Are you interested to know more about Insurance Auto Auction?
If you’d like to get a car and not have to pay as much, insurance auto auctions are an excellent choice because you can save money on your vehicle.
The prices you’ll find at an insurance auto auction is lower than what you’d find anywhere on the market — usually cheaper than what used car dealerships will sell them for, too.
We can discuss more in below section of what to look for if you’re considering this method.
What is an Insurance Auto Auction?
Insurance auto auctions sell motorcycles, trucks, and cars to consumers who are seeking a better deal than what you might get from a normal car dealer. Usually, these vehicles have been damaged through floods, fire, or accidents.
If they’ve been repossessed because the owner has defaulted on the loan, they may also be sold during an insurance auto auction.
How To Find Auctions Locally?
To find an insurance auto auction, you can search locally in your area or online. First, you’ll need to contact a seller and find out what they’re selling.
If the insurer considers that car or truck to be a total loss, the vehicle is no good to them anymore. Thus, the salvaged car is sellable to the highest bidder.
Gather Paperwork and Identification before seeking a Quote
To determine if an insurance auto auction is right for you, you should first get together all your paperwork to apply for quotes.
You’ll need the model, the make, and the year of whatever car you are attempting to purchase.
In addition, be sure to get your driver’s license, social security, and any other important identifying numbers — or government-issued IDs.
You should also have the vehicle identification number (VIN) when you go to get a quote. You can either do this over the phone or go in person to the company.
Why Insurance Companies Sell Vehicles?
In order to quickly remove what are called “distressed assets” from their financial paperwork, insurance companies will sell as many cars, trucks, or other property at an auction as they can.
This way, they can quickly move any items they don’t want to have bogging them down financially.
Since the insurer knows they’ll lower incurred losses, they are willing to take the hit of the reduced price at an insurance auto auction.
Basically, cars will be sold be anywhere between 50-70% less than what they’d sell for at the market price. These cars are typically just as usable as any other type of car.
The only key difference is that the repair for damage is often greater than the money the insurer will pay the owner, so you can definitely get a good idea at an insurance auto auction.
Auction – Great Choice for Buyers seeking Lower Vehicle Prices
Insurance auto auction format for buying a car is great for anyone seeking to buy a vehicle at a lower price.
You will have to have some minor repairs done, but this is definitely easier and cheaper than buying a new or used car — and repairs can usually be done right there after purchase.
You might want to consult a dealership or auto mechanic to determine if an insurance auto auction is the best choice for your car buying needs.
If so, you can do a quick search in your area to find the best auctions – or simply consult online message boards, phone directories, or Google search listings to find reputable auto auctions within a reasonable distance.
Odds are, you’ll find a great deal on a car that will last you for years to come and cost a lot less than buying at a dealership.