Car auctions from insurance companies

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Sale of wrecked and damaged cars: car auction from a Russian insurance company

Recently, the sale of damaged cars, and, in particular, by insurance companies, has become increasingly popular. This process is quite complex and consists of several successive stages, which represent certain mandatory activities. Previously, this was done by resellers or private individuals on an individual basis. Purchasing a used car from an insurance company has clear advantages, however, it is not without its disadvantages.

How do insurance companies repurchase damaged cars after an accident?

An insured car that has been involved in an accident can be purchased by the insurers themselves. This happens in the following way: an insurance company appraiser evaluates the car offered for purchase by the owner. The residual value, including damage and associated fees, is paid to the owner. The rights of use and disposal are transferred to the insurance company.

All sorts of cars are bought: with partial breakdowns and in disrepair, after an accident, which cannot be restored, i.e. total destruction, with very serious damage. However, in order for the insurance company to buy a damaged car, several conditions must be met:

the car must have a full package of documents;
the car should not be pledged to a leasing company or purchased on credit, the principal of which has not yet been repaid;
the car should not be wanted; this can be checked by running it through the general database of the official website of the traffic police service;
no criminal or other legal proceedings should be initiated against the owner of the car.

The car will be repurchased by the insurance company only if all of the above conditions are met.

The owner of a damaged car frees himself from additional hassle associated with repairing the vehicle or selling it. In turn, the insurance company acquires the additional status of a platform for selling damaged cars on a par with car markets and car pawnshops for their further sale in parts or restoration and operation.

The need to buy a used car

Today, consumers are presented with a wide selection of cars of domestic or foreign production, of various brands, models, capacity, class and in various price ranges. Cars are sold both at prices affordable to citizens with average incomes, and at prices affordable only to those with high incomes. Few people are interested in buying a used car; it is a second-class product, used and not having high enough characteristics. Purchasing a car that has been in an accident may be due to the following reasons:

for subsequent restoration and operation;
for disassembling into spare parts in order to use them to repair another car or cars;
for disassembly into spare parts for the purpose of resale.

When purchasing a damaged car from an insurance company, it is better to seek help from independent experts who will determine the real condition of the car, as well as the real cost of its subsequent repair, if possible. Despite the fact that any intermediary insurance company involved in the sale of used cars employs an appraiser, you should once again be on the safe side.

The need to repair a damaged car with subsequent operation may be caused, for example, by the desire of its new owner to make the most of the new car, “squeezing” all the capabilities out of it, and at the same time not have any special losses in case of further damage. These could be young drivers, racers, etc.

In general, potential buyers of used cars can be both individuals and legal entities, and quite large companies.

Calculation of the residual value of a damaged car

Calculating the residual value of a car that has been in an accident is a rather labor-intensive process , often involving several specialists at the same time: appraisers, mechanics, and other specialists.

Calculating the cost of damaged modern cars requires a special approach, since they are equipped with electronics, electrics, advanced engine control units and other complex mechanisms. Calculating the cost of damaged Soviet-style cars is simpler.

To accurately assess the damage caused during an accident, the specialists involved use not only in-depth knowledge of the mechanisms, but also special equipment.

From the actual cost of a new undamaged car of a certain make and model, the amount that is supposedly needed for restoration (repair) is subtracted - indicator A. From this amount, it is necessary to calculate 10% due to the insurance company as commission - indicator B. In addition, the depreciation rate of the car is calculated, which is also subtracted in the form of a certain amount - indicator C. We get the formula: A - B - C = D.

In addition to the above calculation, you can make a control call to other companies and work out a comparative analysis of the prices they offered.

Options for selling damaged cars by insurance companies - auctions

You can buy a used car from an insurance company in the following ways:

at special sites;
on special websites;
at auctions.

Each method has advantages and disadvantages. When considering options for used cars on websites , there is no possibility of visual inspection of a specific car, which may entail unnecessary unforeseen costs in the future.

It is quite convenient to choose a used car offered by an insurance company at special sites - auctions. In a certain area, used cars offered to buyers are displayed. Visitors are supervised on any issues by consultants working in the market. When purchasing, documents are drawn up on site or at the office of the insurance company.

When purchasing a used car on a special site, the buyer has the right to involve independent experts on his part to confirm the assessment made by the insurance company’s specialists and its compliance with reality.

Auction sales of used cars have become increasingly popular lately. This method saves time for two parties: the potential seller - the insurance company, and the potential buyer - an individual or legal entity.

On special websites that sell used cars at auction, the insurance company places an advertisement for the sale of a vehicle of a certain make and model, which is simultaneously visible to all potential paying buyers. By filling out the form provided, they offer their terms of purchase. After which the insurance company selects the most optimal offers. The auction organizers notify the potential buyer's insurance company of the decision. On some sites, the procedure for buying and selling used cars is slightly complicated by additional procedures.

Payment to the seller (insurance company) can be made in cash or non-cash in accordance with the agreement of the parties.

Pros and cons of buying out from insurance companies

There are both pros and cons for the buyer in completing this transaction. When purchasing a damaged car, even from an insurance company, you must be extremely careful and vigilant.

Pros:

saving money when buying a car;
saving time when checking documents, since the insurance company provides the buyer with all the necessary documents;
the car has been checked for possible theft;
the car is protected from the rights of third parties.

Minuses:

subsequent car repairs in the event of a breakdown can be quite expensive;
the risk of a car breaking down at the most inopportune time;
the need to undergo a technical inspection after repair.

When purchasing a used car, even from an insurance company, money must be transferred only after the car has been re-registered at the State Traffic Inspectorate, with full confirmation from an Inspectorate employee that the documents have been completed correctly.

Legal regulation of the sale of used cars by insurance companies

Today, the sale of cars that have been in an accident, are subject to full or partial repair, or cannot be repaired at all, is officially permitted for sale.

If a damaged car is to be restored, it must undergo a technical inspection before starting its operation.

If disputes arise in connection with the inconsistency of the legality of concluding a contract for the sale and purchase of a used car, they are resolved in court , where the plaintiff, the buyer, is an individual or legal entity, and the defendant, the seller, is an insurance company engaged in the sale of damaged cars.

Damaged cars from insurance companies, consequences of accidents video

Selling a used car is a rather specific process, in which both parties want to profit from it as much as possible. In order to make a transaction as profitable as possible for both one party and the other, it is necessary to follow the procedure for completing it at all stages in accordance with the established rules and current legislation.

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