An typically refers to one of two distinct scenarios: reclaiming a totaled vehicle from your insurer or reducing a high deductible by paying an extra premium. 1. Buying Back a Totaled Vehicle (Auto Insurance)
: The DMV will likely issue a salvage title . You must typically repair the car and pass a safety inspection to get a "rebuilt" title for road use. Pros & Cons : insurance buy back option
: The insurer calculates the Pre-Accident Value (PAV) and subtracts the salvage value (what they would have made at auction). You receive the difference. An typically refers to one of two distinct