General Auto Insurance Auction Information

When looking for a way to buy a car, or tuck, very cheap you can look into an auto insurance auction. Of course, these cars will be damaged. However, they will be priced well-below book value.

Recoup Losses

An auto insurance auction is an auction where insurance companies will try to get back their losses form settlements paid on cars that are totaled or stolen. These cars, and trucks, can be extensively damaged, or just have slight damage because of theft.

Generally, the insurance company is only looking get back their loss and not try to make any money on the vehicles. However, they also know that these vehicles, most of them being totaled already, will not sell for a high price.

Fixable Damage

Most of these cars, while they have been totaled out, can still be fixed by someone with the right tools, or the money to do so. When an insurance company "totals" a car it basically means that the cost of repairing the vehicle is more than the book value of the vehicle.

Held Throughout the Country

Several auto insurance auctions are held across the country in each state. When the owner of the vehicle does not want to buy back the car from the insurance company, then the adjuster will send it to an auction in the state.

All Vehicles

At an auto insurance auction you can buy any kind of vehicle you can think of. There is boats, farm equipment, motor cycles, trucks, construction equipment, cars, luxury cars, emergency vehicles, motor homes, and even snowmobiles. These are all sold to the highest bidder, so if you bid right you can leave there with a slightly damaged vehicle for a great price.

It is not uncommon to see Audi's, Mercedes Benz, Corvette, Ferrari, Bentley, Jaguar, and other high profile names at an auto insurance auction. For people who are looking for a specialty car, this might be the place where they can find one.

Cash at Purchase

When you are purchasing a vehicle from an auto insurance auction you are required to put down the total cost of the vehicle at the point of purchase. Seeing where you can pick up a car for $100, this should not be a problem. However, it is something to remember when you are at an auction.

Online Listings

You can find out where the next auto insurance auction is going to be held by going online and searching for auto insurance auctions. There are several companies that will show you where the days auctions are being held, what type of vehicles are being sold, and even allow you to bid from the site.

Bid with Care

While you can buy cars and trucks for a very low cost, you must still be careful when you bid. If the damage is extensive enough, you just might end up paying too much for the car in the end. Keep an eyes on the cars that are going to be auctioned and choose the ones you can fix up with little investment.
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