It costs ~$50/year and saves you thousands.
- Be Realistic: Do you really want to fix a bent frame? Sometimes taking the full check and walking away is the better financial move.
FAQ Section
Can I get full coverage on a salvage title car?
It’s hard. Most insurers only offer “Liability Only” or a reduced Agreed Value for salvage title cars.
What if the car is unrepairable (burn/flood)?
You can still buy it back for the VIN tags and VIN-stamped drivetrain to use in a re-body (legalities vary by state).
Does the buyback price include the tow fees?
Usually, yes. The insurer paid to tow it to the yard; you have to pay to get it out.